<SEC-DOCUMENT>0001292814-16-006735.txt : 20161125
<SEC-HEADER>0001292814-16-006735.hdr.sgml : 20161124
<ACCEPTANCE-DATETIME>20161125092439
ACCESSION NUMBER:		0001292814-16-006735
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20160930
FILED AS OF DATE:		20161125
DATE AS OF CHANGE:		20161125

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:		162017801

	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>sbspr3q16_6k.htm
<DESCRIPTION>PR3Q16
<TEXT>

<HTML>
<HEAD>
   <TITLE>sbspr3q16_6k.htm - Generated by SEC Publisher for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">



<HR align=left color=#000000 SIZE=2 noShade>



<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>

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

<HR align=center color=#000000 SIZE=1 width="25%" noShade>



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

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

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

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

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

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

<DIV align=center>

<DIV><FONT color=#000000 size=2 face="Times New Roman"><B>For&nbsp;November, 2016</B></FONT></DIV><FONT color=#000000 size=2 face="Times New Roman"><B>(Commission File No. 1-31317) </B></FONT></DIV>

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

<HR align=center color=#000000 SIZE=1 width="25%" noShade>



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

<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>

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

<HR align=center color=#000000 SIZE=1 width="25%" noShade>

<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>

<HR align=center color=#000000 SIZE=1 width="25%" noShade>

<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 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>

<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>

<HR align=left color=#000000 SIZE=2 noShade>



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

<P><A name="page_1"></A></P>

<P align=center>
<IMG border=0 src="logo.jpg" align=middle> <BR></P>

<P style="TEXT-ALIGN: right"><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>CIA. DE SANEAMENTO B&#193;SICO DO ESTADO DE S&#195;O PAULO - SABESP<BR></FONT></B><FONT size=1 face=Arial,Helvetica,sans-serif>Rui de Britto &#193;lvares Affonso<BR></FONT><FONT size=1 face=Arial,Helvetica,sans-serif>Chief Financial Officer and Investor Relations Officer<BR></FONT><FONT size=1 face=Arial,Helvetica,sans-serif>Mario Azevedo de Arruda Sampaio<BR></FONT><FONT size=1 face=Arial,Helvetica,sans-serif>Head of Capital Markets and Investor Relations</FONT></P>

<P style="TEXT-ALIGN: right">&nbsp;</P>

<P style="TEXT-ALIGN: right">&nbsp;</P>

<P style="TEXT-ALIGN: center" align=right><B><FONT color=#000080 size=5 face=Arial-BoldMT,Arial,Helvetica,sans-serif>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD rowSpan=2 width="70%">

   <P style="TEXT-ALIGN: center"><FONT color=#000080 size=5 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>SABESP announces 3Q16 results</STRONG></FONT></P>

   <P style="TEXT-ALIGN: justify"><FONT color=#000080 size=5 face=Arial-BoldMT,Arial,Helvetica,sans-serif><FONT color=#000000 size=2>S&#227;o Paulo, November 10, 2016 - </FONT><B><FONT color=#000000 size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP </FONT></B><FONT color=#000000 size=2 face=Arial,Helvetica,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 color=#000000 size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q16 results</FONT></B><FONT color=#000000 size=2 face=Arial,Helvetica,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 color=#000000 size=2 face=Arial,Helvetica,sans-serif>All comparisons in this release, unless otherwise stated, refer to the same period of 2015</FONT></U><FONT color=#000000 size=2 face=Arial,Helvetica,sans-serif>.</FONT></FONT></P></TD>

   <TD vAlign=top width="2%">

   <P style="TEXT-ALIGN: right"><FONT size=1 face=Arial,Helvetica,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #000080 1px solid" vAlign=top width="23%">&nbsp;

   <P style="TEXT-ALIGN: right"><FONT size=1 face=Arial,Helvetica,sans-serif>SBSP3: R$ 30.25/share<BR></FONT><FONT size=1 face=Arial,Helvetica,sans-serif>SBS: US$ 8.89 (ADR=1 share)<BR></FONT><FONT size=1 face=Arial,Helvetica,sans-serif>Total shares: 683,509,869<BR></FONT><FONT size=1 face=Arial,Helvetica,sans-serif>Market value: R$ 20.7 billion<BR></FONT><FONT size=1 face=Arial,Helvetica,sans-serif>Closing quote: 11/10/2016</FONT></P></TD>

   <TD rowSpan=2 width="5%">&nbsp;</TD></TR>

<TR>

   <TD vAlign=top width="2%">&nbsp;&nbsp; </TD>

   <TD style="BORDER-LEFT: #000080 1px solid" vAlign=top width="23%">&nbsp;
   <IMG border=0 src="sbspr3q16_6kx1x1.jpg" align=right>
   <IMG border=0 src="sbspr3q16_6kx1x2.jpg" align=right> </TD></TR></TABLE></FONT></B></P>

<CENTER>
<IMG border=0 src="sbspr3q16_6kx1x3.jpg" align=middle> </CENTER><BR>

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



<P></P>

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

<!--$$/page=-->

<P><A name="page_2"></A></P>

<P>&nbsp;</P>

<P align=center>
<IMG border=0 src="logo.jpg" align=middle></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=4 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1. Financial highlights</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="1%"></TD>

   <TD width="34%"></TD>

   <TD width="6%"></TD>

   <TD width="2%"></TD>

   <TD width="1%"></TD>

   <TD width="5%"></TD>

   <TD width="2%"></TD>

   <TD width="6%"></TD>

   <TD width="2%"></TD>

   <TD width="5%"></TD>

   <TD width="2%"></TD>

   <TD width="5%"></TD>

   <TD width="2%"></TD>

   <TD width="5%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><I><FONT size=1 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>R$ million</FONT></I></B></TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#333399 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#333399 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#333399 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#333399 align=left><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Q16</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#333399 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#333399 colSpan=3 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q15 Chg. (R$)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#333399 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#333399 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#333399 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#333399 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#333399 align=left><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>M16</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#333399 colSpan=3 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9M15 Chg. (R$)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#333399 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 12.12pt" bgColor=#333399 align=left><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#333399 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Gross operating revenue</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,854.1</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,327.2</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>526.9</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>22.6</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>8,148.2</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>6,378.9</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,769.3</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>27.7</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Construction revenue</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,097.8</FONT></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,015.2</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>82.6</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>8.1</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,620.2</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,508.5</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>111.7</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>4.5</FONT></TD>

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

<TR vAlign=bottom>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>COFINS and PASEP taxes</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>206.1</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>145.4</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>60.7</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>41.7</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>556.2</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>398.9</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>157.3</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>39.4</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>(=)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Net operating revenue</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3,745.8</FONT></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3,197.0</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>548.8</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>17.2</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>10,212.2</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>8,488.5</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,723.7</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>20.3</FONT></TD>

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

<TR vAlign=bottom>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Costs and expenses</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,615.5</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,570.8</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>44.7</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2.8</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>5,147.9</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3,825.1</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,322.8</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>34.6</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Construction costs</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,073.5</FONT></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>993.0</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>80.5</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>8.1</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,563.2</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,454.6</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>108.6</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>4.4</FONT></TD>

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

<TR vAlign=bottom>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Equity result</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.5</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(1.3</FONT></TD>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1.8</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2.3</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(0.4</FONT></TD>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2.7</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(675.0</FONT></TD>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Other operating revenue (expenses), net</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>6.3</FONT></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>54.3</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(48.0</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(88.4</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>27.9</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>98.1</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(70.2</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(71.6</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>(=)</FONT></TD>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Earnings before financial result, income tax and social contribution</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,063.6</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>686.2</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>377.4</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>55.0</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,531.3</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,306.5</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>224.8</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>9.7</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Financial result</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(176.8</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(1,539.4</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,362.6</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(88.5</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>536.1</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(2,369.7</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,905.8</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(122.6</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>(=)</FONT></TD>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Earnings before income tax and social contribution</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>886.8</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(853.2</FONT></TD>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,740.0</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(203.9</FONT></TD>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3,067.4</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(63.2</FONT></TD>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3,130.6</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(4,953.5</FONT></TD>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Income tax and social contribution</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>312.9</FONT></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(273.1</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>586.0</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(214.6</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,067.2</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(138.5</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,205.7</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(870.5</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>(=)</FONT></TD>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Net income</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>573.9</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(580.1</FONT></TD>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,154.0</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(198.9</FONT></TD>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,000.2</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>75.3</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,924.9</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,556.3</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Earnings per share* (R$)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.84</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.85</FONT></TD>

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

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

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

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2.93</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.11</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

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

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>* Total shares = 683,509,869</FONT></TD>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

   <TD align=left>&nbsp;</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Adjusted EBITDA Reconciliation (Non-accounting measures)</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD width="1%"></TD>

   <TD width="28%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="5%"></TD>

   <TD width="2%"></TD>

   <TD width="6%"></TD>

   <TD width="2%"></TD>

   <TD width="5%"></TD>

   <TD width="2%"></TD>

   <TD width="5%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD>

   <TD width="5%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><I><FONT size=1 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>R$ million</FONT></I></B></TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#333399 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#333399 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#333399 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#333399 align=left><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Q16</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#333399 colSpan=3 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q15 Chg. (R$)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#333399 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#333399 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#333399 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#333399 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#333399 align=left><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>M16</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#333399 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#333399 align=left><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>M15</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#333399 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Chg. (R$)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#333399 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 12.12pt" bgColor=#333399 align=left><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#333399 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Net income</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>573.9</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(580.1</FONT></TD>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,154.0</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(198.9</FONT></TD>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,000.2</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>75.3</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,924.9</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,556.3</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Income tax and social contribution</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>312.9</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(273.1</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>586.0</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(214.6</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,067.2</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(138.5</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,205.7</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(870.5</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Financial result</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>176.8</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,539.4</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(1,362.6</FONT></TD>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(88.5</FONT></TD>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(536.1</FONT></TD>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,369.7</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(2,905.8</FONT></TD>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(122.6</FONT></TD>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Other operating revenues (expenses), net</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(6.3</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(54.3</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>48.0</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(88.4</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(27.9</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(98.1</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>70.2</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(71.6</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>(=)</FONT></TD>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Adjusted EBIT*</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,057.3</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>631.9</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>425.4</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>67.3</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,503.4</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,208.4</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>295.0</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>13.4</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Depreciation and amortization</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>280.2</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>271.3</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>8.9</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3.3</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>859.1</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>808.7</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>50.4</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>6.2</FONT></TD>

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

<TR vAlign=bottom>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>(=)</FONT></TD>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Adjusted EBITDA **</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,337.5</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>903.2</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>434.3</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>48.1</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3,362.5</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3,017.1</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>345.4</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>11.4</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>(%) Adjusted EBITDA margin</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>35.7</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>28.3</FONT></TD>

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

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

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

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>32.9</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>35.5</FONT></TD>

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

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

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><FONT size=1 face=Arial,Helvetica,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="TEXT-ALIGN: left"><FONT size=1 face=Arial,Helvetica,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: left"><FONT size=2 face=Arial,Helvetica,sans-serif>In 3Q16, net operating revenue, including construction revenue, reached R$ 3.7 billion; a 17.2% increase compared to the same period of 2015.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Helvetica,sans-serif>Costs and expenses, including construction costs, totaled R$ 2.7 billion, 4.9% higher than 3Q15. Adjusted EBIT, in the amount of R$ 1,057.3 million, grew 67.3% from R$ 631.9 million recorded in 3Q15. Adjusted EBITDA, in the amount of R$ 1,337.5 million, increased 48.1% from R$ 903.2 million recorded in 3Q15 (R$ 4,319.6 million in the last 12 months).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Helvetica,sans-serif>The adjusted EBITDA margin was 28.3% in 3Q15 and 35.7% in 3Q16 (32.2% in the last 12 months). Excluding construction revenues and construction costs, the adjusted EBITDA margin was 49.6% in 3Q16 (40.4% in 3Q15 and 42.5% in the last 12 months).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Helvetica,sans-serif>In 3Q16 the Company recorded a net income of R$ 573.9 million, in comparison to a loss of R$ 580.1 million in 3Q15.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=4 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2. Gross operating revenue</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Helvetica,sans-serif>Page 2 of 12</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Helvetica,sans-serif>Gross operating revenue from water and sewage, not including construction revenue, totaled R$ 2.9 billion, an increase of R$ 526.9 million or 22.6%, when compared to the R$ 2.3 billion recorded in 3Q15.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Helvetica,sans-serif>The main factors that led to this variation were:</FONT></P>

<UL>

<LI><FONT size=2 face=Arial,Helvetica,sans-serif>Tariff increase of 8.4% since May 2016;</FONT>

<LI><FONT size=2 face=Arial,Helvetica,sans-serif>Increase of 4.7% in the Company&#8217;s total billed volume (4.5% in water and 4.9% in sewage); and</FONT>

<LI><FONT size=2 face=Arial,Helvetica,sans-serif>In 3Q15 there was the bonus granted within the Water Consumption Reduction Incentive Program,</FONT> <FONT size=2 face=Arial,Helvetica,sans-serif>concluded in April 2016, in the amount of R$ 248.8 million.</FONT> </LI></UL>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Helvetica,sans-serif>The increase resulting from the above factors was partially offset by the suspension in April 2016 of the Contingency Tariff, in the amount of R$ 144.8 million in 3Q15.</FONT></P>

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



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

<A name="page_3"></A>

<P align=center>
<IMG border=0 src="logo.jpg" align=middle></P><BR>

<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=4 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3. Construction revenue</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Helvetica,sans-serif>Construction revenue increased R$ 82.6 million or 8.1%, when compared to the same period of the previous year. The variation was mainly due to higher investments in the municipalities served by the Company.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=4 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4. Billed volume</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Helvetica,sans-serif>The following tables show the water and sewage billed volume, quarter-on-quarter and 9-month basis, per customer category and region.</FONT></P>

<DIV align=left><STRONG><FONT size=2 face=Arial>

<CENTER>WATER AND SEWAGE BILLED VOLUME <SUP>(1)</SUP>PER CUSTOMER CATEGORY - million m<SUP>3 </SUP></CENTER></FONT></STRONG>

<CENTER></CENTER>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR vAlign=bottom>

   <TD bgColor=#333399 align=left>&nbsp;</TD>

   <TD bgColor=#333399 align=left>&nbsp;</TD>

   <TD bgColor=#333399 align=left>&nbsp;</TD>

   <TD bgColor=#333399 align=center><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Water</FONT></B></TD>

   <TD bgColor=#333399 align=left>&nbsp;</TD>

   <TD bgColor=#333399 align=left>&nbsp;</TD>

   <TD bgColor=#333399 align=left>&nbsp;</TD>

   <TD bgColor=#333399 align=left>&nbsp;</TD>

   <TD bgColor=#333399 align=left>&nbsp;</TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Sewage</FONT></B></TD>

   <TD bgColor=#333399 align=left>&nbsp;</TD>

   <TD bgColor=#333399 align=left>&nbsp;</TD>

   <TD bgColor=#333399 align=left></TD>

   <TD bgColor=#333399 colSpan=3 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Water + Sewage</FONT></B></TD>

   <TD bgColor=#333399 align=left>&nbsp;</TD>

   <TD bgColor=#333399 align=left>&nbsp;</TD>

   <TD bgColor=#333399 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#333399 align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Category</FONT></B></TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3</FONT></B></TD>

   <TD bgColor=#333399 align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Q16</FONT></B></TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3</FONT></B></TD>

   <TD bgColor=#333399 align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Q15</FONT></B></TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B></TD>

   <TD bgColor=#333399 align=left>&nbsp;</TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3</FONT></B></TD>

   <TD bgColor=#333399 align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Q16</FONT></B></TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3</FONT></B></TD>

   <TD bgColor=#333399 align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Q15</FONT></B></TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B></TD>

   <TD bgColor=#333399 align=left>&nbsp;</TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3</FONT></B></TD>

   <TD bgColor=#333399 align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Q16</FONT></B></TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3</FONT></B></TD>

   <TD bgColor=#333399 align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Q15</FONT></B></TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B></TD>

   <TD bgColor=#333399 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Residential</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>377.6</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>363.1</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>4.0</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>321.0</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>306.1</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>4.9</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>698.6</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>669.2</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>4.4</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Commercial</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>40.3</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>39.6</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>1.8</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>38.5</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>37.8</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>1.9</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>78.8</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>77.4</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>1.8</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Industrial</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>8.0</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>8.0</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>9.5</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>9.6</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(1.0</FONT></TD>

   <TD bgColor=#eeece1 align=left><FONT size=2 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>17.5</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>17.6</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(0.6</FONT></TD>

   <TD bgColor=#eeece1 align=left><FONT size=2 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Public</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>10.2</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>9.6</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>6.3</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>9.0</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>8.4</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>7.1</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>19.2</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>18.0</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>6.7</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total retail</FONT></B></TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>436.1</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>420.3</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3.8</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>378.0</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>361.9</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.4</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>814.1</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>782.2</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.1</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Wholesale </FONT><SUP><FONT size=2 face=Arial,Helvetica,sans-serif>(3)</FONT></SUP></TD>

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>58.4</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>52.8</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>10.6</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>7.9</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>5.8</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>36.2</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>66.3</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>58.6</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>13.1</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eeece1 align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>494.5</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>473.1</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.5</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>385.9</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>367.7</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.9</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>880.4</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>840.8</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.7</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eeece1 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#333399 align=left>&nbsp;</TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9</FONT></B></TD>

   <TD bgColor=#333399 align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>M16</FONT></B></TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9</FONT></B></TD>

   <TD bgColor=#333399 align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>M15</FONT></B></TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B></TD>

   <TD bgColor=#333399 align=left>&nbsp;</TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9</FONT></B></TD>

   <TD bgColor=#333399 align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>M16</FONT></B></TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9</FONT></B></TD>

   <TD bgColor=#333399 align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>M15</FONT></B></TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B></TD>

   <TD bgColor=#333399 align=left>&nbsp;</TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9</FONT></B></TD>

   <TD bgColor=#333399 align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>M16</FONT></B></TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9</FONT></B></TD>

   <TD bgColor=#333399 align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>M15</FONT></B></TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B></TD>

   <TD bgColor=#333399 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Residential</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>1,135.6</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>1,090.1</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>4.2</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>961.4</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>916.0</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>5.0</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>2,097.0</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>2,006.1</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>4.5</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Commercial</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>121.7</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>119.5</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>1.8</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>115.7</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>113.4</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>2.0</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>237.4</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>232.9</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>1.9</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Industrial</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>23.7</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>24.5</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(3.3</FONT></TD>

   <TD bgColor=#eeece1 align=left><FONT size=2 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>28.8</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>29.2</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(1.4</FONT></TD>

   <TD bgColor=#eeece1 align=left><FONT size=2 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>52.5</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>53.7</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(2.2</FONT></TD>

   <TD bgColor=#eeece1 align=left><FONT size=2 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Public</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>30.5</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>30.8</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(1.0</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>26.8</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>24.8</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>8.1</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>57.3</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>55.6</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>3.1</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total retail</FONT></B></TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,311.5</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,264.9</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3.7</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,132.7</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,083.4</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.6</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,444.2</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,348.3</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.1</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Wholesale </FONT><SUP><FONT size=2 face=Arial,Helvetica,sans-serif>(3)</FONT></SUP></TD>

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>167.1</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>164.9</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>1.3</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>21.1</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>18.3</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>15.3</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>188.2</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>183.2</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>2.7</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,478.6</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,429.8</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3.4</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,153.8</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,101.7</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.7</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,632.4</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,531.5</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.0</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=left>&nbsp;</TD></TR></TABLE>

<CENTER></CENTER>

<CENTER>&nbsp;</CENTER></DIV>

<CENTER>

<P style="MARGIN: 0px"><STRONG><FONT size=2 face=Arial>WATER AND SEWAGE BILLED VOLUME </FONT></STRONG><B><SUP><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1) </FONT></SUP></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>PER REGION - million m</FONT></B><B><SUP><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3</FONT></SUP></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR vAlign=bottom>

   <TD bgColor=#333399 align=left>&nbsp;</TD>

   <TD bgColor=#333399 colSpan=3 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Water</FONT></B></TD>

   <TD bgColor=#333399 align=left>&nbsp;</TD>

   <TD bgColor=#333399 align=left>&nbsp;</TD>

   <TD bgColor=#333399 colSpan=3 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Sewage</FONT></B></TD>

   <TD bgColor=#333399 align=left>&nbsp;</TD>

   <TD bgColor=#333399 align=left>&nbsp;</TD>

   <TD bgColor=#333399 colSpan=3 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Water + Sewage</FONT></B></TD>

   <TD bgColor=#333399 align=left>&nbsp;</TD>

   <TD bgColor=#333399 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#333399 align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Region</FONT></B></TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3</FONT></B></TD>

   <TD bgColor=#333399 align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Q16</FONT></B></TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3</FONT></B></TD>

   <TD bgColor=#333399 align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Q15</FONT></B></TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B></TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3</FONT></B></TD>

   <TD bgColor=#333399 align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Q16</FONT></B></TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3</FONT></B></TD>

   <TD bgColor=#333399 align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Q15</FONT></B></TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B></TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3</FONT></B></TD>

   <TD bgColor=#333399 align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Q16</FONT></B></TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3</FONT></B></TD>

   <TD bgColor=#333399 align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Q15</FONT></B></TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Metropolitan</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>283.5</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>271.6</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>4.4</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>246.8</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>235.7</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>4.7</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>530.3</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>507.3</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>4.5</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Regional </FONT><SUP><FONT size=2 face=Arial,Helvetica,sans-serif>(2)</FONT></SUP></TD>

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>152.6</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>148.7</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>2.6</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>131.2</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>126.2</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>4.0</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>283.8</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>274.9</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>3.2</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total retail</FONT></B></TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>436.1</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>420.3</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3.8</FONT></B></TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>378.0</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>361.9</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.4</FONT></B></TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>814.1</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>782.2</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.1</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Wholesale </FONT><SUP><FONT size=2 face=Arial,Helvetica,sans-serif>(3)</FONT></SUP></TD>

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>58.4</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>52.8</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>10.6</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>7.9</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>5.8</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>36.2</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>66.3</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>58.6</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>13.1</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eeece1 align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>494.5</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>473.1</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.5</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>385.9</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>367.7</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.9</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>880.4</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>840.8</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.7</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#333399 align=left>&nbsp;</TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9</FONT></B></TD>

   <TD bgColor=#333399 align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>M16</FONT></B></TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9</FONT></B></TD>

   <TD bgColor=#333399 align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>M15</FONT></B></TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B></TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9</FONT></B></TD>

   <TD bgColor=#333399 align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>M16</FONT></B></TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9</FONT></B></TD>

   <TD bgColor=#333399 align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>M15</FONT></B></TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B></TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9</FONT></B></TD>

   <TD bgColor=#333399 align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>M16</FONT></B></TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9</FONT></B></TD>

   <TD bgColor=#333399 align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>M15</FONT></B></TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Metropolitan</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>846.0</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>806.6</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>4.9</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>735.1</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>698.2</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>5.3</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>1,581.1</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>1,504.8</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>5.1</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Regional </FONT><SUP><FONT size=2 face=Arial,Helvetica,sans-serif>(2)</FONT></SUP></TD>

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>465.5</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>458.3</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>1.6</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>397.6</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>385.2</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>3.2</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>863.1</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>843.5</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>2.3</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total retail</FONT></B></TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,311.5</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,264.9</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3.7</FONT></B></TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,132.7</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,083.4</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.6</FONT></B></TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,444.2</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,348.3</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.1</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Wholesale </FONT><SUP><FONT size=2 face=Arial,Helvetica,sans-serif>(3)</FONT></SUP></TD>

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>167.1</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>164.9</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>1.3</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>21.1</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>18.3</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>15.3</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>188.2</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>183.2</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>2.7</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,478.6</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,429.8</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3.4</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,153.8</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,101.7</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.7</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,632.4</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,531.5</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.0</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 23.04pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>(1) Unaudited</FONT></TD>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 23.04pt" colSpan=4 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>(2) Including coastal and interior region</FONT></TD>

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

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

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

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

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

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

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

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

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

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

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

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 23.04pt" colSpan=7 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>(3) Reused water volume and non-domestic sewage are included in</FONT></TD>

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

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

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

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

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

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

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

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

   <TD align=left>&nbsp;</TD></TR></TABLE></DIV>

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

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



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

<!--$$/page=--><A name="page_4"></A>

<P align=center>
<IMG border=0 src="logo.jpg" align=middle></P>

<P>&nbsp;</P>

<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 3Q16, costs, administrative, selling and construction expenses, grew 4.9% (R$ 125.2 million). Excluding construction costs, total costs and expenses increased by 2.8% (R$ 44.7 million). </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 80.2% in 3Q15 and 71.8% in 3Q16.</FONT><BR></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD width="33%"></TD>

   <TD width="6%"></TD>

   <TD width="2%"></TD>

   <TD width="6%"></TD>

   <TD width="2%"></TD>

   <TD width="6%"></TD>

   <TD width="2%"></TD>

   <TD width="5%"></TD>

   <TD width="2%"></TD>

   <TD width="5%"></TD>

   <TD width="2%"></TD>

   <TD width="5%"></TD>

   <TD width="2%"></TD>

   <TD width="5%"></TD>

   <TD width="2%"></TD>

   <TD width="5%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

   <TD align=right><B><I><FONT size=1 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>R$ million</FONT></I></B></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#333399 align=left>&nbsp;</TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3</FONT></B></TD>

   <TD bgColor=#333399 align=left><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Q16</FONT></B></TD>

   <TD bgColor=#333399 colSpan=3 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q15 Chg. (R$)</FONT></B></TD>

   <TD bgColor=#333399 align=left>&nbsp;</TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B></TD>

   <TD bgColor=#333399 align=left>&nbsp;</TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1</FONT></B></TD>

   <TD bgColor=#333399 align=left><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>H16</FONT></B></TD>

   <TD bgColor=#333399 colSpan=3 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1H15 Chg. (R$)</FONT></B></TD>

   <TD bgColor=#333399 align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.64pt" bgColor=#333399 align=left><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B></TD>

   <TD bgColor=#333399 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Salaries and payroll charges and Pension plan obligations</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>292.3</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>552.0</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(259.7</FONT></TD>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(47.0</FONT></TD>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,488.0</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,615.3</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(127.3</FONT></TD>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(7.9</FONT></TD>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>General supplies</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>45.6</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>42.0</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3.6</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>8.6</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>124.5</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>133.7</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(9.2</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(6.9</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Treatment supplies</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>64.0</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>62.9</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1.1</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1.7</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>205.3</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>198.8</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>6.5</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3.3</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Services</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>347.1</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>296.6</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>50.5</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>17.0</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>945.8</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>862.5</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>83.3</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>9.7</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Electricity</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>224.7</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>220.0</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>4.7</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2.1</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>707.9</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>587.4</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>120.5</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>20.5</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>General expenses</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>249.3</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>144.5</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>104.8</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>72.5</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>640.6</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>247.7</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>392.9</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>158.6</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Tax expenses</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>22.6</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>19.6</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3.0</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>15.3</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>66.5</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>57.9</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>8.6</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>14.9</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>S&#227;o Paulo state government reimbursement</FONT></TD>

   <TD align=center><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT></TD>

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

   <TD align=center><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT></TD>

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

   <TD align=center><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(696.3</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>696.3</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Sub-total</FONT></B></TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,245.6</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,337.6</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(92.0</FONT></B></TD>

   <TD bgColor=#eeece1 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>)</FONT></B></TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(6.9</FONT></B></TD>

   <TD bgColor=#eeece1 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>)</FONT></B></TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,178.6</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,007.0</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,171.6</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>39.0</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Depreciation and amortization</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>280.2</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>271.3</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>8.9</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3.3</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>859.1</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>808.7</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>50.4</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>6.2</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Allowance for doubtful accounts</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>89.7</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(38.1</FONT></TD>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>127.8</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(335.4</FONT></TD>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>110.2</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>9.4</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>100.8</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,072.3</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Sub-total</FONT></B></TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>369.9</FONT></B></TD>

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

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>233.2</FONT></B></TD>

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

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>136.7</FONT></B></TD>

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

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>58.6</FONT></B></TD>

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

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>969.3</FONT></B></TD>

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

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>818.1</FONT></B></TD>

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

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>151.2</FONT></B></TD>

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

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>18.5</FONT></B></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Costs, administrative and selling expenses</FONT></B></TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,615.5</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,570.8</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>44.7</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2.8</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5,147.9</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,825.1</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,322.8</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>34.6</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Construction costs</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,073.5</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>993.0</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>80.5</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>8.1</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,563.2</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,454.6</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>108.6</FONT></TD>

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

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>4.4</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Costs, adm., selling and construction expenses</FONT></B></TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,689.0</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,563.8</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>125.2</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.9</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7,711.1</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,279.7</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,431.4</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>22.8</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>% of net revenue</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>71.8</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>80.2</FONT></TD>

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

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

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

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>75.5</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>74.0</FONT></TD>

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

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

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=2 face=Arial,Helvetica,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>5.1. Salaries and payroll charges 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>There was a decrease of R$ 259.7 million in 3Q16, mainly due to:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.25in; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0in 0.5in; 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>Decrease of R$ 307.4 million due to the migration of 3,572 participants from the Defined Benefit Plan (G1) to the Defined Contribution Plan (Sabesprev Mais), generating an advance decrease of R$ 334.2 million in the actuarial deficit, offset by the extraordinary contribution and incentive of R$ 26.8 million;</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" color=black face=Arial,sans-serif>The above decrease was partly compensated by the following factors:</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 0.5in; 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>Increase of R$ 24.1 million due to the application of a 10.03% salary adjustment in May 2016;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.5in; 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>Increase of R$ 13.7 million in provision for severance pay (TAC); and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.5in; 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$ 8.8 million rise in provisions for supplementary payments for retirement plans and pensions under the G0 Plan, due to changes in actuarial assumptions.</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. Services</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>Services expenses, in the amount of R$ 347.1 million, grew R$ 50.5 million or 17.0%, in comparison to R$ 296.6 million in 3Q15. The main items that led to this increase were:</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 0.5in; 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>Advertising campaigns amounting to R$ 14 million;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.5in; 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>Maintenance of networks and sewage connections, amounting to R$ 11.7 million;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.5in; 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>Cost of leasing power generator machines for transferring water from the Rio Grande to the Taia&#231;upeba reservoir, at a cost of R$ 6.7 million;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.5in; 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>Reading water meters and delivering bills, R$ 4.5 million; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.5in; 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>Surveillance contract, R$ 3.4 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"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif>5.3. Electricity</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Electricity expenses totaled R$ 224.7 million in 3Q16, an increase of R$ 4.7 million or 2.1% in comparison to the R$ 220.0 million in 3Q15. The main factors that contributed to this increase were:</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial,Helvetica,sans-serif>Page 4 of 12</FONT></P>

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



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

<!--$$/page=--><A name="page_5"></A>

<P align=center>
<IMG border=0 src="logo.jpg" align=middle></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.5in; 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 12.0% in the free market tariffs, with an 8.5% increase in consumption;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.5in; 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 2.7% in the grid market tariff (TUSD), with a 7.4% decrease in consumption; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.5in; 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 fall of 8.6% in the regulated market tariffs, with consumption remaining stable.</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 3Q16, the regulated market accounted for 37.1% of the total electricity consumed by the Company, the free market accounted for 33.7% and the grid market accounted for 29.2% of total consumption. </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>5.4. General expenses</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>General expenses increased R$ 104.8 million, totaling R$ 249.3 million in 3Q16, versus the R$ 144.5 million recorded in 3Q15, mainly due to:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.5in; 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>Provision of R$ 38.1 million concerning the agreement entered into with EMAE &#8211; Empresa Metropolitana de &#193;guas e Energia;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.5in; 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$ 21.1 million increase in provisioning for court proceedings; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.5in; 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$ 21.8 million, as a result of the increase in revenues with the municipality of S&#227;o Paulo; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.5in; 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>Reversal of provision in 3Q15, amounting to R$ 17.9 million, due to the recovery of money from the S&#227;o Paulo State Government (GESP), due to employees assignment.</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>5.5. Tax expenses</FONT></B></P>

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

<P style="BACKGROUND: white; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>Increase of R$ 3.0 million, largely due to the increase in the Municipal Property Tax (IPTU) in 2016, related to the properties in S&#227;o Paulo.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif>5.6. Depreciation and amortization</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>R$ 8.9 million increase or 3.3%, reaching R$ 280.2 million in 3Q16 in comparison to the R$ 271.3 million recorded in 3Q15, largely due to the beginning of operations of intangible assets, in the amount of R$ 2.2 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>5.7. Allowance for doubtful accounts</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>R$ 127.8 million increase, due mainly to:</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; 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>Increase in the write-offs, net of recoveries, amounting to R$ 39.5 million;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; 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>Increase in delinquency, generating a supplement of 49.5 million; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; 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>Reversal of R$ 70.5 million in the provision for losses with municipalities in 3Q15.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>This increase was partially offset by the increased receipt of court-ordered debt payments, especially from the city of Guarulhos, amounting to R$ 31.6 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.25in; LINE-HEIGHT: 200%"><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$ 48.0 million, mainly due to the following non-recurring events in 3Q15:</FONT></P>

<P style="BACKGROUND: white; 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 0.5in; LINE-HEIGHT: 12pt; TEXT-INDENT: -0.25in"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>Receipt of R$ 22.1 million from REAGUA - Programa Estadual de Apoio &#224; Recupera&#231;&#227;o de &#193;guas (State Program to Support Water Recovery);</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.5in; 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>Sale of properties for R$ 16.6 million; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.5in; 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>Sale of surplus electricity for R$ 4 million.</FONT></P><BR>

<P><FONT size=2 face=Arial,Helvetica,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial,Helvetica,sans-serif>Page&nbsp;<FONT size=2 face=Arial>5</FONT> of 12</FONT></P>

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



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

<!--$$/page=--><A name="page_6"></A>

<P align=center>
<IMG border=0 src="logo.jpg" align=middle></P><BR>

<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=4 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7. Financial result</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD width="44%"></TD>

   <TD width="21%"></TD>

   <TD width="2%"></TD>

   <TD width="9%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD>

   <TD width="9%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

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

   <TD align=right><B><I><FONT size=2 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>R$ million</FONT></I></B></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#333399 align=left>&nbsp;</TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3</FONT></B></TD>

   <TD bgColor=#333399 align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Q16</FONT></B></TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3</FONT></B></TD>

   <TD bgColor=#333399 align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Q15</FONT></B></TD>

   <TD bgColor=#333399 align=center><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Chg.</FONT></B></TD>

   <TD style="TEXT-INDENT: 16.44pt" bgColor=#333399 align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B></TD>

   <TD bgColor=#333399 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Financial expenses, net of income</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(91.7</FONT></TD>

   <TD bgColor=#eeece1 align=left><FONT size=2 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(105.6</FONT></TD>

   <TD bgColor=#eeece1 align=left><FONT size=2 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>13.9</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(13.2</FONT></TD>

   <TD bgColor=#eeece1 align=left><FONT size=2 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Net monetary and exchange variation</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(85.1</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(1,433.8</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>1,348.7</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(94.1</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Financial result</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(176.8</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,539.4</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,362.6</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(88.5</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>)</FONT></B></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7.1. Financial income and expenses</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD width="52%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD>

   <TD width="7%"></TD>

   <TD width="9%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

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

   <TD align=right><B><I><FONT size=2 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>R$ million</FONT></I></B></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#333399 align=left>&nbsp;</TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3</FONT></B></TD>

   <TD bgColor=#333399 align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Q16</FONT></B></TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3</FONT></B></TD>

   <TD bgColor=#333399 align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Q15</FONT></B></TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Chg.</FONT></B></TD>

   <TD style="TEXT-INDENT: 16.44pt" bgColor=#333399 align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B></TD>

   <TD bgColor=#333399 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Financial expenses</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.975pt" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Interest and charges on international loans and financing</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(28.5</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(39.2</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>10.7</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(27.3</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.975pt" bgColor=#eeece1 align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Interest and charges on domestic loans and financing</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(80.5</FONT></TD>

   <TD bgColor=#eeece1 align=left><FONT size=2 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(80.9</FONT></TD>

   <TD bgColor=#eeece1 align=left><FONT size=2 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>0.4</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(0.5</FONT></TD>

   <TD bgColor=#eeece1 align=left><FONT size=2 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.975pt" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Other financial expenses</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(49.2</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(50.4</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>1.2</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(2.4</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total financial expenses</FONT></B></TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(158.2</FONT></B></TD>

   <TD bgColor=#eeece1 align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>)</FONT></B></TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(170.5</FONT></B></TD>

   <TD bgColor=#eeece1 align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>)</FONT></B></TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12.3</FONT></B></TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(7.2</FONT></B></TD>

   <TD bgColor=#eeece1 align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Financial income</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>66.5</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>64.9</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>1.6</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>2.5</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Financial expenses net of income</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(91.7</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(105.6</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>13.9</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(13.2</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>)</FONT></B></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Helvetica,sans-serif>Decrease of R$ 13.9 million, mainly because of lower costs for interest and charges on external loans and financing, which fell by R$ 10.7 million due to lower debt balances due to the devaluation of the dollar and the yen at the close of 3Q16, against 3Q15 (-18.3% and -3.3%, respectively).</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7.2. Monetary and exchange rate variation on assets and liabilities</FONT></B></P>

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

<P style="MARGIN: 0px">

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD width="48%"></TD>

   <TD width="14%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

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

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

   <TD align=right><B><I><FONT size=2 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>R$ million</FONT></I></B></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#333399 align=left>&nbsp;</TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3</FONT></B></TD>

   <TD bgColor=#333399 align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Q16</FONT></B></TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3</FONT></B></TD>

   <TD bgColor=#333399 align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Q15</FONT></B></TD>

   <TD bgColor=#333399 align=center><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Chg.</FONT></B></TD>

   <TD bgColor=#333399 align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 16.44pt" bgColor=#333399 align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B></TD>

   <TD bgColor=#333399 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Monetary variation on loans and financing</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(24.4</FONT></TD>

   <TD bgColor=#eeece1 align=left><FONT size=2 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(25.9</FONT></TD>

   <TD bgColor=#eeece1 align=left><FONT size=2 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>1.5</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(5.8</FONT></TD>

   <TD bgColor=#eeece1 align=left><FONT size=2 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Currency exchange variation on loans and financing</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(79.2</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(1,448.9</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>1,369.7</FONT></TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(94.5</FONT></TD>

   <TD align=left><FONT size=2 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Other monetary variations</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(9.1</FONT></TD>

   <TD bgColor=#eeece1 align=left><FONT size=2 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(18.6</FONT></TD>

   <TD bgColor=#eeece1 align=left><FONT size=2 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>9.5</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(51.1</FONT></TD>

   <TD bgColor=#eeece1 align=left><FONT size=2 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Monetary/exchange rate variation on liabilities</FONT></B></TD>

   <TD align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(112.7</FONT></B></TD>

   <TD align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>)</FONT></B></TD>

   <TD align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,493.4</FONT></B></TD>

   <TD align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>)</FONT></B></TD>

   <TD align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,380.7</FONT></B></TD>

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

   <TD align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(92.5</FONT></B></TD>

   <TD align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Monetary/exchange rate variation on assets</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>27.6</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>59.6</FONT></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(32.0</FONT></TD>

   <TD bgColor=#eeece1 align=left><FONT size=2 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(53.7</FONT></TD>

   <TD bgColor=#eeece1 align=left><FONT size=2 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Monetary/exchange rate variation, net</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(85.1</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,433.8</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,348.7</FONT></B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(94.1</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>)</FONT></B></TD></TR></TABLE></P>

<P><FONT size=2 face=Arial,Helvetica,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif>7.2.1 Monetary and exchange rate variation on liabilities</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>The effect of unfavorable monetary and currency variations in 3Q16 was R$ 1,380.7 million less than in 3Q15, in particular:</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.5in; 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>A positive variation of R$ 1,369.7 million in the cost of currency variations on loans and financing, due to the lower appreciation of the dollar and the yen against the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>Real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif> in 3Q16 (1.1% and 2.7%, respectively), compared with their appreciation in 3Q15 (28.1% and 30.5%, respectively); and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.5in; 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>Decrease in the cost of other monetary variations by R$ 9.5 million, principally due to lower provisioning for court proceedings in 3Q16.</FONT></P>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif>7.2.2 Monetary and exchange rate variation on assets</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>A decrease of R$ 32 million, mainly due to the non-recurring monetary adjustment of the agreement with the municipality of Santos in 3Q15.</FONT></P>

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

<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial,Helvetica,sans-serif>Page&nbsp;<FONT size=2 face=Arial>6</FONT> of 12</FONT></P>

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



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

<!--$$/page=--><A name="page_7"></A>

<P align=center>
<IMG border=0 src="logo.jpg" align=middle></P><BR>

<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=4 face=Arial-BoldMT,Arial,Helvetica,sans-serif>8. Income tax and social contribution</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Helvetica,sans-serif>Grew R$ 586.0 million, due to the increase in taxable income in 3Q16, when compared to 3Q15.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=4 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9. Indicators</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9.1. Operating</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Helvetica,sans-serif>The volume of water produced remained with an upward trend in the quarter and had an increase of 9.1%. In the year, the increase was of 9.4%.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Helvetica,sans-serif>Concerning the water losses, it's possible to observe that the loss regarding the micro-measurement (IPM) increased from 28.3% in 3Q15 to 31.4% in 3Q16. The figure of the 3Q15 was influenced not only by loss control initiatives, but also by the demand management, resulting from the water crisis and the consequent need to reduce the pressure on the network. It is worth remembering that this measurement considers the average of the last 12 months.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="61%"></TD>

   <TD width="13%"></TD>

   <TD width="3%"></TD>

   <TD width="12%"></TD>

   <TD width="3%"></TD>

   <TD width="6%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.639pt" bgColor=#333399 align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Operating indicators </FONT></B><B><FONT color=#ffffff size=3 face=Arial-BoldMT,Arial,Helvetica,sans-serif>*</FONT></B></TD>

   <TD bgColor=#333399 colSpan=2 align=right><B><FONT style="COLOR: #ffffff" size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3</FONT></B><B><FONT style="COLOR: #ffffff" size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Q16</FONT></B></TD>

   <TD bgColor=#333399 colSpan=2 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3</FONT></B><FONT style="COLOR: #ffffff"> </FONT><B><FONT style="COLOR: #ffffff" size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Q15</FONT></B></TD>

   <TD bgColor=#333399 align=right>

   <P style="MARGIN-RIGHT: 10pt"><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B></P></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.631pt" bgColor=#eeece1 align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Water connections </FONT><SUP><FONT size=2 face="Cambria,Times New Roman,Times,serif">(1)</FONT></SUP></TD>

   <TD bgColor=#eeece1 colSpan=2 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>8,595</FONT></TD>

   <TD bgColor=#eeece1 colSpan=2 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>8,366</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>2.7</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.631pt" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Sewage connections </FONT><SUP><FONT size=2 face="Cambria,Times New Roman,Times,serif">(1)</FONT></SUP></TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>7,036</FONT></TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>6,806</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>3.4</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.631pt" bgColor=#eeece1 align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Population directly served - water </FONT><SUP><FONT size=2 face="Cambria,Times New Roman,Times,serif">(2)</FONT></SUP></TD>

   <TD bgColor=#eeece1 colSpan=2 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>25.7</FONT></TD>

   <TD bgColor=#eeece1 colSpan=2 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>25.5</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>0.8</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.631pt" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Population directly served - sewage </FONT><SUP><FONT size=2 face="Cambria,Times New Roman,Times,serif">(2)</FONT></SUP></TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>23.2</FONT></TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>22.7</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>2.2</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.631pt" bgColor=#eeece1 align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Number of employees</FONT></TD>

   <TD bgColor=#eeece1 colSpan=2 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>14,172</FONT></TD>

   <TD bgColor=#eeece1 colSpan=2 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>14,056</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>0.8</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.631pt" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Water volume produced in the quarter</FONT><SUP><FONT size=2 face=Arial,Helvetica,sans-serif>(3)</FONT></SUP></TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>671</FONT></TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>615</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>9.1</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.631pt" bgColor=#eeece1 align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Water volume produced in 9M </FONT><SUP><FONT size=2 face=Arial,Helvetica,sans-serif>(3)</FONT></SUP></TD>

   <TD bgColor=#eeece1 colSpan=2 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>2,007</FONT></TD>

   <TD bgColor=#eeece1 colSpan=2 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>1,834</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>9.4</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.631pt" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>IPM - Measured water loss (%)</FONT></TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>31.4</FONT></TD>

   <TD colSpan=2 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>28.3</FONT></TD>

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>11.0</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 8.631pt" bgColor=#eeece1 align=left><FONT size=2 face=Arial,Helvetica,sans-serif>IPDt (liters/connection x day)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 colSpan=2 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>299</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 colSpan=2 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>261</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=right><FONT size=2 face=Arial,Helvetica,sans-serif>14.6</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.84pt" colSpan=2 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>(1) Total connections, active and inactive, in thousand units at the end of the period</FONT></TD>

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

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

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

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>(2) In million inhabitants, at the end of the period. Not including wholesale</FONT></TD>

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

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

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

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

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>(3) In millions of cubic meters</FONT></TD>

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

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

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

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

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>(*) Unaudited</FONT></TD>

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

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

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

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

   <TD align=left>&nbsp;</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9.2. Financial</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD width="65%"></TD>

   <TD width="19%"></TD>

   <TD width="4%"></TD>

   <TD width="12%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.039pt" bgColor=#333399 width="65%" align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Economic Indexes </FONT></B><B><FONT color=#ffffff size=3 face=Arial-BoldMT,Arial,Helvetica,sans-serif>* </FONT></B><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(quarter end)</FONT></B></TD>

   <TD bgColor=#333399 width="19%" align=right><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>3</STRONG><STRONG>Q16</STRONG></FONT></TD>

   <TD bgColor=#333399 width="4%" align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#333399 width="12%" align=right><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>3</STRONG><STRONG>Q15</STRONG></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.039pt" bgColor=#eeece1 width="65%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Accumulated Amplified Consumer Price Index (%)</FONT></TD>

   <TD bgColor=#eeece1 width="19%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>1.04</FONT></TD>

   <TD bgColor=#eeece1 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>1.39</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.039pt" width="65%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Accumulated Referential Rate (%)</FONT></TD>

   <TD width="19%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>0.58</FONT></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>0.61</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.039pt" bgColor=#eeece1 width="65%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Interbank Deposit Certificate (%)</FONT></TD>

   <TD bgColor=#eeece1 width="19%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>14.13</FONT></TD>

   <TD bgColor=#eeece1 width="4%" align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 width="12%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>14.13</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.039pt" width="65%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>US DOLAR (R$)</FONT></TD>

   <TD width="19%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>3.2462</FONT></TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>3.9729</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5.039pt" bgColor=#eeece1 width="65%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>YEN (R$)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 width="19%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>0.03207</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 width="4%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 width="12%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>0.03316</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="65%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>(*) Unaudited</FONT></TD>

   <TD width="19%" align=left>&nbsp;</TD>

   <TD width="4%" align=left>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=4 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10. Loans and financing</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Helvetica,sans-serif>In October 2016, the Company raised a foreign loan of US$ 150 million, for a term of 3 years, with interest at a margin of 4.5% p.a. over the 3-month LIBOR rate. Interest on the loan will be payable quarterly, and capital repayments will be six-monthly after an 18-month grace period. The proceeds of the loan were used to settle the Eurobond 2016 issue, for a total of US$ 140 million, and other debts maturing in 2016.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial,Helvetica,sans-serif>Page 7 of 12</FONT></P>

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



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

<!--$$/page=--><A name="page_8"></A>

<P align=center>
<IMG border=0 src="logo.jpg" align=middle></P><BR>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD width="25%"></TD>

   <TD width="11%"></TD>

   <TD width="9%"></TD>

   <TD width="10%"></TD>

   <TD width="8%"></TD>

   <TD width="8%"></TD>

   <TD width="8%"></TD>

   <TD width="10%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

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

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

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

   <TD align=right><B><I><FONT size=1 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>R$ million</FONT></I></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#333399 align=left>&nbsp;</TD>

   <TD bgColor=#333399 align=left>&nbsp;</TD>

   <TD bgColor=#333399 align=left>&nbsp;</TD>

   <TD bgColor=#333399 align=left>&nbsp;</TD>

   <TD bgColor=#333399 align=left>&nbsp;</TD>

   <TD bgColor=#333399 align=left>&nbsp;</TD>

   <TD bgColor=#333399 align=left>&nbsp;</TD>

   <TD bgColor=#333399 rowSpan=3 align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2022</FONT></B><BR><STRONG><FONT style="COLOR: #ffffff" size=1 face=Arial>Onwards</FONT></STRONG><BR><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#333399 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#333399 align=left><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>INSTITUTION</FONT></B></TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2016</FONT></B></TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2017</FONT></B></TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2018</FONT></B></TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2019</FONT></B></TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2020</FONT></B></TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2021</FONT></B></TD>

   <TD style="TEXT-INDENT: 7.32pt" bgColor=#333399 align=left><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#333399 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#333399 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#333399 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#333399 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#333399 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#333399 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#333399 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#333399 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Local currency</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Caixa Econ&#244;mica Federal</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>13.8</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>58.2</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>62.2</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>64.0</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>66.2</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>69.6</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>791.7</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,125.7</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Debentures</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>43.2</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>595.3</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>887.7</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>998.3</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>415.4</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>196.5</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>429.2</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3,565.6</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>BNDES</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>21.3</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>85.3</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>87.3</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>90.0</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>72.2</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>71.7</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>354.0</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>781.8</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Leasing</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3.6</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>26.1</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>27.4</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>28.8</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>30.3</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>32.0</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>402.7</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>550.9</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Others</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.2</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.7</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1.4</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1.4</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1.4</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1.4</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>5.3</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>11.8</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Interest and other charges</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>59.7</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>67.4</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>127.1</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total in local currency</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>141.8</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>833.0</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,066.0</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,182.5</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>585.5</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>371.2</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,982.9</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,162.9</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Foreign currency</FONT></B></TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>IADB</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>86.0</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>147.2</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>106.4</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>106.4</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>106.4</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>106.4</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,143.4</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,802.2</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>IBRD</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>8.2</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>16.4</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>16.4</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>205.2</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>246.2</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Eurobonds</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>454.5</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,132.7</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,587.2</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>JICA</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.0</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>71.5</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>72.9</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>118.1</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>118.1</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>118.1</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,297.1</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,795.8</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>BID 1983AB</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>77.7</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>77.0</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>57.4</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>55.5</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>25.0</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>47.7</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>340.3</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Interest and other charges</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>48.3</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>6.0</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD bgColor=#eeece1 align=right><FONT size=1 face=Arial,Helvetica,sans-serif>54.3</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total in foreign currency</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>588.8</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>302.4</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>256.3</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>290.1</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,429.1</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>265.9</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,693.4</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5,826.0</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>730.6</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,135.4</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,322.3</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,472.6</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,014.6</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>637.1</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,676.3</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>11,988.9</FONT></B></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=4 face=Arial-BoldMT,Arial,Helvetica,sans-serif>11. Capex</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial,Helvetica,sans-serif>In the third quarter of 2016, the Company invested R$ 1.1 billion, totaling R$ 2.7 billion in the first nine months of 2016.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#000080 size=4 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12. Conference calls</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD width="49%"></TD>

   <TD width="50%"></TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT color=#000080 size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><U>In Portuguese</U></FONT></B></TD>

   <TD align=center><B><FONT color=#000080 size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif><U>In English</U></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>November 11, 2016</FONT></B></TD>

   <TD align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>November 11, 2016</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=center><FONT size=2 face=Arial,Helvetica,sans-serif>6:30 am (US EST) / 9:30 am (Bras&#237;lia)</FONT></TD>

   <TD align=center><FONT size=2 face=Arial,Helvetica,sans-serif>8:00 am (US EST) / 11:00 am (Bras&#237;lia)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=center><FONT size=2 face=Arial,Helvetica,sans-serif>Dial in: 55 (11) 3127-4971 or</FONT></TD>

   <TD align=center><FONT size=2 face=Arial,Helvetica,sans-serif>Dial in: 1 (412) 317-5486</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=center><FONT size=2 face=Arial,Helvetica,sans-serif>55 (11) 3728-5971</FONT></TD>

   <TD align=center><FONT size=2 face=Arial,Helvetica,sans-serif>Conference ID: Sabesp</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=center><FONT size=2 face=Arial,Helvetica,sans-serif>Conference ID: Sabesp</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif><U>Replay available for 7 days</U></FONT></I></TD>

   <TD align=center><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif><U>Replay available for 7 days</U></FONT></I></TD></TR>

<TR vAlign=bottom>

   <TD align=center><FONT size=2 face=Arial,Helvetica,sans-serif>Dial in: 55 (11) 3127-4999</FONT></TD>

   <TD align=center><FONT size=2 face=Arial,Helvetica,sans-serif>Dial in: 1(412) 317-0088</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=center><FONT size=2 face=Arial,Helvetica,sans-serif>Replay ID: 53766646</FONT></TD>

   <TD align=center><FONT size=2 face=Arial,Helvetica,sans-serif>Replay ID: 10092615</FONT></TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center><FONT color=#0000ff size=2 face=Arial,Helvetica,sans-serif>Click here </FONT><FONT size=2 face=Arial,Helvetica,sans-serif>to access the webcast</FONT></TD>

   <TD align=center><FONT color=#0000ff size=2 face=Arial,Helvetica,sans-serif>Click here </FONT><FONT size=2 face=Arial,Helvetica,sans-serif>to access the webcast</FONT></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>For more information, please contact:</FONT></B></P>

<P style="TEXT-ALIGN: left"><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Mario Arruda Sampaio<BR></FONT></I><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Head of Capital Markets and Investor Relations <BR>Phone.(55 11) 3388-8664 <BR>E-mail: </FONT></I><I><U><FONT color=#0000ff size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>maasampaio@sabesp.com.br</FONT></U></I></P>

<P style="TEXT-ALIGN: left"><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Angela Beatriz Airoldi <BR>Investor Relations Manager <BR>Phone.(55 11) 3388-8793 <BR>E-mail: </FONT></I><I><U><FONT color=#0000ff size=2 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>abairoldi@sabesp.com.br</FONT></U></I></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial,Helvetica,sans-serif>Page 8 of 12</FONT></P>

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



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

<!--$$/page=--><A name="page_9"></A>

<P align=center>
<IMG border=0 src="logo.jpg" align=middle></P><BR>

<P style="TEXT-ALIGN: left"><I><FONT size=2 face=Arial-ItalicMT,Arial,Helvetica,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>

<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial,Helvetica,sans-serif>Page 9 of 12</FONT></P>

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



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

<!--$$/page=--><A name="page_10"></A>

<P align=center>
<IMG border=0 src="logo.jpg" align=middle></P><BR>

<P style="TEXT-ALIGN: center"><B><FONT color=#000080 size=4 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Income Statement</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="58%"></TD>

   <TD width="26%"></TD>

   <TD width="3%"></TD>

   <TD width="12%"></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Brazilian Corporate Law</FONT></B></TD>

   <TD width="26%" align=left>&nbsp;</TD>

   <TD width="15%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>R$ '</FONT></B><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>000</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#366092 width="58%" align=left>&nbsp;</TD>

   <TD bgColor=#366092 width="26%" align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3<FONT size=1 face=Arial>Q16</FONT></FONT></B></TD>

   <TD bgColor=#366092 width="3%" align=right>&nbsp;</TD>

   <TD bgColor=#366092 width="12%" align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3<FONT size=1 face=Arial>Q15</FONT></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net Operating Income</FONT></B></TD>

   <TD width="26%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,745,807</FONT></B></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,196,992</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.399pt" width="58%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Operating Costs</FONT></TD>

   <TD width="26%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(2,236,740)</FONT></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(2,261,459)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Gross Profit</FONT></B></TD>

   <TD width="26%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,509,067</FONT></B></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>935,533</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Operating Expenses</FONT></B></TD>

   <TD width="26%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.399pt" width="58%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Selling</FONT></TD>

   <TD width="26%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(234,226)</FONT></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(109,709)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.366pt" width="58%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Administrative revenue (expenses)</FONT></TD>

   <TD width="26%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(218,041)</FONT></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(192,637)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.399pt" width="58%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Other operating revenue (expenses), net</FONT></TD>

   <TD width="26%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>6,264</FONT></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>54,315</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Operating Income Before Shareholdings</FONT></B></TD>

   <TD width="26%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,063,064</FONT></B></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>687,502</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.204pt" width="58%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Equity Result</FONT></TD>

   <TD width="26%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>525</FONT></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(1,375)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Earnings Before Financial Results, net</FONT></B></TD>

   <TD width="26%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,063,589</FONT></B></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>686,127</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.204pt" width="58%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Financial, net</FONT></TD>

   <TD width="26%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(97,717)</FONT></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(90,482)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.204pt" width="58%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Exchange gain (loss), net</FONT></TD>

   <TD width="26%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(79,093)</FONT></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(1,448,928)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Earnings before Income Tax and Social Contribution</FONT></B></TD>

   <TD width="26%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>886,779</FONT></B></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(853,283)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Income Tax and Social Contribution</FONT></B></TD>

   <TD width="26%" align=left>&nbsp;</TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.366pt" width="58%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Current</FONT></TD>

   <TD width="26%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(243,481)</FONT></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(674)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.366pt" width="58%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Deferred</FONT></TD>

   <TD width="26%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(69,411)</FONT></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>273,813</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net Income (loss) for the period</FONT></B></TD>

   <TD width="26%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>573,887</FONT></B></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(580,144)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Registered common shares ('000)</FONT></B></TD>

   <TD width="26%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>683,509</FONT></B></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>683,509</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Earnings per shares - R$ (per share)</FONT></B></TD>

   <TD width="26%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>0.84</FONT></B></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(0.85</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Depreciation and Amortization</FONT></B></TD>

   <TD width="26%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(280,217)</FONT></B></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(271,311</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="58%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Adjusted EBITDA</FONT></B></TD>

   <TD width="26%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,337,542</FONT></B></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>903,123</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.366pt" width="58%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>% over net revenue</FONT></TD>

   <TD width="26%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>35.7%</FONT></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>28.2</FONT></TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD width="56%"></TD>

   <TD width="29%"></TD>

   <TD width="3%"></TD>

   <TD width="11%"></TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net Operating Income Breakdown</FONT></B></TD>

   <TD width="29%" align=left>&nbsp;</TD>

   <TD width="14%" colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>R$ '</FONT></B><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>000</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#366092 width="56%" align=left>&nbsp;</TD>

   <TD bgColor=#366092 width="29%" align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3<FONT size=1 face=Arial>Q16</FONT></FONT></B></TD>

   <TD bgColor=#366092 width="3%" align=right>&nbsp;</TD>

   <TD bgColor=#366092 width="11%" align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3<FONT size=1 face=Arial>Q15</FONT></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Gross operating income</FONT></B></TD>

   <TD width="29%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,951,882</FONT></B></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="11%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,342,404</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.409pt" width="56%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Water suply - retail</FONT></TD>

   <TD width="29%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,484,426</FONT></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="11%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,257,278</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.409pt" width="56%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Water suply - wholesale</FONT></TD>

   <TD width="29%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>25,138</FONT></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="11%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>26,644</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.409pt" width="56%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Sewage collection and treatment</FONT></TD>

   <TD width="29%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,290,092</FONT></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="11%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>998,435</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.409pt" width="56%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Sewage collection and treatment - wholesale</FONT></TD>

   <TD width="29%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>9,783</FONT></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="11%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>5,615</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.409pt" width="56%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Construction revenue - water</FONT></TD>

   <TD width="29%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>770,619</FONT></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="11%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>732,144</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.409pt" width="56%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Construction revenue - sewage</FONT></TD>

   <TD width="29%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>327,180</FONT></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="11%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>283,094</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.409pt" width="56%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Other services</FONT></TD>

   <TD width="29%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>44,644</FONT></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="11%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>39,194</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.409pt" width="56%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Gross sales deductions (Cofins/Pasep)</FONT></TD>

   <TD width="29%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(206,075<FONT size=1 face=Arial>)</FONT></FONT></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="11%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(145,412</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="56%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net operating income</FONT></B></TD>

   <TD width="29%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,745,807</FONT></B></TD>

   <TD width="3%" align=right>&nbsp;</TD>

   <TD width="11%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,196,992</FONT></B></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial,Helvetica,sans-serif>Page 10 of 12</FONT></P>

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



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

<!--$$/page=-->

<P><A name="page_11"></A></P>

<P align=center>
<IMG border=0 src="logo.jpg" align=middle></P>

<P align=center><FONT face=Arial><STRONG><FONT color=#000080 size=4>Balance Shee</FONT></STRONG><STRONG><FONT color=#000080 size=4>t</FONT></STRONG></FONT>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Brazilian Corporate Law</FONT></B></TD>

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

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

   <TD colSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>R$ '</FONT></B> <B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>000</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#366092 align=left><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>ASSETS</FONT></B></TD>

   <TD bgColor=#366092 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>09/30/2016</FONT></B></TD>

   <TD bgColor=#366092 align=left>&nbsp;</TD>

   <TD bgColor=#366092 align=right>&nbsp;</TD>

   <TD bgColor=#366092 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2015</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current assets</FONT></B></TD>

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

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

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.524pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Cash and cash equivalents</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,415,465</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,639,214</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.524pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Trade receivables</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,465,317</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,326,972</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.524pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Related parties and transactions</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>157,091</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>156,155</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.524pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Inventories</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>51,886</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>64,066</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.524pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Restricted cash</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>18,429</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>29,156</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.524pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Currrent recoverable taxes</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>12,584</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>77,828</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.524pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Other receivables</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>97,959</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>156,942</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total current assets</FONT></B></TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,218,731</FONT></B></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,450,333</FONT></B></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Noncurrent assets</FONT></B></TD>

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

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

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.524pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Trade receivables</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>163,857</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>182,616</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.524pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Related parties and transactions</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>714,210</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>715,952</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.524pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Escrow deposits</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>75,366</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>76,663</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.524pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Deferred income tax and social contribution</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>149,023</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>128,242</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.524pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Water National Agency &#8211; ANA</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>82,895</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>88,368</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.524pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Other receivables</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>123,215</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>140,676</FONT></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.524pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Equity investments</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>29,370</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>28,105</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.524pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Investment properties</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>58,534</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>56,957</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.524pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Intangible assets</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>30,366,200</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>28,513,626</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.524pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Property, plant and equipment</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>309,111</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>325,076</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total noncurrent assets</FONT></B></TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>32,071,781</FONT></B></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>30,256,281</FONT></B></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total assets</FONT></B></TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>35,290,512</FONT></B></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>33,706,614</FONT></B></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#366092 align=left><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>LIABILITIES AND EQUITY</FONT></B></TD>

   <TD bgColor=#366092 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>09/30/2016</FONT></B></TD>

   <TD bgColor=#366092 align=left>&nbsp;</TD>

   <TD bgColor=#366092 align=right>&nbsp;</TD>

   <TD bgColor=#366092 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2015</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current liabilities</FONT></B></TD>

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

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

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.524pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Trade payables</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>257,166</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>248,158</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.524pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Borrowings and financing</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,714,327</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,526,262</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.524pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Accrued payroll and related charges</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>420,020</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>347,976</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.524pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Taxes and contributions</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>169,604</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>107,295</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.524pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Dividends and interest on capital payable</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>99</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>127,441</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.524pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Provisions</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>721,229</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>631,890</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.524pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Services payable</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>378,831</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>387,279</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.524pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Public-Private Partnership &#8211; PPP</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>34,939</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>33,255</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.524pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Program Contract Commitments</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>107,180</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>228,659</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.524pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Other liabilities</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>83,938</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>102,101</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total current liabilities</FONT></B></TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,887,333</FONT></B></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,740,316</FONT></B></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Noncurrent liabilities</FONT></B></TD>

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

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

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.524pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Borrowings and financing</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>10,274,629</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>11,595,338</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.524pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Deferred Cofins and Pasep</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>137,041</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>132,921</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.524pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Provisions</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>436,587</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>450,324</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.524pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Pension obligations</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,926,494</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,832,216</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.524pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Public-Private Partnership &#8211; PPP</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,872,794</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,001,778</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.524pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Program Contract Commitments</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>67,663</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>92,055</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.524pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Other liabilities</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>163,684</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>145,060</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total noncurrent liabilities</FONT></B></TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>15,878,892</FONT></B></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>16,249,692</FONT></B></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total liabilities</FONT></B></TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>19,766,225</FONT></B></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>19,990,008</FONT></B></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Equity</FONT></B></TD>

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

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

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.524pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Paid-up capital</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>10,000,000</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>10,000,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.524pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Profit reserve</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>4,058,535</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>4,069,988</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.524pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Other comprehensive income</FONT></TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(534,455<FONT size=1 face=Arial>)</FONT></FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif></FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(353,382</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.524pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Retained earnings</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,000,207</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total equity</FONT></B></TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>15,524,287</FONT></B></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>13,716,606</FONT></B></TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total equity and liabilities</FONT></B></TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>35,290,512</FONT></B></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>33,706,614</FONT></B></TD></TR></TABLE></P>

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

<P style="TEXT-ALIGN: center"><B><FONT color=#000080 size=4 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial,Helvetica,sans-serif>Page 11 of 12</FONT></P>

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



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

<A name="page_12"></A>

<P align=center>
<IMG border=0 src="logo.jpg" align=middle></P><BR>

<P style="TEXT-ALIGN: center"><FONT color=#000080 size=4 face=Arial><STRONG></STRONG></FONT>&nbsp;</P>

<DIV align=left><STRONG><FONT color=#000080 size=4 face=Arial>

<CENTER>Cash Flow</CENTER></FONT></STRONG>

<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>



<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Brazilian Corporate Law</FONT></B></TD>

   <TD align=right>&nbsp;</TD>

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

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

   <TD align=right></TD>

   <TD align=right><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>R$ '</STRONG><STRONG>000</STRONG></FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#366092 align=left>&nbsp;</TD>

   <TD bgColor=#366092 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>

   <TD bgColor=#366092 align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>Jan</STRONG><STRONG>-Sep</STRONG></FONT></TD>

   <TD bgColor=#366092 align=left>&nbsp;</TD>

   <TD bgColor=#366092 align=right></TD>

   <TD bgColor=#366092 align=right><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>Jan</STRONG><STRONG>-Sep</STRONG></FONT></TD>

   <TD bgColor=#366092 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#366092 align=left>&nbsp;</TD>

   <TD bgColor=#366092 align=right>&nbsp;</TD>

   <TD bgColor=#366092 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2016</FONT></B></TD>

   <TD bgColor=#366092 align=left>&nbsp;</TD>

   <TD bgColor=#366092 align=right>&nbsp;</TD>

   <TD bgColor=#366092 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2015</FONT></B></TD>

   <TD bgColor=#366092 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cash flow from operating activities</FONT></B></TD>

   <TD align=right>&nbsp;</TD>

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

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

   <TD align=right>&nbsp;</TD>

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

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.24pt" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Profit before income tax and social contribution</FONT></B></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,067,389</FONT></B></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(63,187</FONT></B></TD>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Adjustment for:</FONT></B></TD>

   <TD align=right>&nbsp;</TD>

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

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

   <TD align=right>&nbsp;</TD>

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

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.24pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Depreciation and amortization</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>859,055</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>808,706</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.24pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Residual value of property, plant and equipment and intangible assets written-off</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>7,211</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>18,214</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.24pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Allowance for doubtful accounts</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>110,181</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>9,389</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.24pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Provision and inflation adjustment</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>207,313</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(116,292</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.24pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Pension obligations - curtailment</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(334,152</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=center><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.24pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Interest calculated on loans and financing payable</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>352,665</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>357,306</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.24pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Inflation adjustment and foreign exchange gains (losses) on loans and financing</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(754,853</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,247,653</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.24pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Interest and inflation adjustment losses</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>21,434</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>17,469</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.24pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Interest and inflation adjustment gains</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(69,272</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(36,514</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.24pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Financial charges from customers</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(158,219</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(199,994</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.24pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Margin on intangible assets arising from concession</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(57,006</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(53,881</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.24pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Provision for Consent Decree (TAC)</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>12,229</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(17,916</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.24pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Equity result</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(2,278</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>376</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.24pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Provision from S&#227;o Paulo agreement</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>19,089</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>8,012</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.24pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Provision for defined contribution plan</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>235</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>5,908</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.24pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Pension obligations</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>288,352</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>246,346</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.24pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Other adjustments</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(6,466</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(13,731</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.24pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>GESP Agreement</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(696,283</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,562,907</FONT></B></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,521,581</FONT></B></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Changes in assets</FONT></B></TD>

   <TD align=right>&nbsp;</TD>

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

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

   <TD align=right>&nbsp;</TD>

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

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.24pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Trade accounts receivable</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(28,316</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>17,731</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.24pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Accounts receivable from related parties</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(3,597</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>15,364</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.24pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Inventories</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>13,385</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>9,366</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.24pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Recoverable taxes</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>65,244</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>82,671</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.24pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Escrow deposits</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>31,740</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>25,696</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.24pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Other accounts receivable</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>88,705</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(26</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Changes in liabilities</FONT></B></TD>

   <TD align=right>&nbsp;</TD>

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

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

   <TD align=right>&nbsp;</TD>

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

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.24pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Trade payables and contractors</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(9,720</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(31,968</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.24pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Services received</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(27,537</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,296</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.24pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Accrued payroll and related charges</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>59,815</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>27,050</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.24pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Taxes and contributions payable</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(106,825</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>15,776</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.24pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Deferred Cofins/Pasep</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>4,120</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3,428</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.24pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Provisions</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(131,711</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(97,359</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.24pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Pension obligations</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(134,274</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(126,555</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.24pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Other liabilities</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>5,144</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(71,732</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cash generated from operations</FONT></B></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,389,080</FONT></B></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,392,319</FONT></B></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.24pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Interest paid</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(535,299</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(521,566</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.24pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Income tax and contribution paid</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(824,946</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(17,743</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net cash generated from operating activities</FONT></B></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,028,835</FONT></B></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,853,010</FONT></B></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cash flows from investing activities</FONT></B></TD>

   <TD align=right>&nbsp;</TD>

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

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

   <TD align=right>&nbsp;</TD>

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

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.24pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Acquisition of intangibles</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(1,432,336</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(1,856,910</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.24pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Restricted cash</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>10,727</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(9,581</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.24pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Dividends received</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=center><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,526</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.24pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Purchases of tangible assets</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(23,313</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(21,902</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net cash used in investing activities</FONT></B></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,444,922</FONT></B></TD>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>)</FONT></B></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,886,867</FONT></B></TD>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>)</FONT></B></TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cash flow from financing activities</FONT></B></TD>

   <TD align=right>&nbsp;</TD>

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

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

   <TD align=right>&nbsp;</TD>

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

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.24pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Loans and financing</FONT></TD>

   <TD align=right>&nbsp;</TD>

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

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

   <TD align=right>&nbsp;</TD>

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

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>

   <P style="MARGIN-LEFT: 20pt"><FONT size=1 face=Arial,Helvetica,sans-serif>Proceeds from loans</FONT></P></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>493,863</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>684,586</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>

   <P style="MARGIN-LEFT: 20pt"><FONT size=1 face=Arial,Helvetica,sans-serif>Repayments of loans</FONT></P></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(968,124</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(1,219,588</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.24pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Payment of interest on shareholders'equity</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(139,399</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(202,108</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.24pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Public-Private Partnership &#8211; PPP</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(22,865</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(17,169</FONT></TD>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.24pt" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Program Contract Commitments</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(171,137</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(44,922</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net cash generated by (used in) financing activities</FONT></B></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(807,662</FONT></B></TD>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>)</FONT></B></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(799,201</FONT></B></TD>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>)</FONT></B></TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cash reduce and cash equivalents</FONT></B></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(223,749</FONT></B></TD>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>)</FONT></B></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(833,058</FONT></B></TD>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>)</FONT></B></TD></TR>

<TR>

   <TD colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Represented by:</FONT></B></TD>

   <TD align=right>&nbsp;</TD>

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

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

   <TD align=right>&nbsp;</TD>

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

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Cash and cash equivalents at beginning of the period</FONT></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,639,214</FONT></TD>

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

   <TD align=right>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,722,991</FONT></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Cash and cash equivalents at end of the period</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,415,465</FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>889,933</FONT></TD>

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

<TR vAlign=bottom>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cash reduce and cash equivalents</FONT></B></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(223,749</FONT></B></TD>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>)</FONT></B></TD>

   <TD align=right>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(833,058</FONT></B></TD>

   <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>)</FONT></B></TD></TR></TABLE></DIV>

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

<P style="MARGIN: 0px" align=center><FONT size=2 face=Arial>Page 12 of 12</FONT></P>

<P style="MARGIN: 0px" align=center><FONT size=2 face=Arial></FONT>&nbsp;</P>

<P style="MARGIN: 0px" align=center>&nbsp;</P>

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



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

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

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

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

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

<DIV align=justify><FONT color=#000000 size=3 face="Times New Roman">Date:&nbsp;November 11, 2016</FONT></DIV>

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

<DIV align=center>

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



<TR>

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

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

<TR>

   <TD height=16></TD>

   <TD height=16></TD>

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

<TR>

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

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

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

</TD>

   <TD></TD></TR>

<TR>

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

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

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

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

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

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

<P>&nbsp;</P>

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

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

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

<HR align=left color=#000000 SIZE=2 noShade>

</DIV>

<HR align=left color=#000000 SIZE=2 noShade>



</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>logo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 logo.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  (! 0(! 0(" @(" @(" P4# P,#
M P8$! ,%!P8'!P<&!P<("0L)" @*" <'"@T*"@L,# P,!PD.#PT,#@L,# S_
MVP!# 0(" @,# P8# P8," <(# P,# P,# P,# P,# P,# P,# P,# P,# P,
M# P,# P,# P,# P,# P,# P,# P,# S_P  1" !( R$# 2(  A$! Q$!_\0
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M35$A/RZW:2/@*1MW9&<.63A7S7#"I3IM2V7Y-?U_5STI4JM5<F[6S75/\O\
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M;?\ !%;_ )/.?_L7[S_T.&ODFOK7_@BPX7]L]L]_#]X![_/#7S'&G_(BQ?\
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MBXOYJQZ>39I5RW'T<PH_%2E&2\^5WM\S^B"Z_P"/:3_=/\J_#3X5_M@?$?\
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M:M.O%NY2T6(+EHXFR!O)9?NESWSZ8Q65<:"?AQ\4+JS;]QX=\7'S[6=IM_\
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
K"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@#__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>sbspr3q16_6kx1x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 sbspr3q16_6kx1x1.jpg
M_]C_X  02D9)1@ ! 0'_____  #_[@ .061O8F4 9      !_]L 0P 0"PP.
M# H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=?
M8F=H9SY-<7EP9'A<96=C_]L 0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\  $0@
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..%%% !1110 4444 ?_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>sbspr3q16_6kx1x2.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 sbspr3q16_6kx1x2.jpg
M_]C_X  02D9)1@ ! 0'_____  #_[@ .061O8F4 9      !_]L 0P 0"PP.
M# H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=?
M8F=H9SY-<7EP9'A<96=C_]L 0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\  $0@
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,4 %%%% !1110!__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>sbspr3q16_6kx1x3.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 sbspr3q16_6kx1x3.jpg
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M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
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M-17BQU%)2TS0**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
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MJP4444RPHHHH **** "BBB@ HHHH **** "BBB@ HHI* %HI,@=Z* %HI**
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M_7/_ +[_ /K5@9/K1D^M &_]H_ZY_P#??_UJ/M'_ %S_ .^__K5@9/K1D^M
M&_\ :/\ KG_WW_\ 6H^T?]<_^^__ *U8&3ZT9/K0!O\ VC_KG_WW_P#6H^T?
M]<_^^_\ ZU8&3ZT9/K0!O_:/^N?_ 'W_ /6H^T?]<_\ OO\ ^M6!D^M&3ZT
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M_P#IE_WU1_PC=_\ ],O^^J7*R/J]7^5F/16Q_P (W?\ _3+_ +ZH_P"$;O\
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"L7Q!I']K- GF%"@8\#Z?XUM5#N!NE ZA&SQ[BFG;5 U<Y/_ (0P_P#/PWY"
MC_A##_S\-^0KLJ*KGEW)Y(]CC?\ A##_ ,_#?D*/^$,/_/PWY"NRHHYY=PY(
M]CC?^$,/_/PWY"C_ (0P_P#/PWY"NRHHYY=PY(]CC?\ A##_ ,_#?D*/^$,/
M_/PWY"NRHHYY=PY(]CC?^$,/_/PWY"C_ (0P_P#/PWY"NRHHYY=PY(]CC?\
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M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
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M4HNK<NB">,M(,H-PRP]1ZT 345$\\4<B1O*BN_W5+ %OH*DH 6BBB@ HHHH
M**** "BBB@!*1W6-2SL%4=23@"EJ"XL[>ZQY\>\#H"3B@:M?4Q]1\2)&3'9
M.W_/0]!]!WKG+BYFN9#)/(SM[FNT_L;3_P#GU3]:/[&T_P#Y]4_6LW&3.N%:
ME#9'#45K>(K:&UO42",(IC!('KDUDUDU9G9"7-%-!14]M:RW3.(@/D4LQ/0
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MA(/:HW]Z^M&]?6L#[='_ 'I?^^J/MT?]Z7_OJCV$@]JC?WKZT;U]:P/MT?\
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MZ-O(QMSVS6K115)6,92<G=A1113)"BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "H<DW2@K@!&P<]>14U1-_P ?*?[C?S% $M%)10 M%)10 M%)10 M%)10
M M%)10 M%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
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MES$K,<#[P.3Q]*?%KDDDT*F*-8Y&V[\D\[F4=.G0=>N:TDL+9/,_=*RR8RK
M%>.@ J06MN&5A!&&3[I"#(^E-N/8+,Q(M<N1'%YD,;LV6;:<<;]N.>__ -:K
M5CJ,UW?1@[$B>.0A <M\K #/IWK1%K;A@P@CW!BP.P9!]?K2K!"DAD2)%=NK
M!0"?QI-KL%F845_=-?72M.^V-Y HWQ@< X^7&XU6@U:]\@,UPQ9HT;DQMR74
M'&T<<,>#_2ND^QVWF&3[/%O/);8,_G0EE:Q@A+:%0<9P@&<4^9=A<K[E-!<?
MVTT1O)3$(Q+L*KCDD8Z9Q6E2;%W[]HW8QG'.*=4MW*2"BBBD,**** "BBB@
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M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
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' HHHH __V0$!

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