<SEC-DOCUMENT>0001292814-17-000955.txt : 20170418
<SEC-HEADER>0001292814-17-000955.hdr.sgml : 20170418
<ACCEPTANCE-DATETIME>20170418144511
ACCESSION NUMBER:		0001292814-17-000955
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20161231
FILED AS OF DATE:		20170418
DATE AS OF CHANGE:		20170418

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:		17766802

	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>sbsfs2016_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>

<HTML>
<HEAD>
   <TITLE>sbsfs2016_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;April, 2017</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><A name="page_1"></A>

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

<a name="_bclHeader1"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 19pt" color=black face=georgia></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=PT-BR style="FONT-SIZE: 19pt" color=black face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black 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: 13pt" color=black face=georgia>Financial Statements as of </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 13pt" color=black face=georgia>December 31, 2016 and 2015</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 13pt" color=black face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 13pt" color=black face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 13pt" color=black face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 95%"><FONT style="LINE-HEIGHT: 95%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 95%"><FONT style="LINE-HEIGHT: 95%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 13pt" color=black face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 13pt" color=black face=georgia></FONT></B>&nbsp;</P>

<a name="_bclFooter1"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

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

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

<a name="_bclHeader2"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV>

<DIV align=left>

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



<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="100%" colSpan=4>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 18pt" color=black face=georgia>2016 Financial Statements Table of Contents</FONT></P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="88%" colSpan=3>

   <P style="MARGIN: 2pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 2pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 13.45pt">

   <TD style="HEIGHT: 13.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="88%" colSpan=3>

   <P style="MARGIN: 2pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Independent Auditor&#8217;s Report</FONT></P></TD>

   <TD style="HEIGHT: 13.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 2pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>F-3</FONT></P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="88%" colSpan=3>

   <P style="MARGIN: 2pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Management Report</FONT></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 2pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>F-8</FONT></P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="88%" colSpan=3>

   <P style="MARGIN: 2pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Statement of Financial Position&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 2pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>F-74</FONT></P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="88%" colSpan=3>

   <P style="MARGIN: 2pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Income Statements </FONT></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 2pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>F-76</FONT></P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="88%" colSpan=3>

   <P style="MARGIN: 2pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Statements of Comprehensive Income</FONT></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 2pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>F-77</FONT></P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="88%" colSpan=3>

   <P style="MARGIN: 2pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Statements of Changes in Equity&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 2pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>F-78</FONT></P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="88%" colSpan=3>

   <P style="MARGIN: 2pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Statements of Cash Flows&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 2pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>F-79</FONT></P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="88%" colSpan=3>

   <P style="MARGIN: 2pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Statements of Value Added&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 2pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>F-81</FONT></P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="88%" colSpan=3>

   <P style="MARGIN: 2pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Notes to the Financial Statements&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 2pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>F-82</FONT></P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1. </FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="72%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Operations</FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2. </FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="72%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Basis of preparation and presentation of the financial statements</FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>3. </FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="72%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Summary of significant accounting policies</FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>4. </FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="72%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Changes in accounting practices and disclosures</FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>5. </FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="72%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Risk Management</FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>6. </FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="72%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Key accounting estimates and judgements</FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>7. </FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="72%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Cash and cash equivalents</FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>8. </FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="72%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Restricted cash</FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>9. </FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="72%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Trade receivables</FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>10. </FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="72%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Related-party balances and transactions</FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>11.</FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="72%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Water National Agency - ANA</FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>12.</FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="72%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Investments</FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>13. </FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="72%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Investment properties</FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>14. </FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="72%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Intangible assets</FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>15. </FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="72%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Property, plant and equipment</FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>16. </FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="72%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Borrowings and financing</FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>17. </FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="72%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 9pt" color=black face=georgia>Taxes recoverable/payable</FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>18. </FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="72%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Deferred taxes and contributions</FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>19. </FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="72%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Provisions</FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>20. </FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="72%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Employees benefits</FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>21. </FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="72%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Services payable</FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>22. </FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="72%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Equity</FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>23. </FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="72%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Earnings per share</FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>24. </FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="72%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Business segment information</FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>25. </FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="72%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Insurance </FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>26. </FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="72%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Operating revenue</FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>27. </FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="72%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Operating costs and expenses</FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>28. </FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="72%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Financial income and expenses</FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>29. </FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="72%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Other operating income (expenses), net</FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>30. </FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="72%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Commitments</FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>31. </FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="72%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Supplemental cash flow information </FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>32. </FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="72%">

   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Events after the reporting period</FONT></I></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></I>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="88%" colSpan=3>

   <P style="MARGIN: 2pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Executive Officers&#8217; Statement</FONT></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 2pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>F-197</FONT></P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="88%" colSpan=3>

   <P style="MARGIN: 2pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Fiscal Council&#8217;s Report</FONT></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 2pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>F-199</FONT></P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="88%" colSpan=3>

   <P style="MARGIN: 2pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Audit Committee&#8217;s Summarized Annual Report</FONT></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 2pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>F-200</FONT></P></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>2</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

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

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

<a name="_bclHeader3"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=georgia>Independent Auditor&#8217;s Report </FONT></B></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>To the Shareholders, Board of Directors and Management of </FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; LINE-HEIGHT: 110%" face=georgia><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo &#8211; SABESP </FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>S&#227;o Paulo &#8211; SP </FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: -0.5pt"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: -0.5pt"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><I><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia>Opinion</FONT></I></B></FONT></H2>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.35pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.95pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia>We have audited the financial statements of Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo &#8211; SABESP&nbsp; (&#8220;the Company&#8221;), which comprise the statement of financial position as at December 31, 2016 the statements of profit or loss and other comprehensive income, changes in equity and cash flows for the year then ended, and notes, comprising significant accounting policies and other explanatory information.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.95pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.95pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia>In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo &#8211; SABESP&nbsp; as at December 31, 2016, and of its financial performance and its cash flows for the year then ended in accordance with Accounting Practices Adopted in Brazil and with International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB). </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.95pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><I><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia>Basis for Opinion</FONT></I></B></FONT></H2>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.95pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.95pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia>We conducted our audit in accordance with Brazilian and International Standards on Auditing. Our responsibilities under those standards are further described in the Auditors&#8217; Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the relevant ethical requirements included in the Accountant Professional Code of Ethics (&#8220;C&#243;digo de &#201;tica Profissional do Contador&#8221;) and in the professional standards issued by the Brazilian Federal Accounting Council (&#8220;Conselho Federal de Contabilidade&#8221;) and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.95pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><I><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia>Key Audit Matters</FONT></I></B></FONT></H2>

<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><I><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia></FONT></I></B></FONT>&nbsp;</H2>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.95pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia>Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. </FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" face=georgia></FONT>

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

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>3</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_4"></A>

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

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

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV>

<P style="MARGIN: 0in 5.75pt 0pt 0in; LINE-HEIGHT: 110%; TEXT-INDENT: -0.5pt"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 5.75pt 0pt 0in; LINE-HEIGHT: 110%; TEXT-INDENT: -0.5pt"><FONT style="LINE-HEIGHT: 110%" color=#222222 face=georgia><B><FONT lang=EN style="FONT-SIZE: 10pt" color=#222222 face=georgia>Valuation of provisions for contingencies</FONT></B></FONT></P>

<P style="MARGIN: 0in 5.75pt 0pt 0in; LINE-HEIGHT: 110%; TEXT-INDENT: -0.5pt"><FONT style="LINE-HEIGHT: 110%" color=#222222 face=georgia><B><FONT lang=EN style="FONT-SIZE: 10pt" color=#222222 face=georgia></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.95pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia>As described in note 19, the Company is&nbsp; exposed to legal proceedings arising from civil and tax environmental matters. The measurement,&nbsp; recognition as provision and the disclosure of provisions and contingent liabilities related to these lawsuits require professional&#180;s&nbsp; judgment of SABESP and its legal advisors regarding the completeness of the existing lawsuits, adequacy of provisions made and corresponding disclosure. Due to the relevance, complexity and judgment in the assessment, measurement and disclosure of contingent liabilities and the impact that the amounts involved may have on the Company's results if the potential exposures in these cases are realized, we consider this matter relevant to our audit.</FONT></FONT></P>

<P style="MARGIN: 0in 5.75pt 0pt 0in; LINE-HEIGHT: 110%; TEXT-INDENT: -0.5pt"><FONT style="LINE-HEIGHT: 110%" color=#222222 face=georgia><I><FONT lang=EN style="FONT-SIZE: 10pt; TEXT-DECORATION: none" color=#222222 face=georgia></FONT></I></FONT>&nbsp;</P>

<P style="MARGIN: 0in 5.75pt 0pt 0in; LINE-HEIGHT: 110%; TEXT-INDENT: -0.5pt"><FONT style="LINE-HEIGHT: 110%" color=#222222 face=georgia><I><U><FONT lang=EN style="FONT-SIZE: 10pt" color=#222222 face=georgia>How our audit addressed this matter</FONT></U></I></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.95pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.95pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia>We evaluate the design, implementation and effectiveness of existing key internal controls related to the determination of estimates to provide or disclose the amounts in accordance with expected loss of litigation and how to ensure the completeness&nbsp; and accuracy of the likelihood determined by the&nbsp; Company. We evaluated the adequacy of the recognized amounts and the amounts of contingencies disclosed by analyzing the criteria and assumptions used to measure the amounts recogninez and/or disclosed and that took into account the assessments prepared by the Company's internal and external legal counsel. We assessed the assumptions used by the Company, obtaining a sample of processes, and, with confirmation of balances with internal and external advisors, analyzed the likelihood of gain or loss evaluating the risk classification considered by the Company based on the merit of the lawsuits and recently decision&nbsp; updates on the progress of cases. In addition, we assess the adequacy of the disclosures made in the financial statements in relation to the accrued litigation and contingent liabilities.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.95pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 5.75pt 0pt 0in; LINE-HEIGHT: 110%; TEXT-INDENT: -0.5pt"><FONT style="LINE-HEIGHT: 110%" color=#222222 face=georgia><B><I><FONT lang=EN style="FONT-SIZE: 10pt" color=#222222 face=georgia>Capitalization of Intangible Assets</FONT></I></B></FONT></P>

<P style="MARGIN: 0in 5.75pt 0pt 0in; LINE-HEIGHT: 110%; TEXT-INDENT: -0.5pt"><FONT style="LINE-HEIGHT: 110%" color=#222222 face=georgia><B><I><FONT lang=EN style="FONT-SIZE: 10pt" color=#222222 face=georgia></FONT></I></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.95pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia>As mentioned in note 14, during 2016, significant amounts resulting from commitments related to the concession contracts with the respective granting authorities relating to the maintenance and expansion of infrastructures were capitalized in intangible assets. The commitments linked to the concession agreements have a combination of expansion and maintenance of the infrastructures,&nbsp; and therefore, the Company has to use a judgment to allocate expenditures between capitalized costs in the intangible asset, when the capacity increases and improvement of the network and maintenance expenses incurred to be recognized in profit &amp; loss for the year. For this reason, we consider this matter relevant to our audit.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.95pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 5.75pt 0pt 0in; LINE-HEIGHT: 110%; TEXT-INDENT: -0.5pt"><FONT style="LINE-HEIGHT: 110%" color=#222222 face=georgia><I><U><FONT lang=EN style="FONT-SIZE: 10pt" color=#222222 face=georgia>How our audit addressed this matter</FONT></U></I></FONT></P>

<P style="MARGIN: 0in 5.75pt 0pt 0in; LINE-HEIGHT: 110%; TEXT-INDENT: -0.5pt"><FONT style="LINE-HEIGHT: 110%" face=georgia><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=georgia></FONT></I></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.95pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia>Our audit procedures have included testing the design, implementation and effectiveness of key internal controls in the process of adding intangible assets , as well as assessing whether the cost capitalization policy in the intangible asset is in compliance with the accounting standards. We also tested a sample of the additions to the intangible asset to assess the existence, nature of the expense and proper classification between capitalizable cost or maintenance expenses. Finally, we assess the adequacy of the Company's disclosures about its capitalization policies and other related disclosures.</FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" face=georgia></FONT>

<a name="_bclFooter4"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>4</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_5"></A>

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

<a name="_bclHeader5"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV>

<P style="MARGIN: 0in 5.7pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia></FONT></B></FONT>&nbsp;</P>

<P style="MARGIN: 0in 5.7pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia>Other matters</FONT></B></FONT></P>

<P style="MARGIN: 0in 5.7pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia></FONT></B></FONT>&nbsp;</P>

<P style="MARGIN: 0in 5.7pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia>Statements of value added</FONT></B></FONT></P>

<P style="MARGIN: 0in 5.7pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.95pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia>The statements of value added (DVA) for the year ended December 31, 2016, prepared under the responsibility of the Company&#8217;s management, and presented herein as supplementary information for IFRS purposes, have been subject to audit procedures jointly performed with the audit of the Company's financial statements.&nbsp; In order to form our opinion, we assessed whether those statements are reconciled with the financial statements and accounting records, as applicable, and whether their format and contents are in accordance with criteria determined in the Technical Pronouncement 09 (CPC 09) - Statement of Value Added issued by the Committee for Accounting Pronouncements (CPC). In our opinion, the statements of value added have been fairly prepared, in all material respects, in accordance with the criteria determined by the aforementioned Technical Pronouncement, and are consistent with the overall financial statements.</FONT></FONT></P>

<P style="MARGIN: 0in 5.7pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 5.7pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia>Corresponding values</FONT></B></FONT></P>

<P style="MARGIN: 0in 5.7pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=#222222 face=georgia><FONT lang=EN style="FONT-SIZE: 10pt" color=#222222 face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.95pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia>The amounts corresponding to the year ended December 31, 2015, presented for comparison purposes, were previously audited by other independent auditors who issued a report dated March 24, 2016, which did not contain any modification.</FONT></FONT></P>

<P style="MARGIN: 0in 5.7pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><I><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia>Other information accompanying the financial statements </FONT></I></B></FONT></H2>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Management is responsible for the other information comprising the management report.</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.95pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia>Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.95pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.95pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia>In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. </FONT></FONT></P>

<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><I><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia></FONT></I></B></FONT>&nbsp;</H2>

<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><I><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia>Responsibilities of management and those charged with governance for the financial statements</FONT></I></B></FONT></H2>

<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><I><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia></FONT></I></B></FONT>&nbsp;</H2>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.85pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia>Management is responsible for the preparation and fair presentation of the financial statements in accordance with Brazilian accounting practices and with International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB) and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.85pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.85pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia>In preparing the financial statements, management is responsible for assessing the Company&#8217;s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.85pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<a name="_bclFooter5"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>5</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_6"></A>

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

<a name="_bclHeader6"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.85pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia>Those charged with governance are responsible for overseeing the Company&#8217;s financial reporting process. </FONT></FONT></P>

<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><I><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia></FONT></I></B></FONT>&nbsp;</H2>

<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><I><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia>Auditors&#8217; responsibilities for the audit of the financial statements</FONT></I></B></FONT></H2>

<P style="MARGIN: 0in 6pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 6pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia>Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors&#8217; report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Brazilian and international standards on auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.</FONT></FONT></P>

<P style="MARGIN: 0in 6pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 6pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia>As part of an audit in accordance with Brazilian and international standards on auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:</FONT></FONT></P>

<UL>

<LI>Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.</LI></UL>

<UL>

<LI>Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.</LI></UL>

<UL>

<LI>Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. </LI></UL>

<UL>

<LI>Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern.</LI></UL>

<UL>

<LI>Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.</LI></UL>

<UL>

<LI>Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements.&#194;&nbsp; We are responsible for the direction, supervision and performance of the group audit.&#194;&nbsp; We remain solely responsible for our audit opinion.<FONT lang=X-NONE style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></LI></UL>

<H2 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</H2>

<a name="_bclFooter6"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>6</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><FONT size=2 face=Georgia></FONT>

<A name="page_7"></A>

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

<a name="_bclHeader7"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 6.05pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia>We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 6.05pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 6.05pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia>We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.</FONT></FONT></P>

<P style="MARGIN: 0in 6.05pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 6.05pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia>From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors&#8217; report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.</FONT></FONT></P>

<P style="MARGIN: 0in 6.05pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 6.05pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=X-NONE style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; LINE-HEIGHT: 110%" face=georgia><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia>S&#227;o Paulo, </FONT><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=georgia>March 27, 2017</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; LINE-HEIGHT: 110%" face=georgia><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; LINE-HEIGHT: 110%" face=georgia><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; LINE-HEIGHT: 110%" face=georgia><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia>KPMG Auditores Independentes</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>CRC 2SP014428/O-6</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(Original report in Portuguese signed by) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; LINE-HEIGHT: 110%" face=georgia><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia>Marcelo Gavioli&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: -0.5pt"><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; LINE-HEIGHT: 110%" face=georgia><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia>CRC 1SP201409/O-1</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 95%"><FONT style="LINE-HEIGHT: 95%" color=black><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<a name="_bclFooter7"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>7</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_8"></A>

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

<a name="_bclHeader8"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#5b9bd5 face=calibri,sans-serif><B><FONT lang=PT-BR style="FONT-SIZE: 14pt" color=#5b9bd5 face=calibri,sans-serif>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#5b9bd5><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=#5b9bd5 face=Arial,sans-serif>2016 Management Report</FONT></B></FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#5b9bd5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=#5b9bd5 face=calibri,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 12pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#5b9bd5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=#5b9bd5 face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 12pt; LINE-HEIGHT: 115%; TEXT-INDENT: 0.25in" align=right><FONT style="FONT-VARIANT: small-caps; LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif></FONT>

<a name="_bclFooter8"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>8</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_9"></A>

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

<a name="_bclHeader9"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 0.25in"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>MESSAGE FROM THE CEO</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: baseline; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#2e74b5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 20pt" color=#2e74b5 face=calibri,sans-serif>Overcoming the water crisis, legacies and management improvement</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" color=#2e74b5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 20pt" color=#2e74b5 face=calibri,sans-serif> &nbsp;</FONT></B></FONT></P>

<P style="VERTICAL-ALIGN: baseline; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The highlight of 2016 was the end of the most serious water crisis ever recorded in the metropolitan region of S&#227;o Paulo (RMSP). Today, we are back to normality, with a strong recovery of the reservoirs that supply the metropolis. The total volume of water reserves in early 2017 already surpasses that of 2013, before the severe drought took hold. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The return to normal conditions was possible thanks to a positive combination of three factors: emergency construction and structural works implemented right at the outset of the first signs of the crisis, which avoided a collapse in the water supply; resumption of normal rainfall levels, and the change in habits of the population, which understood the critical nature of the moment and began saving water. Notwithstanding the increase in water availability during 2016, the average consumption in the RMSP was 15% lower than that registered in 2013, before the crisis.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The severe crisis we faced has left us two important legacies. Today we have a more robust and resilient supply system, with capacity to face weather droughts as severe as the one we have experienced in 2014-2015, when three major projects come on stream: The S&#227;o Louren&#231;o Production System, the Interconnection between the Para&#237;ba do Sul Water Basin and the Cantareira System and the reversal of the Itapanha&#250; Water Basin to the Alto Tiet&#234; System. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>An example of operational legacy is the successful experience involving the intake of technical reserves of the Cantareira System through floating pumps, currently on loan to the National Integration Ministry to accelerate the arrival of waters from S&#227;o Francisco river to the states of Para&#237;ba and Pernambuco, which were on the verge of a collapse in water supply. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The all-out deployment of our professionals has added a significant technological and qualitative enhancement to our operations. From the institutional point of view, we are experiencing a movement towards closer relations between industry players (operators, regulators, specialists and water resource managers) with a view to improving the institutional framework. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The crisis has also spurred an extensive social debate about the need to review concepts of consumption and appreciation the value of water and sanitation, which in 2017 is now leading us toward a more qualified interaction with the regulatory agency (Sanitation and Energy Regulatory Agency of the State of S&#227;o Paulo &#8211; ARSESP) regarding tariff review and restructuring process. </FONT></FONT></P>

<a name="_bclFooter9"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>9</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_10"></A>

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

<a name="_bclHeader10"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The regulatory body and the regulated party are required to explain the calculation of tariffs to society. Many opinion makers and individuals still mistakenly assume that they pay for the provision of a universalized service where all sewage is properly collected and treated. But actually the services delivered are not yet universal, particularly in areas of chaotic urbanization, due to Company deficiencies. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>However, the reality is different: tariffs are calculated taking into account the investments and operational costs effectively incurred, rather than those that should have been made to provide services with, for example, European standards. SABESP has full technical capacity to advance towards universalization in the areas covered by its services. A proof of that is that the company is already providing full services in all cities of the interior of the State of S&#227;o Paulo, which have lower urban complexity. This means that all urban properties are connected to the water and sewage network, and the waste collected is correctly treated prior to discharge in some water stream.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Year after year, the municipality of Franca, for example, has ranked first in the classification of the &#8220;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Trata Brasil</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&#8221; Institute regarding the quality of services. Many cities have shown clear improvements in the quality of river waters, as a result of sewage treatment. This is the case, for example, of the Jundia&#237; river and of S&#227;o Paulo&#8217;s stretch of the Para&#237;ba do Sul river. In other words, there are no technical limits to advance towards more elevated and civilized sanitation standards.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>We face two key challenges. First, we must combine the pace of investments to society&#8217;s capacity and willingness to pay. Since SABESP does not receive subsidies, the investments required for universalization come exclusively from earnings retained or loans, which, obviously, have to be repaid. To make it simple, the earnings received in a given year will make up the funds to be invested in subsequent years. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>For this reason, the policy of distribution of dividends to SABESP&#8217;s shareholders is very important: in recent years, earnings have been allocated to investments in accordance with the legal limits. This benefits the population in the form of better services, and the shareholders, in the form of increased equity. In other words, contrary to the erroneous assumption that state-owned companies should not record profit, the excellent results achieved in 2016, of R$2.9 billion, mean good news for all, and not only for the company&#8217;s shareholders. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The second challenge is to align the actions of the Company to the municipal governments and the Public Prosecutor&#8217;s Office in order to reach solutions that may be compatible with the difficult task to provide sanitation services to irregular, yet consolidated, settlements. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<a name="_bclFooter10"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>10</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_11"></A>

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

<a name="_bclHeader11"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Also, we should not limit the pace of investments to the payment capacity of the less well-off. If, on the one hand, we have to provide economic protection for this section of the population using social tariffs, on the other hand, we have to make all efforts to increase the willingness to pay of social levels that afford to do so. We must convince the middle and high social classes that society can do more and better. And the best way to reach this objective is to continuously increase the Company&#8217;s productivity in order to improve the quality of services in a manner that can be noticed by consumers. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>With the situation normalized and having strengthened the structures and operations, in 2016 we were able to channel our efforts to improving the efficiency of our internal management. Once again we began addressing the phases for setting up the SABESP Integrated Information System&#8211; SiiS, in view of the SAP platform having come on stream in April 2017. Regarding the strategic planning, we completed the review of the Company&#8217;s targets for the next five years (2017-2021). </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>We gave the first steps towards expanding the Management Excellence Model (MEG) across all areas of the Company in order to promote best practices through exchange of experiences and partnerships, including internationally, for example, establishing technical cooperation arrangements and the Waste to Energy project of the ETE Barueri effluent treatment station. Another highlight was the evolution of risk management and compliance practices. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>We have addressed the adjustments required in order to comply with the requirements of the State-owned Companies Law of June 2016, and we have made progress in building technical parameters for establishing an investment hierarchy in which &#8216;e match our limited resources with the urgencies of sanitation. The priorities obey the following order: 1) water quality, 2) water security, including countering losses and 3) sewage collection and treatment. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Countering water losses while providing health to those living in irregular areas, where SABESP is legally prevented from operating, is another task we have managed to address thanks to partnerships with the courts. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Planning is on-going, with partial execution to eliminate a total of 160,000 illegal connections. Being precarious and insalubrious, this &#8220;spaghetti junction&#8221; of pipes littering the side streets result in huge losses of water due to leakage and unlimited consumption, in addition to directly affecting the public health of the community. </FONT></FONT></P><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif></FONT>

<a name="_bclFooter11"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>11</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_12"></A>

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

<a name="_bclHeader12"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Seeing the crisis in the rearview mirror, as we do now, does not mean removing the risk of water shortages from the list of priorities. Summarizing, we are now in the phase of enhancing what we have learned from the experience, but with our eyes always on the future of the water supply, but without losing sight of the expansion in sanitation and the efficient and sustainable management of our water resources</FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>.</FONT></FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: 1pt" face=calibri,sans-serif>Jerson Kelman</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>, </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Chief Executive Officer </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif></FONT>


<FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif></FONT></P>

<a name="_bclFooter12"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>12</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_13"></A>

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

<a name="_bclHeader13"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>




<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#5b9bd5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 18pt; FONT-STYLE: normal" color=#5b9bd5 face=calibri,sans-serif>THE WORLD&#8217;S FOURTH LARGEST SANITATION COMPANY REGARDING POPULATION SERVED</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" color=#2e74b5 face=calibri,sans-serif><I><FONT lang=EN-US style="FONT-SIZE: 18pt; FONT-WEIGHT: normal" color=#2e74b5 face=calibri,sans-serif> </FONT></I></FONT></H2>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="BACKGROUND: silver; LINE-HEIGHT: 115%" color=white face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=white face=calibri,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In 2016, Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo &#8211; SABESP completed 43 years of providing water and sewage services in the State of S&#227;o Paulo, Brazil, always seeking to adapt to the needs of the different regions in which it operates, while preserving the collective interest that justified its creation.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With its main offices in the capital of the State of S&#227;o Paulo, it is a publicly-held and government-controlled company. The Government of the State of S&#227;o Paulo holds 50.3% of the capital stock, with the remainder traded on stock exchanges in Brazil and overseas. On December 31, 2016, 30.3% of the shares were traded on the BM&amp;FBovespa, in S&#227;o Paulo, with the ticker SBSP3, while the remaining 19.4% were traded in the United States, on the New York Stock Exchange (NYSE) with the ticker SBS. On the BM&amp;FBovespa, the Company&#8217;s shares continue to be part of the main indices.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Responsibility for controlling, </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>monitoring</FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif> and regulating SABESP&#8217;s operations, including tariffs, rests for the most part with the </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>S&#227;o Paulo State Sanitation and Energy Regulatory Agency</FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif> - Arsesp.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Since early 2017, with the commencement of operations in the municipality of Santa Branca, SABESP is serving 367 municipalities of the State of S&#227;o Paulo, providing water supply and sewage collection and treatment services to residential, commercial, government and industrial customers. Furthermore, it provides water on a wholesale basis to five municipalities in the metropolitan region of S&#227;o Paulo (RMSP), four of whom also benefit from sewage treatment services. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In 2016, the Company provided water to around 27.7 million people (24.7 million directly and 3.0 million residents in the five municipalities served on the wholesale market), representing about 66% of the urban population in the State. The sewage collection service serves approximately 21.2 million people. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; According to the Arup in Depth Water Yearbook 2014-2015, SABESP is the largest sanitation company in the Americas and the world&#8217;s fourth largest in population served.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In 2016, the Company maintained the trend towards the universalization of water supply already noticeable in previous years, reaching the mark of 8.7 million water connections. With regard to sewage services, the 7.1 million connections represent a sewage coverage ratio of 87%, and a collected sewage treatment ratio of 79% of the sewage collected.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></P>

<a name="_bclFooter13"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>13</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_14"></A>

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

<a name="_bclHeader14"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Net revenues in 2016 were approximately R$14.1 billion, while income of R$2.9 billion exceeded the figure for the year preceding the water crisis, in current values. Assets amounted to R$36.7 billion, while market value stood at R$19.7 billion on December 31, 2016.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Still with regard to its area of operations and market, the Company remains a shareholder in the companies, &#193;guas de Castilho S.A., &#193;guas de Andradina S.A. and Saneaqua Mairinque S.A., companies that provide water and sewage services, while in SESAMM &#8211; Servi&#231;os de Saneamento de Mogi Mirim S.A., it is in charge of the modernization, implementation and management of the sewage treatment system. In the non-domestic sewage segment, the Company is a shareholder in the company Attend Ambiental.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In synergy with the importance of planning for developing water resources, SABESP continues to promote the use of reused water for non-prime purposes based on the production, supply and commercialization of reused water obtained from some of its sewage treatment plants, and it is also a shareholder in Aquapolo Ambiental.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In the electricity segment, SABESP is a shareholder in the company Paulista Geradora de Energia S.A, whose operations have been rescheduled to begin in the second half of 2018. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In 2016, SABESP injected R$818.0 thousand in its investees, an amount corresponding to its percentage equity stake in the companies: Saneaqua Mairinque S/A (R$150.0 thousand), &#193;guas de Andradina S/A (R$607.0 thousand), and &#193;guas de Castilho S/A (R$61.0 thousand).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In its mission to &#8220;provide sanitation services, thereby contributing to improving the quality of life and of the environment&#8221;, SABESP&#8217;s operations are aligned with the Ten Principles of the United Nations Global Compact and with the environmental and socioeconomic policies of the government of the State of S&#227;o Paulo.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>This is how the Company adopts an approach to providing services and establishing relations with society and its suppliers, through planning and economic, social and environmental responsibility. </FONT></FONT></P><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif></FONT>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center>&nbsp;</H2>

<a name="_bclFooter14"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>14</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_15"></A>

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

<a name="_bclHeader15"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#5b9bd5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 18pt; FONT-STYLE: normal" color=#5b9bd5 face=calibri,sans-serif>PANEL OF INDICATORS</FONT></B></FONT></H2>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; MARGIN-LEFT: 0pt; BORDER-LEFT: medium none; MARGIN-RIGHT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.5pt 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Indicators</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.5pt 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Unit </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.5pt 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.5pt 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.5pt 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>2014</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.5pt 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>2013</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.5pt 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>2012</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #b8cce4; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="101%" colSpan=7>

   <P style="TEXT-ALIGN: center; MARGIN: 0.5pt 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Service</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Water coverage ratio</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.5pt 0in 0pt" align=center><FONT lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="57%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0.5pt 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp; Tends towards universalization <SUP>(1)</SUP></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Sewage collection coverage ratio</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.5pt 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>%</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>87</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>86</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>85</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>84</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>83</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Collected sewage treatment coverage ratio <SUP>(2)</SUP></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.5pt 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>%</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>79</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>78</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>77</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>78</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>77</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Resident population provided with water supply<SUP> (3)</SUP> </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.5pt 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>thousand inhabitants</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>24,689</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>24,446</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>24,193</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Resident population provided with sewage collection<SUP> (3)</SUP></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.5pt 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>thousand inhabitants</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>21,207</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>20,957</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>20,637</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Positive perception of customer satisfaction <SUP>(4)</SUP></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.5pt 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>%</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>82</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>75</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>80</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>89</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>89</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #b8cce4; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="101%" colSpan=7>

   <P style="TEXT-ALIGN: center; MARGIN: 0.5pt 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Operational</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Water connections</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.5pt 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>thousands </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>8,654</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>8,420</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>8,210</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>7,888</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>7,679</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Sewage connections</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.5pt 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>thousands </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>7,091</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>6,861</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>6,660</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>6,340</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>6,128</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Water network extension <SUP>(5)</SUP></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.5pt 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>km</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>73,015</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>71,705</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>70,800</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>69,619</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>67,647</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Sewage network extension <SUP>(5)</SUP></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.5pt 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>km</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>50,097</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>48,774</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>47,992</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>47,103</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>45,778</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>WTP &#8211; Water treatment plants</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.5pt 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>units </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>237</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>235</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>235</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>232</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>214</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Wells</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.5pt 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>units </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>1,093</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>1,085</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>1,055 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>1,083</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>1,079</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>STP - Sewage treatment plants</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.5pt 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>units </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>548</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>539</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>524</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>509</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>502</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Water Billed Loss Index <SUP>(6)</SUP></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.5pt 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>%</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>20.8</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>16.4</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>21.3</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>24.4</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>25.7</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Water Metered Loss Index <SUP>(7)</SUP></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.5pt 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>%</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>31.8</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>28.5</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>29.8</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>31.2</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>32.1</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Water loss per connection <SUP>(8)</SUP></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.5pt 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>liters per connection per day</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>308</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>258</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>319</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>372</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>392</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Water Meter</FONT><FONT style="FONT-SIZE: 10pt"></FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif> ratio <SUP>(9)</SUP></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.5pt 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>%</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>99.97</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>99.97</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>99.97</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>99.97</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>99.97</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Volume of water produced</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.5pt 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>millions of m<SUP>3</SUP></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>2,696</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>2,466</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>2,840</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>3,053</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>3,059</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Volume of water metered on retail market</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.5pt 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>millions of m<SUP>3</SUP></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>1,465</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>1,399</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>1,573</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>1,629</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>1,601</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Volume of water billed on the wholesale market</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.5pt 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>millions of m<SUP>3</SUP></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>227</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>216</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>247</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>299</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>298</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Volume of water billed on the retail market</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.5pt 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>millions of m<SUP>3</SUP></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>1,763</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>1,698</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>1,812</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>1,835</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>1,796</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Volume of sewage billed</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.5pt 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>millions of m<SUP>3</SUP></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>1,552</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>1,481</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>1,562</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>1,579</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>1,535</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Headcount <SUP>(10)</SUP></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.5pt 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>units </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>14,137</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>14,223</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>14,753</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>15,015</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>15,019</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Operating productivity</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.5pt 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Connections per employee</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>1,114</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>1,074</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>1,008</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>948</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>919</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #b8cce4; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="101%" colSpan=7>

   <P style="TEXT-ALIGN: center; MARGIN: 0.5pt 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Financial </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Gross revenues </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.5pt 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>R$ millions</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>14,855.1</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>12,283.5</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>11,823.4</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>11,984.8</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>11,391.2</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Net revenues </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.5pt 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>R$ millions</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>14,098.2</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>11,711.6</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>11,213.2</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>11,315.6</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>10,737.6</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Adjusted EBITDA<SUP> (11)</SUP></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.5pt 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>R$ millions</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>4,571.5</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>3,974.3</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>2,918.7</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>4,006.6</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>3,605.0</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Adjusted EBITDA Margin</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.5pt 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>% of net income</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>32.4</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>33.9</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>26.0</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>35.4</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>33.6</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Adjusted EBITDA Margin before construction revenues and costs </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.5pt 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>% of net income</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>43.3</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>46.6</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>34.4</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>44.6</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>43.0</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Operating result<SUP> (12)</SUP></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.5pt 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>R$ millions</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>3,429.6</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>3,044.0</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>1,910.7</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>3,138.8</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>2,843.3</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Operating Margin <SUP>(12)</SUP></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.5pt 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>% of net income</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>24.3</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>26.0</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>17.0</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>27.7</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>26.5</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Result (net income/loss) </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.5pt 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>R$ millions</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>2,947.1</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>536.3</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>903.0</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>1,923.6</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>1,911.9</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Net Margin</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.5pt 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>% of net income</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>20.9</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>4.6</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>8.1</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>17.0</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>17.8</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Net Debt by Adjusted EBITDA <SUP>(13)</SUP></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.5pt 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>multiple</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>2.2</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>2.9</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>3.1</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>1.9</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>1.9</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Net debt to equity <SUP>(13)</SUP> </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.5pt 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>%</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>65.4</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>83.7</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>68.1</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>59.3</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>61.8</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="30%">

   <P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Investment <SUP>(14)</SUP></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.5pt 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>R$ millions</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>3,877.7</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>3,481.8</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>3,210.6</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>2,716.0</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.5pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>2,535.6</FONT></P></TD></TR></TABLE><FONT lang=EN-US style="FONT-SIZE: 6pt" face=calibri,sans-serif></FONT></DIV>

<P style="MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=calibri,sans-serif>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 6pt" face=Arial,sans-serif>99% or more.</FONT></P>

<P style="MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=Arial,sans-serif>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For methodological reasons, it includes a variation margin of plus or minus 2 percentage points. </FONT></P>

<P style="MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=Arial,sans-serif>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From 2016 on, the demographic data shown herein started to take into account &#8220;The Projected Population and Domiciles or the Municipalities of the State of S&#227;o Paulo: 2010-2050&#8221;, prepared by the State Data Analysis System Foundation, as well as the new methodology used for determining the service and coverage indicators discussed in the chapter &#8220;Strategy and Vision of the Future.&#8221; Data were not recalculated for the years 2012 and 2013.</FONT></P>

<P style="MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=Arial,sans-serif>(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Survey carried out in 2016 by Praxian Consultoria Ltda. (5,928 interviewees across the entire operating base with a margin of error of 1.3% and a reliability interval of 95%).</FONT></P>

<P style="MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=Arial,sans-serif>(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Includes water mains, branch collectors, interceptors and outfalls. Register base updated in December 2016.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=Arial,sans-serif>(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 6pt" face=calibri,sans-serif>Includes real (or physical) loss and apparent (or nonphysical) loss. The percentage of water loss represents the resulting ratio between the (i) Billed Volume Lost and the (ii) Volume of Water Produced. The Billed Volume Lost corresponds to: Volume of Water Produced MINUS Billed Volume MINUS Volume of uses. The Volume of Uses corresponds to: water used in regular maintenance of pipelines and water reservoirs; water used in municipalities, for example in firefighting; and water supplied to irregular settlements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=Arial,sans-serif>(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 6pt" face=calibri,sans-serif>Includes real (or physical) loss and apparent (or nonphysical) loss. The percentage of water loss represents the resulting ratio between the (i) Measured Volume Lost and the (ii) Volume of Water Produced. The Measured Volume Lost corresponds to: Volume of Water Produced MINUS Measured Volume MINUS Volume of Uses. The Volume of Uses corresponds to:&nbsp; water used in regular maintenance of pipelines and water reservoirs; water used in municipalities, for example in firefighting; and water supplied to irregular settlements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=Arial,sans-serif>(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 6pt" face=calibri,sans-serif>Calculated by dividing the Measured Volume Lost a year by the average amount of active water connections, divided by the number of days in the year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=Arial,sans-serif>(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connections with </FONT><FONT lang=EN-US style="FONT-SIZE: 6pt" face=calibri,sans-serif>Water Meter</FONT><FONT lang=EN-US style="FONT-SIZE: 6pt" face=Arial,sans-serif> / Total Connections.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=Arial,sans-serif>(10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Internal headcount. Does not include those assigned to other entities. Employees with permanent disability are no longer considered as from 2016.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.25pt; TEXT-INDENT: -35.25pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=Arial,sans-serif>(11)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted EBITDA corresponds to net earnings before: (i) depreciation and amortization expenses (ii) income tax and social contribution (federal revenue taxes); (iii) financial income and (iv) other operating expenses, net.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=Arial,sans-serif>(12)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Does not include financial revenues and expenses.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=Arial,sans-serif>(13)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net debt encompasses the debt, less cash and cash equivalents.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=Arial,sans-serif>(14)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Does not include financial commitments assumed in program agreements (R$155 million, R$65 million, R$116 million, R$177 million and R$6 million, in 2012, 2013, 2014, 2015 and 2016, respectively)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.45pt; TEXT-INDENT: -35.45pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center>&nbsp;</H2>

<a name="_bclFooter15"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>15</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_16"></A>

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

<a name="_bclHeader16"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#2e74b5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 18pt; FONT-STYLE: normal" color=#2e74b5 face=calibri,sans-serif>MODERN MANAGEMENT, ETHICS AND INTEGRITY</FONT></B></FONT></H2>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#4181c0 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#4181c0 face=calibri,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.4pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>For state-owned companies, 2016 particularlly stands out because of the impact of the opening discussions for adapting to Law No. 13303/16 (The State-Owned Companies Law) and State Decree No. 62349/16. Created to provide greater legal security while enhancing the role of the control bodies, the Law provides for changes in the current management rules, including regulations on tenders and contracts, in addition to mandatory adoption of corporate governance practices.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.4pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>As a joint-stock corporation listed on the Novo Mercado segment of the BM&amp;FBovespa and shares traded on the New York Stock Exchange since 2002, SABESP benefits from the fact of already having a consolidated corporate governance structure which facilitates its adaptation to the new rules and regulations.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.4pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Throughout 2016, the Company sponsored events to study and debate the adaptation measures required in order to be legally compliant. The primary measures involve changes to the bylaws, adjustment to the governance structure, such as setting up a Statutory Appointment Committee, management assessment and the creation of policy for operations with related parties, in addition to drawing up Internal Regulations on Bidding Procedures. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.4pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Among the innovations introduced by the State-Owned Companies Law and its provisions, some relate to the </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Code of Ethics and Conduct</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>. SABESP&#8217;s Code of Ethics and Conduct, launched in 2003 and updated in 2014, represents its key benchmark on principles and values, and applies to the organization as a whole, including the Board of Directors, in accordance with the new legal system. It sets out the bases for the Company&#8217;s relationship with its various stakeholders, being available at www.sabesp.com.br. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.4pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp; The Ethics and Conduct Committee is responsible for the appropriateness, timeliness, promotion and application of the Code. An important mechanism for its actions is the Internal Whistleblower Channel, which centralizes all complaints received by the Ombudsman, the Customer Service Unit, e-mail, phone, post office box, mail, or personally delivered to the Audit Superintendence, which is the unit that controls the Channel. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.4pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In 2016, 154 incidents were recorded, of which 65% were verified, while 35% are still under investigation. Of the total, 17% involved inappropriate behavior, harassment, discrimination, persecution and unfair treatment. In the case of all complaints considered pertinent, penalties were imposed on 64 own and outsourced employees: 6 warnings, 7 suspensions and 51 redundancies. The outcomes of the investigations into the complaints are forwarded to the Audit Committee and the Ethics and Conduct Committee.</FONT></FONT></P>

<a name="_bclFooter16"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>16</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_17"></A>

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

<a name="_bclHeader17"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.4pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The State-owned Companies Law also makes it mandatory to set up a Statutory Audit Committee consisting of an independent majority. The Audit Committee at SABESP has existed for 10 years, consisting of 3 independent directors who meet every fifteen days. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.4pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>To find out more about the corporate governance structure of SABESP go to www.sabesp.com.br/investidores, &#8220;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Governan&#231;a Corporativa</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&#8221; section.</FONT></FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#2e74b5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#2e74b5 face=calibri,sans-serif>Anti-corruption</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.4pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.4pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>SABESP launched its Integrity Program in 2015, initially with aim of implementing the set of anticorruption measures, especially those aimed at preventing, detecting and remediating crimes against the government, in compliance with Law 12846/2013 (the Anti-Corruption Law) and the US Foreign Corrupt Practices Act (FCPA). </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.4pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>&nbsp;In 2016, the Integrity Program was reshuffled to ensure compliance with Law 13303/2016, and currently consists of a set of internal integrity mechanisms and procedures involving monitoring and encouraging complaints about irregularities, in addition to the effective application of the codes of ethics and conduct, policies and guidelines for the purpose of detecting and putting right deviations, frauds, irregularities and illegal acts. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.4pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>The Program is currently structured on seven pillars: Senior Management&#8217;s Commitment; Functional Structuring; Values and Conduct and the Whistleblower Channel; Relation with Third Parties; Governance and Internal Controls; Risk Management; Training and Communication.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.4pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>Also in 2016, the institutional policies on Internal Audits and Compliance were reformulated, based on the &#8220;Three Lines of Defense in Effective Risk Management and Control&#8221; model recommended by The Institute of Internal Auditors &#8211; IIA.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.4pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>The purpose of the Institutional Policy on Compliance, in addition to setting out the guidelines, principles and competences and disseminating the Program at all levels within the company, is to consolidate the three lines of defense model within the internal control structure and to ensure that the functional compliance area created in 2016 operates independently in carrying out its responsibilities. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.4pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>In addition to the internal practices, SABESP sits on the Committee on Anti-corruption and Compliance of the Pinheiros/SP Chapter of the Brazilian Bar association (OAB) and integrates the UN Global Compact&#8217;s Anti-corruption Working Group and the Instituto Ethos Integrity Committee, having staged in 2016 a gathering of specialists in anti-corruption specialists to debate control measures and ways of working together.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.4pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>Within the scope of the state government, SABESP is directly involved in the actions of the government&#8217;s internal affairs department and coordinates a working group consisting of government-</FONT></FONT>


<FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>controlled (private) from the State Departments of Sanitation and Water Resources and Energy and Mining, and whose purpose is to set up mutual cooperation for planning, developing and implementing compliance programs within the State of S&#227;o Paulo.</FONT></FONT></P>

<a name="_bclFooter17"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>17</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_18"></A>

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

<a name="_bclHeader18"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>




<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.4pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>During the year, the Program mapped 112 actions as compliance practices which were allocated priority following the analysis of corporate corruption and fraud and new legal requirements. The evaluation of these actions showed that, in relation to the 2015 evaluation, there was growth of 20% in compliance. </FONT></FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#2e74b5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#2e74b5 face=calibri,sans-serif>Internal controls</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.4pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Internal controls have been evaluated in a structured and systematic manner since 2005, benchmarking with the parameters of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) of 2013 and the Control Objectives for Information and Related Technology (COBIT). </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The internal controls evaluation process takes place once a year, taking into account both the occasional existence of risks associated with the preparation and disclosure of financial statements, and possible significant changes to information technology processes and systems. The controls are tested by the Audit Superintendence, an independent unit of the Company, and include the procedures for adapting the accounting ledgers; the preparation of the financial statements in accordance with the official rules; and proper authorization of transactions involving the acquisition, use and disposal of the Company&#8217;s assets.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Management&#8217;s </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>assessment</FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif> of the effectiveness of internal controls did not identify any shortcomings considered material in 2016, as has been the case in previous years.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: -0.2pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#2e74b5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#2e74b5 face=calibri,sans-serif>External Audit </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; LINE-HEIGHT: 115%; TEXT-INDENT: 14.2pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>SABESP respects the principles that protect the independence of the external auditors with regard to not auditing their own work, not holding managerial functions and not acting on behalf of their client. Deloitte Touche Tohmatsu Auditores Independentes served as SABESP&#8217;s auditors from the review of the quarterly information - ITR &#8211; of September 30, 2012, until the review of the quarterly information - ITR &#8211; of March 31, 2016. During this period, they audited the financial statements and reviewed the quarterly information and finance projects.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>KPMG Auditores Independentes has served as SABESP&#8217;s auditors since the review of the quarterly information - ITR &#8211; of June 30, 2016. During this period, they have audited financial statements and reviewed the quarterly information. </FONT></FONT></P>

<a name="_bclFooter18"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>18</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name=page_19></A>

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

<a name="_bclHeader19"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; LINE-HEIGHT: 115%; TEXT-INDENT: 14.2pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>In 2016, the Company paid R$2.0 million for these services, of which 93.0% refers to auditing of financial statements. Among SABESP&#8217;s affiliates, KPMG Auditores Independentes audits &#193;guas de Castilho S.A. and &#193;guas de Andradina S.A. During its period of service to the Company, Deloitte Touche Tohmatsu Auditores Independentes audited the company SESAMM &#8211; Servi&#231;os de Saneamento de Mogi Mirim S.A. During the period of their service to the Company, the auditors did not provide any services not involving external auditing.</FONT></FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#2e74b5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#2e74b5 face=calibri,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#2e74b5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#2e74b5 face=calibri,sans-serif>Management Compensation</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In 2016, the compensation of the directors, members of the fiscal council and officers, in gross values, including benefits and legal charges, was approximately R$4.4 million. This amount includes around R$494.2 thousand referring to officers&#8217; variable compensation, and it should be remembered that variable compensation is not allowed to directors and members of the fiscal council, pursuant to State Decree 58265/12 ratified by the shareholders&#8217; meeting of April 2013. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Under the Brazilian corporate law, the compensation of the directors, members of the fiscal council and officers is fixed, in an aggregate amount, by the shareholders&#8217; meeting. In SABESP, the compensation policy for board members and officers is fixed in accordance with the guidelines of the government of S&#227;o Paulo, always subject to approval by the shareholders&#8217; meeting.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 115%" color=#2e74b5 face=calibri,sans-serif></FONT>

<a name="_bclFooter19"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>19</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_20"></A>

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

<a name="_bclHeader20"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#2e74b5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 18pt" color=#2e74b5 face=calibri,sans-serif>STRATEGY AND VISION OF THE FUTURE</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>SABESP does not view sustainability as mere rhetoric. Instead, it understands it is a prerequisite for a business to exist. It reflects results in the social, environmental and economic areas in the Company, through the universal distribution of quality water and the expansion of sewage collection and treatment, improving the life quality and the health of the population, in addition to contributing to a healthier environment. At the economic level, a sound business in a regulated environment results in profitability which, in turn, leads to greater investments in sanitation and the subsequent economic development of the regions served.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company&#8217;s main market is the Metropolitan Region of S&#227;o Paulo (RMSP), which has approximately 21 million inhabitants, accounting for nearly half the population of the State of S&#227;o Paulo and one the world&#8217;s largest agglomerations. Located at the furthest edge of the Alto Tiet&#234; basin, the RMSP&#8217;s supply per capita is similar to the semi-arid regions of Northeastern Brazil. While the United Nations (UN) affirms that, ideally, the minimum needed for comfort supply is 1.5 million liters per capita, the RMSP&#8217;s supply is ten times lower, with an annual average of approximately 150 thousand liters of water per inhabitant.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SABESP&#8217;s strategies and guidelines consider inputs to be the study of scenarios, risks and opportunities.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on international standards and Brazilian technical standards, specifically COSO - ERM - The Committee of Sponsoring Organizations of the Treadway Commission &#8220;Enterprise Risk Management - Integrated Framework&#8221; and ABNT standard NBR ISO 31.000 &#8211; Risk Management &#8211; Principles and Guidelines, the risk management process is divided into four categories: strategic, financial, operational and compliance. The key risks to which the Company is exposed are described in section 4.1 of the Reference Form. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To achieve our vision of being a global benchmark in the provision of sustainable, competitive and innovative sanitation services, focused on our customers, we reformulated our strategic guidelines. They are: water security, service excellence, sustainability, stakeholder engagement, innovation and technology, appreciation of people and expansion of the sewage treatment network. Our future objectives, according to these guidelines, will be to:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Ensure the availability of water in our area of operations and to continue expanding sewage collection and treatment</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>, using good, cost-effective technology, so as to contribute to the goal of universal availability and to provide quality services and products. Our aim is to maintain universal coverage in water supply, with high levels of quality and availability, with some 815,000 new water </FONT></FONT>


<FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>connections by 2021. The Company also intends to raise sewage collection and coverage, with approximately 1.2 million new connections by the year 2021.</FONT></FONT></P>

<a name="_bclFooter20"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>20</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_21"></A>

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

<a name="_bclHeader21"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>




<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Improve the Company&#8217;s management </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>through the introduction of an ERP system expected to go live this year and a CRM system to replace the current commercial and management information systems. In addition, the project to improve the Company&#8217;s management model based on the Management Excellence Model (MEG) of Funda&#231;&#227;o Nacional da Qualidade (National Quality Foundation) was initiated at the end of 2016. The benefits expected from these projects include strengthening management, greater support in decision making, increased efficiency of internal processes and operations, and increased productivity.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Promote SABESP&#8217;s growth with economic and financial balance in an environmentally adequate and social justice</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>; and to apply the principles of financial growth and sustainability to the business, defining goals and responsibilities. One goal to be pursued is to give water its economic value by restructuring the tariff calculation model.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Encourage the creation, adoption and dissemination of solutions focusing on value creation</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>, seeking to enhance the management of assets and to continue to reduce water losses and operating costs. We can achieve this by investing in technological research and development and automation, integrated planning and improved processes. In 2016, SABESP invested approximately R$11.9 million in research, development and innovation, both with its own funds or funds raised through fund-raising entities or from third parties. To learn more, see the chapter &#8220;Expansion of Infrastructure and Recovery of Water Resources.&#8221;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Stimulate the growth of our professionals through opportunities and recognition,</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif> increasing their job satisfaction and wellbeing, so as to maintain their commitment and productivity. To motivate, retain and attract people by providing opportunities for professional and personal development, continuous access to operational, technological and managerial knowledge applicable to the business</FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#2e74b5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#2e74b5 face=calibri,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#2e74b5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#2e74b5 face=calibri,sans-serif>Balance of Targets </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#2e74b5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#2e74b5 face=calibri,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>The year 2016 also reflected the realignment of the investments needed to tackle the water crisis, prioritizing actions that minimize its effects. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>The collected sewage treatment index reached 79%, compared to the target of 86%. Although lower than the established target, the index achieved is higher than the index registered in 2015 (78%), tending towards the expansion of service provision. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<a name="_bclFooter21"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>21</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_22"></A>

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

<a name="_bclHeader22"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>The sewage collection index reached 87%, slightly below the target of 88% for the period, maintaining the progress in sewage collection service in relation to the previous year (86%). </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>The pace of implementation of new sewage connections was maintained, with 236.6 thousand new connections, a level very close to the proposed target (242 thousand connections), and which points to the resumption of the planned course, since it exceeds by ten thousand units the connections implemented in 2015. The target of 177 thousand new water connections for 2016 was exceeded, with 200.2 thousand new connections in the period.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>With regard to the loss ratio, the end of the water crisis, which until the end of 2015 imposed the management of pressures in water distribution networks, led to an increase in indicators in 2016. This increase is expected to continue in the coming months, since the indicators are calculated using the annual volume moving average.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>In 2016, the Company made progress in its strategic planning, completing the revision of its targets for the next five years. In this process, the collected sewage treatment indicator applied until December 2016, which considered the treated volume in relation to the volume of sewage collected, was replaced by the &#8220;Index of Economies Connected to Sewage Treatment&#8221;, which represents the connection of consumer units to sewage treatment.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>Additionally, as of this year, SABESP will begin to disclose coverage and service indicators, considering the concession areas of the services or serviceable areas. A serviceable area is the urbanized area defined by mutual consent with the Municipal Governments for the provision of services. The coverage index represents the availability of the service with public water or sewage networks, and the service index represents the connection of the property to the public network.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>The coverage index is calculated as the ratio of homes connected to the public supply or sewage collection networks, plus the homes for which these networks are already available but not yet connected, known as &#8220;feasible,&#8221; to the total homes existing in the area of provision of services contracted with the municipal governments (servable areas). Within this universe, the service index is calculated as the ratio of homes connected to the networks to the total homes of serviceable areas. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>The principal changes regarding the indicators reported by SABESP until 2016 include the definition of the area that is considered the denominator of the calculation formula, whose classification was changed from &#8220;urban area,&#8221; as defined by the municipalities, to &#8220;serviceable area,&#8221; and the introduction of the coverage index. Additionally, the Company now uses the most recent demographic and home estimates released by the State Data Analysis System Foundation &#8211; Seade, for the period from 2010 to 2050.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<a name="_bclFooter22"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>22</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_23"></A>

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

<a name="_bclHeader23"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>&nbsp;&nbsp; The following table shows the Company&#8217;s achievements in 2016, based on the new set of indicators, and the targets for the period 2017-2021, to be supported by investments of R$13.9 billion. Further details on the planned investments can be seen in the Financial and Economic Management chapter</FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 14.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#4f81bd face=calibri,sans-serif>Achievements in 2016 and Targets for 2017-2021</FONT></B></P>

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

<DIV align=center>

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



<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-RIGHT: #1f497d 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-RIGHT: #1f497d 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Achieved<SUP>(1)</SUP></FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="45%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Targets</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BORDER-RIGHT: #1f497d 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>2017</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>2018</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>2019</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>2020</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>2021</FONT></B></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="27%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Water supply service (%)<SUP>(1)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Tends toward universal coverage</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="45%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Tends toward universal coverage</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="27%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Sewage collection service (%) <SUP>(2)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>82</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>83</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>84</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>85</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>86</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>87</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="27%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Water supply coverage (%)<SUP>(3)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Tends toward universal coverage</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="45%" colSpan=5 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Tends toward universal coverage</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="27%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Sewage collection service (%) </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>89</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>90</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>91</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>91</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>92</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>93</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="27%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Index of economies connected to sewage treatment (%) </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>74</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>75</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>76</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>77</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>80</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>83</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="27%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>New water connections (thousands)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>200.2</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>172</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>185</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>168</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>164</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>155</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>143</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="27%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>New sewage connections (thousands)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>236.6</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>242</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>200</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>226</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>235</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>240</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>234</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="27%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>Micro-measured water losses index (%)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>31.8</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>28.4</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>31.7</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>31.3</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>30.6</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>29.9</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #daeef3; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=Arial,sans-serif>29.3</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>95% or more</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>&nbsp;The value realized in 2016 presented herein was calculated in accordance with the new methodology, and it differs from the value presented in the Panel of Indicators.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>(3)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>98% or more</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#4f81bd face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#4f81bd face=calibri,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In addition, the Company defined some indicators that are in line with its organizational strategy, reflecting economic, social and environmental performance, and which are included in the Company&#8217;s Profit Sharing Program. </FONT></FONT></P><FONT style="LINE-HEIGHT: 115%" color=#4f81bd face=cambria></FONT>

<a name="_bclFooter23"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>23</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_24"></A>

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

<a name="_bclHeader24"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#2e74b5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 18pt" color=#2e74b5 face=calibri,sans-serif>INFRASTRUCTURE AND PLANNING FOR THE FUTURE OF SUPPLY</FONT></B></FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 28.35pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif><BR></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The supply of water, though available to everyone, is a service that demands constant monitoring of demographic and geographic growth of the 367 cities in which SABESP operates. In 2016, the Company provided 200 thousand new connections. </FONT></FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This service aims at the constant expansion of the supply infrastructure, through the structuring of programs directed to the three regions served: the Metropolitan Region of S&#227;o Paulo (RMSP), the Coastal region and the Interior of the State of S&#227;o Paulo. At the same time, in regions such as the RMSP and the Coastal region, where the occurrence of irregular areas is high, and where the Company is legally prevented from acting, agreements with the judiciary and the municipal government have allowed for greater supply availability and guarantee of the rights of hundreds of families. </FONT></FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the RMSP, after facing two years of the most serious water crisis ever recorded, the year 2016 was marked by a period of recovery of the main systems that supply the metropolitan region, where 67% of the population served by the Company are concentrated. </FONT></FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Although the natural contribution (inflow) to the sources was 88% of the historical average throughout 2016, the adoption of rational consumption habits acquired by the population during the water crisis contributed significantly to lower water withdrawal from the supply sources, consequently increasing inventories. </FONT></FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Per capita consumption in 2016 was 129 liters a day, 24% lower than the average of 169 liters per inhabitant/day registered in 2013, before the onset of the water crisis. Another factor likely to influence the decrease in consumption may be related to the Brazilian economic downturn, basically impacting the industrial and commercial sectors. </FONT></FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>As a result, the average monthly production in 2016 for the RMSP was 58.5 m&#179;/s. That is: 15% lower compared to the average 69.1 m&#179;/s produced in 2013. In the years of crisis, the averages produced were 52.0 m&#179;/s in 2015 and 62.2 m&#179;/s in 2014.</FONT></FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In March 2016, due to the increase in rainfall and the predictability of the water level in the reservoirs, the Company requested the Sanitation and Energy Regulatory Agency of the State of S&#227;o Paulo (ARSESP) to cancel the Program for Encouraging Reduction in Water Consumption and Contingency Tariff. ARSESP granted the request, and the Bonus Program and the Contingency Tariff </FONT></FONT>


<FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>terminated in May 2016. Even with the end of the economic incentives, the population continued to save water.</FONT></FONT></P>

<a name="_bclFooter24"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>24</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_25"></A>

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

<a name="_bclHeader25"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>




<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In December 2016, the global reservoir index reached 1.2 trillion liters, or 77.6% of the total capacity, if the technical reserve is considered. In February 2017, with increased rainfall, the set of supply sources reached 1.5 trillion liters, surpassing the total volume reached in 2013. </FONT></FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Water intake from the Cantareira System is granted to SABESP by the ANA and the DAEE. The grant in force, renewed in 2004 for ten years, would expire in August 2014. However, due to the water crisis, it was extended to the end of October 2015 and, later on, until May 2017.</FONT></FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In February 2016, the Company was authorized by the National Water Agency (ANA) and the Department of Water and Electricity of the State of S&#227;o Paulo (DAEE) to extract 23 m&#179;/s from the Cantareira System, a significant increase when compared to 13.5 m&#179;/s authorized during the majority of the months of 2015. </FONT></FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over the year, the volume authorized to be extracted increased gradually, reaching 31 m&#179;/s for the period between December 2016 and May 2017. Since the beginning of the crisis, the flow of water authorized to be extracted from the Cantareira System started to be granted in accordance with rainfall level, affluence of water, level of water supply sources and requests made by the Company. In February 2017, the ANA and the DAEE disclosed the base document to negotiate the granting that will be effective for the next ten years.</FONT></FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The recovery of water supply sources with the return of rain is no guarantee of a smooth future, given the possibility of new extreme climate events in a complex supply region as the RMSP. </FONT></FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In addition to being located in the spring region of the Alto Tiet&#234; basin, the RMSP records one of the highest population densities in the planet &#8211; more than 20 million people. The region has been suffering with intense and disorganized occupancy of soil for decades, including environmental protection areas, where the main water supply sources are located, a situation that further compromises the quantity and quality of the already low volume of water supply. </FONT></FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Given this complex scenario for urban supply, SABESP started &#8220;importing&#8221; water outside the Alto Tiet&#234; basin by means of the construction of the Cantareira System more than four decades ago and continues with the planning, execution of works and improvement of programs in order to increase water security in the region. </FONT></FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The robust infrastructure already installed, a result of structuring investments made in the 1995-2014 period by means of the Metropolitan Water Program &#8211; PMA, and the set of works and </FONT></FONT>


<FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>emergency actions allowed, during 2014 and 2015, the transfer of flows between the production systems of more than 10m&#179;/s. </FONT></FONT></P>

<a name="_bclFooter25"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>25</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_26"></A>

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

<a name="_bclHeader26"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>




<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Since the recent drought period, the new risk scenario imposed by the severe drought has demanded strategic repositioning from the Company in order to strengthen water security in the metropolis. Thus, the long-term planning conducted by SABESP started to take into account the effects of extreme climate events.</FONT></FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; During 2016, the Company focused on preparing the Review and Update of the RMSP Master Plan for Water Supply, for a horizon of up to 2045. These reviews and updates occur, on average, at every five years, seeking adjustments as a result of population increase, rearrangement of the population distribution across the territory and consumption behavior of the population. </FONT></FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>For this new planning, which is still being prepared, studies and projections of water availability from the production systems that are based on monthly historical series of natural flows of the period from January 1930 to December 2015 enable determining the joint behavior of the production systems in different risk scenarios. </FONT></FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As in the Cantareira System, the search for water at increasingly longer distances, at basis neighboring the Alto Tiet&#234; basin, is a reality to be tackled in the RMSP. </FONT></FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initiated in April 2014, the </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>S&#227;o Louren&#231;o Production System </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>ended 2016 with more than half of the works already executed. It is expected to start operating in the first half of 2018. The new production system will have capacity to provide up to 6 m&#179;/s of drinking water for up to two million people. However, as SABESP&#8217;s water supply system across the RMSP is integrated, the increased supply will indirectly benefit the entire population served in the metropolis.</FONT></FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The</FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif> interconnection of the Jaguar&#237; &#8211; Atibainha dams</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>, which will connect the Para&#237;ba do Sul basin to the Cantareira System, will allow the transfer of an average flow of 5.13 m&#179;/s of raw water. Initiated in February 2016, it is expected to start assisted operation in the second half of 2017. The total investment contracted amounts to R$555 million. </FONT></FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At the estimated cost of R$170 million, the </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>transposition of water of the Itapanha&#250; River</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>, in the Serra do Mar mountain range, will allow the reversion of 2 m&#179;/s on average from Ribeir&#227;o Sert&#227;ozinho (which forms the Itapanha&#250; River) to the Biritiba reservoir, which is part of the Alto Tiet&#234; Production System (SPAT). It is expected to be concluded in 2018</FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>.</FONT></FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 115%" color=#2e74b5 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#2e74b5 face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#2e74b5 face=calibri,sans-serif><B><I><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#2e74b5 face=calibri,sans-serif></FONT></I></B></FONT>&nbsp;</P>

<a name="_bclFooter26"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>26</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_27"></A>

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

<a name="_bclHeader27"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#2e74b5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#2e74b5 face=calibri,sans-serif>Metropolitan Water Program (PMA) </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#2e74b5 face=calibri,sans-serif><B><I><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#2e74b5 face=calibri,sans-serif></FONT></I></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The three major works reported above complement the interventions undertaken during the 2014/2015 crisis and give sequence to the work of strengthening the metropolitan water infrastructure initiated in mid-90&#8217;s, with the Metropolitan Water Program, which is responsible for the regular supply in all regulated areas of the Great S&#227;o Paulo region. One of the PMA highlights was the Alto Tiet&#234; public-private partnership (PPP), which, in 2011, increased the production of water of this system by 5 m&#179;/s. Additionally, the PMA also enabled increased treatment capacity for the Guarapiranga, Rio Grande, Alto and Baixo Cotia systems. In 2016, the program demanded investments of R$410 million, in addition to the amounts invested by the S&#227;o Louren&#231;o PPP. This program is financed with own funds, as well as funds from Caixa Econ&#244;mica Federal savings bank and the National Bank for Economic and Social Development. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over the last decades, the water treatment capacity has outpaced the demand in the RMSP. Between 1995 and 2016, while the set of metropolitan urban population increased by nearly 29%, water production capacity increased by 32.5% (from 57.2 m&#179;/s to the current 75.8 m&#179;/s</FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>). </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#5b9bd5 face=calibri,sans-serif><B><I><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#5b9bd5 face=calibri,sans-serif></FONT></I></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#5b9bd5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#5b9bd5 face=calibri,sans-serif>Recovery of urban water supply sources </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#44546a face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=#44546a face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: white; LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white" face=calibri,sans-serif>In order to assure the availability of drinking water, structural actions to increase water supply are complemented by initiatives focused on preserving water resources. Since 2009, SABESP, in partnership with the Municipal Government of the Capital City, has been developing the </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white" face=calibri,sans-serif>Water Supply Sources Program</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white" face=calibri,sans-serif>, which is focused on recovering two of the major dams of the Great S&#227;o Paulo: Billings and Guarapiranga. The actions are funded by the Federal Government, the Government of the State of S&#227;o Paulo, the Municipal Government and the World Bank. Thus, it has been possible to expand the sewage collection infrastructure and improve precarious allotments and housing complexes installed in sub-basin areas of the two water supply sources. In 2016, the amount invested was R$39 million.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: white; LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: white; LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white" face=calibri,sans-serif>Pr&#243;-Billings </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white" face=calibri,sans-serif>is another program that has been expanding the sanitary sewage system, with the installation of an infrastructure that carries sewer from part of the inhabitants of the Billings basis for treatment. The interventions of this Program are funded by SABESP, JICA (Japan International Cooperation Agency) and BNDES. Due to the water crisis, the program did not advance sufficiently in 2016, but it is expected to gain momentum in 2017 as the works resume. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: white; LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: white; LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white" face=calibri,sans-serif>A third initiative within the scope of the actions taken to recover the metropolitan water supply sources arose with the implementation of the </FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white" face=calibri,sans-serif>Nossa Guarapiranga</FONT></I></B><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white" face=calibri,sans-serif> (Our Guarapiranga) Program</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white" face=calibri,sans-serif>, at the end of 2011. The Program is intended to improve the quality of the water in the dam by removing waste and macrophytes, which are water plants that block water catchment. In 2016, nearly 221 m&#179; </FONT></FONT>


<FONT style="BACKGROUND: white; LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white" face=calibri,sans-serif>of waste and 28 thousand m&#179; macrophytes were removed from the water supply source, favoring depollution of the water and multiple uses of the dam, which, in addition to being a source for public supply, is used for leisure, fishing and water sports practice purposes</FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>.</FONT></FONT></P>

<a name="_bclFooter27"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>27</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_28"></A>

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

<a name="_bclHeader28"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>




<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#5b9bd5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#5b9bd5 face=calibri,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#5b9bd5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#5b9bd5 face=calibri,sans-serif>Supply to the coastal area and interior of the State</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After the RMSP, the </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Metropolitan Region of Baixada Santista</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif> (RMBS) is considered the most complex area for water supply. In addition to temperature peaks, during the summer, the region is also visited by a large number of tourists, overloading the supply system. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The increase in supply security in periods of high demand is based on the integration of supply systems, allowing better supply in some regions by transferring water from one city to another. Thus, the structure enables balancing the supply in accordance with the consumption needs of fixed and floating populations of approximately 3 million people.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drawing on funds from SABESP and Caixa Econ&#244;mica Federal, in 2016 the Company invested R$25 million in the region. Among other actions, the integrated system was reinforced by the beginning of operations of the Melvi Treated Water Reservation Center, located in Praia Grande, which increased from 20 million reserved liters to 45 million reserved liters. The structure is part of the Mambu-Branco production system, opened in 2013, in Itanha&#233;m. As it is part of the integrated system, the structure increases water security in the nine municipalities of the RMBS. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SABESP is in charge of serving 329 municipalities in the interior of the State. In 2016, with the regularized supply in the majority of the areas served, the aim of the actions taken was to tackle non-recurring situations. Overall, the Company invested R$53 million in own funds and funds from Caixa Econ&#244;mica Federal. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: white; LINE-HEIGHT: 115%" color=#2e74b5 face=calibri,sans-serif><B><I><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#2e74b5 face=calibri,sans-serif></FONT></I></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: white; LINE-HEIGHT: 115%" color=#2e74b5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white" color=#2e74b5 face=calibri,sans-serif>Fighting water loss </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: white; LINE-HEIGHT: 115%" color=#2e74b5 face=calibri,sans-serif><B><I><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#2e74b5 face=calibri,sans-serif></FONT></I></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: white; LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white" face=calibri,sans-serif>The major investments and actions to increase water security, including the search for water at increasingly longer distances, would have been in vain if the Company had not made efforts to reduce the water loss in its distribution network. In Brazil, only 63.3 out of 100 liters produced reach the end consumer, according to data from the 2015 SNIS. In S&#227;o Paulo, this index of total losses has been gradually reduced over the last years in the cities served by SABESP &#8211; from 41% in 2004 to 31.8% in 2016, on average. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: white; LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: white; LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white" face=calibri,sans-serif>As a priority pursued for over two decades, this work gained momentum in 2009 with the implementation of the Corporate Waste Reduction Program executed with the technological </FONT></FONT>


<FONT style="BACKGROUND: white; LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white" face=calibri,sans-serif>partnership of the JICA</FONT></FONT><FONT style="BACKGROUND: white; LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white" face=calibri,sans-serif>. In force for eight years, R$3.3 billion (current amounts) have been invested in the program, of which R$505 million only in 2016. </FONT></FONT></P>

<a name="_bclFooter28"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>28</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_29"></A>

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

<a name="_bclHeader29"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>




<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: white; LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: white; LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white" face=calibri,sans-serif>Although the 31.8% losses for 2016 are at a level similar to those seen in 2012</FONT></FONT><SUP>
<A href="#_ftn1" name=_ftnref1><FONT face="Times New Roman"><FONT face="Times New Roman"><U><FONT lang=EN-US style="FONT-SIZE: 12pt; BACKGROUND: white" color=#44546a face="Times New Roman">1</FONT></U></FONT></FONT></A></SUP><FONT style="BACKGROUND: white; LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white" face=calibri,sans-serif>, progress on this front is evident when we consider the physical loss ratio (leakages) of 20.8% in 2016, which is close to the figure for Barcelona (19%) and lower than in Chicago (24%) or London (28%). </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: white; LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: white; LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white" face=calibri,sans-serif>Total losses are the sum of physical losses and apparent losses (billings), which account for the difference of 10% and are the result of the use of illegal connections, fraud and inaccurate measurement by water meters, for which the Company receives no payment. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: white; LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: white; LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white" face=calibri,sans-serif>In the other cities mentioned above, apparent losses are practically non-existent. It is also important to note that since this loss ratio is a percentage of production, it is affected by consumption and can be inaccurate. Since the start of the Program, the ratio was reduced from 34.1%, in 2008, to 31.8% in 2016, which means that total losses have been cut by 3.6m&#179;/s. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: white; LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: white; LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white" face=calibri,sans-serif>Using own funds and funds from Caixa Econ&#244;mica Federal and JICA, our target is to invest R$6.3 billion (current values) between 2009 and 2020, by which time we hope to reduce the ratio of physical losses in our area to 19.4% (target under review), a level similar to that of the United Kingdom.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: white; LINE-HEIGHT: 115%" color=#44546a face=calibri,sans-serif><I><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#44546a face=calibri,sans-serif></FONT></I></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 8pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#5b9bd5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#5b9bd5 face=calibri,sans-serif>Measures to prevent water theft </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In 2016, SABESP uncovered some 26 thousand cases of theft of water in the RMSP and the Bragantina region (</FONT></FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; BACKGROUND: white" face=calibri,sans-serif>located up north of the metropolitan region)</FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>, representing the loss of approximately 3.8 billion liters, which would be enough to supply about 380 thousand people for a month. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If we compare 2016 with 2014, there was a significant rise in the number of cases of water theft: 66%. This increase is the result of more thorough inspections of properties where irregular water connections are suspected &#8211; last year our 70 anti-fraud teams carried out some 240 thousand inspections. An amount of R$35.3 million was recovered in 2016 from the frauds the teams found. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The great majority of these frauds were found in private homes. Tampering with water meters (54%) and clandestine connections (41%) were the main types of irregularity. We should emphasize, however, that fraud on commercial premises causes a much greater loss of water, because of the </FONT></FONT>


<FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>type of consumption. The inspections are undertaken jointly with the State Public Security Department. In 2016, SABESP and the Civil Police carried out 35 joint operations, in cases where the culprits impede our inspectors, or when they sell the water obtained illegally to homes, traders and industries. 552 police reports were filed. </FONT></FONT></P>

<HR align=left SIZE=1 width="33%">



<DIV id=ftn1><FONT lang=PT-BR></FONT>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">
<A href="#_ftnref1" name=_ftn1><FONT style="VERTICAL-ALIGN: super" face="Times New Roman"><FONT style="VERTICAL-ALIGN: 0px" face="Times New Roman"><FONT lang=X-NONE style="FONT-SIZE: 9pt; COLOR: #000000" face=calibri,sans-serif>1</FONT></FONT></FONT></A><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif> It should be noted that the reduction of water pressure in the networks was an essential measure to deal with the water crisis, and was responsible for a large part of the reduction in losses in the two-year period 2014-2015. In 2016, with the recovery of the water sources, the pressure was returned to normal so as to ensure improved supplies for the population. This adjustment resulted in the ratios returning to levels similar to those seen before the crisis broke. </FONT></P><FONT lang=PT-BR></FONT></DIV>

<a name="_bclFooter29"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>29</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_30"></A>

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

<a name="_bclHeader30"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>




<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#5b9bd5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#5b9bd5 face=calibri,sans-serif>Expansion of access in informal areas</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" color=#5b9bd5 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#5b9bd5 face=calibri,sans-serif> </FONT></FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#2e74b5 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#2e74b5 face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SABESP has been taking steps to increase supplies to informal areas. Although we are prohibited by law from supplying communities of this sort, agreements entered into with the municipality and the courts has enabled us to provide access to water mains to more regions of Greater S&#227;o Paulo. The aim is to provide good quality water to some 400 thousand people in approximately 160 thousand properties. As well as improving social and health conditions for low-income families, the work helps reduce losses from leakage because clandestine connections, using precariously installed hosepipes, are replaced by the SABESP network. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#5b9bd5 face=calibri,sans-serif><B><I><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#5b9bd5 face=calibri,sans-serif></FONT></I></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#5b9bd5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#5b9bd5 face=calibri,sans-serif>Rational use, education and reuse </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initiatives aimed at sustainability included measures for the efficient and responsible use of water, spreading the message that water resources are finite. The water crisis of 2014-2015 underlined the importance of these initiatives. Among these actions, we highlight the Rational Water Use Program &#8211; PURA, which promotes structural adjustments in public buildings in order to reduce losses and reinforce responsible consumption. The program was initiated 20 years ago, and by 2016 it had been implemented in 6,399 buildings throughout the state, including state schools, prisons and hospitals.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology for the reuse of waste treated in ETEs has been adopted by the most advanced systems worldwide. It is one of the most efficient ways of consuming water sustainably, and leads to major savings in the amount of raw water needed to be drawn from natural sources, and to a greater amount of treated water being available to supply the population. Aquapolo Ambiental, a project introduced at the end of 2012 under a partnership between SABESP and Odebrecht Ambiental, is the largest undertaking for the production of water for reuse by industry in South America, and the fifth largest in the world. The plant treats the waste generated in the ABC ETE. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Approximately one million cubic meters per month are supplied to companies in the Capuava Petrochemical Hub, in S&#227;o Paulo&#8217;s ABC neighboring region, for use in cooling towers, steam generators and boilers and for other industrial purposes. We expect Aquapolo to reach peak production of 1 m&#179;/s in the next few years. At the same time, SABESP produces water for reuse at the Barueri, Jesus Neto, Parque Novo Mundo and S&#227;o Miguel ETEs to supply urban requirements, such as washing streets, yards and monuments, unblocking sewage pipes, and so on. In 2016 these four ETEs supplied approximately 1.7 million m&#179;</FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>.</FONT></FONT></P>

<a name="_bclFooter30"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>30</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_31"></A>

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

<a name="_bclHeader31"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#5291ef face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#5291ef face=calibri,sans-serif>Water quality </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#5291ef face=calibri,sans-serif><B><I><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#5291ef face=calibri,sans-serif></FONT></I></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A guarantee that the water supplied to the population meets strict safety and potability standards is provided by 16 quality control laboratories, 14 of which have been certified for ISO 17.025 by the National Institute of Metrology, Quality and Technology (Inmetro). Located in various parts of the State, they carry out an average of 64 thousand analyses of samples taken from water at every stage from the source to the point of consumption. Basic control parameters include turbidity, color, chlorine content, coliforms and thermotolerant bacteria. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The results are sent to the Sanitary Surveillance departments of the municipalities served and are printed on customers&#8217; water bills, in accordance with Federal Decree No. 5440/05. They are also emailed to the Ministry of Health each month. Customers are sent an annual summary of the analyses. The source, quantity and results of the samples are also available in summary form on the SABESP website.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There was technological progress in the quality analysis procedure in 2016, with X-rays being used for the first time to detect metals such as arsenic, cadmium, chromium, lead, silver, mercury and selenium in coagulants, and other products used to treat water, thus eliminating the risk of contamination. The test for identifying these metals is covered in Ministry of Health Ordinance No. 2.914, and SABESP already has this test in place using a different method. The new technology, however, represents a major advance. Called Total X-Ray Reflection Fluorescence (TXRF), it is more versatile, making the preparation of the samples easier and using equipment that is more sensitive to the presence of these elements.</FONT></FONT></P><FONT style="LINE-HEIGHT: 115%" color=#4f81bd face=cambria></FONT>

<a name="_bclFooter31"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>31</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_32"></A>

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

<a name="_bclHeader32"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#2e74b5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 18pt" color=#2e74b5 face=calibri,sans-serif>EXPANSION OF INFRASTRUCTURE AND RECOVERY OF WATER RESOURCES</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>S&#227;o Paulo is the state with the lowest percentage of people without adequate water supplies or sewage facilities</FONT></FONT><SUP>
<FONT face="Times New Roman"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT face="Times New Roman"><U><FONT lang=EN-US style="FONT-SIZE: 9pt" color=blue face=calibri,sans-serif><FONT style="COLOR: #000000">2</FONT></FONT></U></FONT></FONT></FONT></SUP><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>. This is due largely to the fact that SABESP has maintained its average level of investment in infrastructure. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; According to a Report issued in February 2016 by the Ministry of Cities, SABESP accounted for 38% of the total resources used in sanitation by Brazilian state companies between 2011 and 2015. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Of total investment in sanitation in Brazil during the same period, SABESP was responsible for 28%</FONT></FONT><SUP><FONT style="COLOR: #000000"> </FONT>
<FONT face="Times New Roman"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 9pt; COLOR: #000000" face=calibri,sans-serif>3</FONT></FONT></FONT></FONT></SUP><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>. After the two-year period 2014-2015, when our efforts and investments were concentrated on handling the water crisis, progress on works for expanding collection, removal and treatment in our area of operations resumed its normal rate. Of the R$3.9 billion invested by the Company during the year, R$1.2 billion was allocated to expanding the collection and sewage treatment infrastructure. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In 2016, the average sewage collection ratio in all the municipalities served by the Company was 87%, while 79% of the volume of sewage collected was treated. Although these ratios are not ideal, and there is much still to be done, they are significantly better than in most of the rest of the country, where only 58% of urban sewage is collected, and of this only 74% is properly treated. In round numbers, according to the Ministry of Cities, approximately 100 million Brazilians are without sewage collection.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#5b9bd5 face=calibri,sans-serif><B><FONT lang=PT-BR style="FONT-SIZE: 11pt" color=#5b9bd5 face=calibri,sans-serif>Metropolitan Region of S&#227;o Paulo (RMSP)</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.4pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In view of its size and the complex challenges facing sanitation operations, the RMSP requires concentrated efforts to revitalize the Tiet&#234; river over time, and to improve the quality of life of the people who live in the metropolis. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This is the challenge facing the Tiet&#234; Project, Brazil&#8217;s largest environmental sanitation program, involving 34 municipalities in Greater S&#227;o Paulo in the expansion and improvement of the system for collecting, transporting and treating sewage.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<HR align=left SIZE=1 width="33%">



<DIV id=ftn2><FONT lang=PT-BR></FONT>

<P style="MARGIN: 0in 0in 0pt"><FONT style="VERTICAL-ALIGN: super" face="Times New Roman"><FONT style="VERTICAL-ALIGN: 0px" face="Times New Roman"><FONT lang=PT-BR style="FONT-SIZE: 9pt; COLOR: #000000" face=calibri,sans-serif>2</FONT></FONT></FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif> Atlas of Social Vulnerability in</FONT><FONT lang=EN-GB style="FONT-SIZE: 9pt" face=calibri,sans-serif> Brazilian Municipalities</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif> (2015).</FONT><FONT lang=EN-GB style="FONT-SIZE: 9pt" face=calibri,sans-serif> Institute of Applied Economic Research</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif> (Ipea) </FONT></P><FONT lang=PT-BR></FONT></DIV>

<DIV id=ftn3><FONT lang=PT-BR></FONT>

<P style="MARGIN: 0in 0in 0pt"><FONT style="VERTICAL-ALIGN: super" face="Times New Roman"><FONT style="VERTICAL-ALIGN: 0px" face="Times New Roman"><FONT lang=X-NONE style="FONT-SIZE: 9pt" color=blue face=calibri,sans-serif><FONT style="COLOR: #000000">3</FONT></FONT></FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=calibri,sans-serif> </FONT><FONT lang=EN-MY style="FONT-SIZE: 9pt" face=calibri,sans-serif>&#8220;Diagnosis of Water and Sewage</FONT><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=calibri,sans-serif> Services&#8221;,</FONT><FONT lang=EN-MY style="FONT-SIZE: 9pt" face=calibri,sans-serif> based on</FONT><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=calibri,sans-serif> data</FONT><FONT lang=EN-MY style="FONT-SIZE: 9pt" face=calibri,sans-serif> from the National Information</FONT><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=calibri,sans-serif> System</FONT><FONT lang=EN-MY style="FONT-SIZE: 9pt" face=calibri,sans-serif> on Sanitation</FONT><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=calibri,sans-serif> (SNIS) for 2015.</FONT></P><FONT lang=PT-BR></FONT></DIV>

<a name="_bclFooter32"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>32</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_33"></A>

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

<a name="_bclHeader33"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starting in 1992, when 70% of sewage was collected and only 24% of that was treated, the Tiet&#234; Project is now in its third phase. The goal of collecting 87% of sewage has been reached. Simultaneously, the projects seek to increase the percentage of treatment of sewage collected from current 68% to 84% in RMSP. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>After 25 years, in addition to expanding the sewage collection and transport infrastructure, treatment capacity has been more than doubled. As a result, the volume of sewage treated in the RMSP has jumped from 4 m&#179;/s to 16 m&#179;/s: this difference is the equivalent of the sewage generated by 8.5 million people. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For this third stage, the total investment is forecast to be US$2 billion, with own funds and financing from the Inter-American Development Bank (BID), the National Bank for Economic and Social Development (BNDES) and Caixa Econ&#244;mica Federal. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Of special note in 2016 were the works for expanding the nominal treatment capacity of the Barueri ETE, which will rise from 9.5 m&#179;/s to 11 m&#179;/s in the first quarter of 2017, and will reach 16 m&#179;/s by the end of the year. Another highlight of the program was the completion of the IPi.8 interceptor, completing the interception system on the Pinheiros river, one of the main tributaries of the Tiet&#234; river.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currently, the fourth stage of the Project is being planned. Its goal is to provide sanitation for the entire RMSP, and it includes works of great complexity in the central region of S&#227;o Paulo city, and the expansion of networks and trunk collectors into regularized areas on the metropolitan outskirts, where low-income families live. In 2016, the Tiet&#234; Project covered actions of the third stage, and priority actions of the fourth stage have been advanced, resulting in investments of approximately R$342 million. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In accordance with the most recent water monitoring data released by the SOS Mata Atl&#226;ntica Foundation, collected from August 2015 to July 2016</FONT></FONT><SUP> <FONT style="COLOR: #000000"></FONT>
<A href="#_ftn4" name=_ftnref4><FONT face="Times New Roman"><FONT face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 12pt; COLOR: #000000" face="Times New Roman">4</FONT></FONT></FONT></A></SUP><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>, the Tiet&#234; river still presents very bad and bad conditions along a distance of 137 km, exactly where one of the world&#8217;s largest urban concentrations, or the RMSP, is located. In 1993, when the Tiet&#234; Project started, these conditions covered a 530-km extension of the river. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The lowest pollution level was recorded in 2014, with 71 km of extension. However, due to the water crisis, river water intake recorded a deep fall, which increased pollution concentration and led SABESP to allocate investments to the water production infrastructure. Accordingly, 2015 measurements indicated that pollution increased, covering an extension of 154.7 km. The last </FONT></FONT>


<FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>monitoring results, disclosed in 2016, show the return of the downward trend, with a reduction of 17.7 km (11.5%) compared to 2015. </FONT></FONT></P>

<HR align=left SIZE=1 width="33%">



<DIV id=ftn4><FONT lang=PT-BR></FONT>

<P style="MARGIN: 0in 0in 0pt">
<A href="#_ftnref4" name=_ftn4><FONT style="VERTICAL-ALIGN: super" face="Times New Roman"><FONT style="VERTICAL-ALIGN: 0px" face="Times New Roman"><FONT lang=X-NONE style="FONT-SIZE: 9pt; COLOR: #000000" face=calibri,sans-serif>4</FONT></FONT></FONT></A><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=calibri,sans-serif> Technical report - 25 Anos de Mobiliza&#231;&#227;o O retrato da qualidade da &#225;gua e a evolu&#231;&#227;o dos indicadores de impacto do Projeto Tiet&#234;, disclosed in September 2016. </FONT><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=calibri,sans-serif>www.sosma.org.br </FONT></P><FONT lang=PT-BR></FONT></DIV>

<a name="_bclFooter33"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>33</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_34"></A>

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

<a name="_bclHeader34"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>




<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Please note that the depollution of the Tiet&#234; river also depends on the participation of society and the partnership with public authorities for development of policies that may favor connection of the population to the sewage collection network, and inspection of irregularities. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In 2016, the partnership between SABESP and the Court of Appeals of the State of S&#227;o Paulo enabled the interruption of the illegal discharge of sewage in the Tiet&#234; river. SABESP and the Court of Appeals notified 318 properties that produce high waste volumes in RMSP, and are not connected to the collection system, despite having an installed sewage structure available. Of these, only 78 customers signed an agreement to interrupt illegal discharge.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Also, since February 2016, based on the Sanitation Law (11445/07), SABESP only provides new water connections for customers who also connect their properties to the sewage system. This condition is valid for all types of customers, being applicable to those who: i) request new water connections; ii) request reconnections (empty properties, demolition, unification); and iii) intend to change the position of existing connections &#8211; as in the case of property renewal.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Thus, the participation of society is essential for raising awareness about the proper disposal of garbage and the connection of homes to the sewage network, as well as for the action of local authorities to keep the cities clean and inspect irregularities.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#5b9bd5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#5b9bd5 face=calibri,sans-serif>Revitalization of urban rivers </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The improvement of the Tiet&#234; river also benefits from actions for depollution of tributary water bodies taken under the Clean Stream (&#8220;</FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>C&#243;rrego Limpo</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&#8221;) Program, conducted since 2007 in partnership with S&#227;o Paulo&#8217;s city council. According to this program, SABESP is responsible for sweeping illegal sewage discharge; expanding sewage collection networks and connections; and monitoring and providing maintenance services to existing networks. The city administration, in turn, is responsible for cleaning water streams and checking the conditions of the micro-drainage system (storm drains and rainwater gullies). </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Executive municipal authorities are also responsible for removing irregular settlements from valleys and margins of water streams, and resettling families in more adequate places. Municipal authorities also inspect illegal sewage connections, issuing assessments and fines for the owners of properties not correctly connected to the collection system. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<a name="_bclFooter34"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>34</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_35"></A>

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

<a name="_bclHeader35"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating since 2007, the program cleaned 149 water streams and benefited over 2.2 million persons. Some 1,500 l/s of sewage were removed from the water bodies served by the program. The program was suspended by the previous city administration. Despite that, in 2016 SABESP invested R$4.8 million in the stewardship and monitoring of the water streams benefited by the action. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In 2016, within the process of review of the agreement entered into with the Municipality of S&#227;o Paulo, a clause was included on the obligation of the Municipality to adhere to the program. As a result, early in 2017, SABESP met with 100 representatives of several executive municipal bodies, including some regional mayors, to resume the program&#8217;s planning for the coming years. The program is funded by SABESP and Caixa Econ&#244;mica Federal. The amounts to be invested and the water streams to be treated will be defined in the 1st half of 2017. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The positive experience in S&#227;o Paulo enabled the expansion of the program to neighboring municipalities. </FONT></FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#7f8c95 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#7f8c95 face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#5b9bd5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#5b9bd5 face=calibri,sans-serif>Treatment of effluents</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#5b9bd5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#5b9bd5 face=calibri,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As a joint venture between SABESP and Estre Ambiental, Attend Ambiental treats non-domestic sewage. Operating since the end of 2014, Attend is located next to Barueri ETE and receives industrial effluents from the RMSP region. According to the environmental legislation, companies must treat their effluents before discharging them for conventional treatment by the ETEs. Attend is a supplier of such services, being a profitable option in outsourcing this process. In 2016, the company processed over 1.87 million m&#179; of non-domestic sewage, which were subsequently sent for treatment by the Barueri ETE. In 2016, the volume of sewage treated by Attend increased by 75%. The architectural design of the plant (characterized by sustainable functionality) was granted the International Property Awards in the category Public Service Architecture</FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>.</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#2e74b5 face=calibri,sans-serif><I><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#2e74b5 face=calibri,sans-serif></FONT></I></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#5b9bd5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#5b9bd5 face=calibri,sans-serif>Expansion to the interior </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: white; LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white" face=calibri,sans-serif>For the fourth consecutive year, Franca, a municipality served by SABESP, led the ranking of Brazil&#8217;s 100 largest cities with the best basic sanitation services in the country. The survey conducted by the Trata Brasil Institute is based on data obtained from the National Sanitation Information System, and it has also included the cities of S&#227;o Jos&#233; dos Campos and Santos among the 5 cities with the best services. These positions reflect SABESP&#8217;s endeavor and investments to provide the best quality of services and expand the access to treated water and sewage collection and treatment also in the inland and coastal regions of the State. In the interior, the Company is working to achieve universalization of sewage collection and treatment services. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: white; LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: white; LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white" face=calibri,sans-serif>In 2016, SABESP invested R$120 million in other works carried out in the coastal region and the interior of the State, as well as in the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white" face=calibri,sans-serif>Onda Limpa</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white" face=calibri,sans-serif> (Clean Wave) Program</FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>.</FONT></FONT></P>

<a name="_bclFooter35"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>35</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_36"></A>

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

<a name="_bclHeader36"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#5b9bd5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#5b9bd5 face=calibri,sans-serif>Recovery of rivers and water streams in the State of S&#227;o Paulo</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The actions taken in the interior, and the advances made in the metropolitan and coastal regions of the State of S&#227;o Paulo, directly supported the improvement in the quality of major S&#227;o Paulo&#8217;s rivers and many streams used by the communities as supply sources. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>S&#227;o Jos&#233; dos Campos&#8217;s new sewage system, for example, contributes directly to the conservation of important water streams, which is also reflected in the quality of the water of the Para&#237;ba do Sul river, a major water spring in the country that supplies 15 million people in the states of S&#227;o Paulo, Rio de Janeiro e Minas Gerais. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>A similar situation can be found in the Jundia&#237; river, in the region of Itupeva. Due to the sanitation investments made, the river, which belongs to the Piracicaba, Capivari and Jundia&#237; Water Basin (PCJ), saw the quality of its waters reclassified from 4 to 3.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The result is partially due to the implementation of two ETEs: Itupeva and Campo Limpo Paulista/V&#225;rzea Paulista. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: white; LINE-HEIGHT: 115%" color=#333333 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#333333 face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: white; LINE-HEIGHT: 115%" color=#5b9bd5 face=calibri,sans-serif><B><I><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white" color=#5b9bd5 face=calibri,sans-serif>Onda Limpa</FONT></I></B></FONT><FONT style="BACKGROUND: white; LINE-HEIGHT: 115%" color=#5b9bd5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#5b9bd5 face=calibri,sans-serif> </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white" color=#5b9bd5 face=calibri,sans-serif>(Clean Wave)</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>The largest environmental sanitation program on the Brazilian coastline, </FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>Onda Limpa</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>, began in 2007, having increased the average sewage coverage index in the Metropolitan Region of Baixada Santista (RMBS) from 53% to 75%. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>In addition to improving health conditions, the works made by SABESP provide benefits regarding the use of over 80 beaches in the region, boosting its economy, tourism, generation of jobs, and income. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>In addition to its own funds, the program has financing by the JICA (Japanese development agency) and BNDES. In the North coast the actions have raised the sewage collection coverage from 53% to 69%. The collected sewage treatment index was maintained at 100%. In 2016 approximately R$120 million were invested in the region. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>The second stage of the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>Onda Limpa</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif> Program has been planned for the period between 2022 and 2030. The Company estimates investments amounting to nearly R$1.8 billion to expand and implement sewage collection and treatment systems and build 57 thousand new connections. The purpose of the second stage is to provide total sewage service coverage in the metropolitan region of Baixada Santista.</FONT></FONT></P>

<a name="_bclFooter36"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>36</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_37"></A>

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

<a name="_bclHeader37"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>For the effective result of the expansion of the sanitation infrastructure, however, it is necessary that the population become aware of and connect the residences to the collection networks made available by SABESP. It is also a role of the municipality to monitor the irregularities. Because it is a region with many vacation residences, many owners do not make the necessary sanitary adaptations and continue to discharge the sewage inadequately, which results in permanent pollution of the urban environment.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#2e74b5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#2e74b5 face=calibri,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#5b9bd5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#5b9bd5 face=calibri,sans-serif>Discharge of residues</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>The final destination of the solid residues deriving from the water and sewage treatment systems has been one of the areas with most concentration of studies and research, aiming at the search for economically viable and environmentally sustainable solutions. In 2016, SABESP issued a public call notice to attract partners with proposals for generation of electric power from the use of sludge and biogas generated in the Barueri ETE. As the largest sewage treatment plant in Latin America, the ETE accounts for more than half of the entire volume of sewage treated by the Company in the RMSP. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>With the tile of Waste to Energy Barueri, the project is undergoing public consultation, and is expected to be tendered in the first half of 2017. The contract will have a term of thirty years. By means of drying, 500 tons of sludge are reduced to 140 tons, which give rise to pellets (cylindrical blocks) and are used as a source of fuel for generation of thermal energy (biogas). </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>The generated energy returns to the cycle and is used to dry the sludge, as well as to operate the ETE itself. In addition to becoming partially sustainable in electric power, the project contributes to the reduction of expenditures with transportation and with the landfills in which the sludge from the ETEs is discharged. The pioneering spirit of the idea has already earned recognition with the 100 Most Influent in 2016 Energy award, in the Sustainability category, awarded by the Grupo M&#237;dia, by means of the Full Energy magazine.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>For the interior and coast regions there are initiatives for the implementation of thermo-solar sludge drying systems, associated in some cases with the implementation of composting systems, which use for example tree pruning remains and eucalyptus bark to generate a compound to be applied in agriculture. This process reduces the emission of greenhouse gases, the use of sanitary landfills and, consequently the waste disposal costs, in addition to being an environmentally sustainable alternative due to the beneficial use of the sludge</FONT></FONT><FONT style="BACKGROUND: white; LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt; BACKGROUND: white" face=calibri,sans-serif>.&nbsp; </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="BACKGROUND: white; LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<a name="_bclFooter37"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>37</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_38"></A>

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

<a name="_bclHeader38"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#5b9bd5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#5b9bd5 face=calibri,sans-serif>Research and technological innovation in water and sewage</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#2e74b5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#2e74b5 face=calibri,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In the last three years SABESP invested approximately R$37.3 million in research, innovation and development, of which R$11.9 million in 2016.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The funds allocated to the projects are its own, collected from development entities or even partially or totally funded by partners. An example is the Cooperation Agreement with the Foundation for Support to Research of the State of S&#227;o Paulo (FAPESP). The agreement provides for non-refundable financing of R$50 million, divided equally between SABESP and FAPESP. Initiated in 2009, the partnership has already given rise to 17 projects, nine of which already completed, with an investment of R$5.2 million, and another eight projects were approved and had their Agreements executed in 2015. For these it is expected that there will be investments of R$7 million and a term of execution of 42 months.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Among the projects under study a highlight is the viability of using the ETA sludge as sanitary landfill cover material and its direct application in compacted soil landfills, enabling the disposal of sludge into Nature, thereby preserving the soil.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>By means of the Financing Agreement executed in 2015 with the Brazilian Innovation Agency (FINEP), SABESP is enabling the implementation of its &#8220;Technological Innovations Plan for Sanitation&#8221;.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>With a plan of implementation in 30 months at a cost of R$60 million, the Plan consists of four projects: System for production of reuse water for urban and industrial use, implemented in the RMSP; Biofiltration units for control of the odors of sewage collection stations, to be also implemented in the RMSP, ETE Sludge Drier by means of Solar Irradiation, in implementation in the city of Franca, and the plasma gasification system for solid waste from sewage treatment stations.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>There was also progress in the project executed with the Fraunhofer Institute of Germany, for the use of bio-methane generated in the Franca ETE with clean fuel to supply the fleet of vehicles. The equipment arrived from Germany and the ETE is being adapted for its installation. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The technical cooperation agreements are another way to foster development of technologies in themes that are priorities for SABESP, such as reduction of losses, energy efficiency and alternatives for the treatment and disposal of sludge. In this sense, in 2016 an agreement was executed with a representative of Danish company named Liqtech for evaluation of the technology of ceramic membranes for ultrafiltration of silicon carbide for recovery of residual waters in water treatment stations. The technical and economic viability of the material is expected to be tested in 2017 in a number of ETAs.</FONT></FONT></P>

<a name="_bclFooter38"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>38</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_39"></A>

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

<a name="_bclHeader39"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Likewise in 2016 SABESP executed a protocol of Intentions with the Government of Denmark with the purpose of developing joint projects of energy efficiency in sewage treatment stations and to combat water losses in the distribution network. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 115%" color=#4f81bd face=calibri,sans-serif></FONT>

<a name="_bclFooter39"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>39</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_40"></A>

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

<a name="_bclHeader40"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#2e74b5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 18pt" color=#2e74b5 face=calibri,sans-serif>RESULTS TRANSLATED INTO ADVANCES IN SERVING THE POPULATION</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>After overcoming the worst drought in more than 80 years, particularly in the RMSP where its largest production system is located, the Cantareira System, SABESP discontinued the measures taken to mitigate the impacts of the water crisis, among which the Incentive Program for Reduction of Water Consumption and the Contingency Tariff, which enabled recovery of revenues and improved financial results. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 14.2pt"><FONT style="LINE-HEIGHT: 115%" color=#4f81bd face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#4f81bd face=calibri,sans-serif>Economic-Financial Performance</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In 2016, the Company recorded net income of R$2.9 billion, against income of R$536.3 million shown in 2015</FONT></FONT><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>. </FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#4f81bd face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#4f81bd face=calibri,sans-serif>History of income </FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center>
<IMG border=0 src="fp01a.jpg"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Net operational revenue totaled R$14.1 billion, an increase of 20.4% in relation to the previous year.</FONT></FONT></P><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif></FONT>

<a name="_bclFooter40"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>40</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_41"></A>

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

<a name="_bclHeader41"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0.25in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#4f81bd face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#4f81bd face=calibri,sans-serif>History of net operational revenue</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center>
<IMG border=0 src="fp01b.jpg"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt; LINE-HEIGHT: 115%; TEXT-INDENT: 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Gross operating revenue related to the performance of water and sewage services showed an increase of R$2.2 billion or 24.3% when compared to 2015, which is mainly explained by: (i) the tariff adjustment of 15.2% (7.8% of the ordinary tariff readjustment and 6.9% of extraordinary tariff revision) since June 2015; (ii) the tariff readjustment of 8.4% since May 2016; (iii) the 4.4% increase in the total volume billed; and (iv) the lower granting of bonuses in 2016, the total of which was of R$187.4 million (R$926.1 million in 2015), within the context of the Water Reduction Incentive Program, ended in April 2016. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt; LINE-HEIGHT: 115%; TEXT-INDENT: 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The increase caused by the factors described above was mitigated by the end of the application of the Contingency Tariff in April 2016, the amount of which was of R$224.7 million in 2016 (R$499.7 million in 2015</FONT></FONT><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>).</FONT></FONT></P><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif></FONT>

<a name="_bclFooter41"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>41</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_42"></A>

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

<a name="_bclHeader42"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0.25in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#4f81bd face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#4f81bd face=calibri,sans-serif>History of gross operational revenue</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>
<IMG border=0 src="fp01c.jpg"></P>

<P style="MARGIN: 0in 0in 0pt 94.5pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#4f81bd face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#4f81bd face=calibri,sans-serif>Total water and sewage billed (1) by category of use &#8211; millions of m <SUP>3</SUP></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#4f81bd face=calibri,sans-serif><B><I><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#4f81bd face=calibri,sans-serif></FONT></I></B></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 14.2pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="29%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Water</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="28%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Sewage</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="29%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Water + Sewage</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 9.75pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>%</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 9.75pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>%</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 9.75pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>%</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>Residential</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1,527.6</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1,465.0</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>4.3</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1,294.0</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1,232.1</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>5.0</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>2,821.6</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>2,697.1</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>4.6</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>Commercial</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>162.9</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>160.0</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1.8</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>155.0</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>151.9</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>2.0</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>317.9</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>311.9</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1.9</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>Industrial</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>31.6</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>32.6</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>(3.1)</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>38.3</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>38.9</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>(1.5)</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>69.9</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>71.5</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>(2.2)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>Public</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>40.8</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>40.6</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>0.5</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>35.9</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>33.4</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>7.5</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>76.7</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>74.0</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>3.6</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>Total retail</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1,762.9</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1,698.2</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>3.8</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1,523.2</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1,456.3</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>4.6</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>3,286.1</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>3,154.5</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>4.2</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>Wholesale <SUP>(2)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>227.4</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>215.5</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

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

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>29.0</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>24.4</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>18.9</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>256.4</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>239.9</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>6.9</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="14%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>Total </FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1,990.3</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1,913.7</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>4.0</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1,552.2</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1,480.7</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>4.8</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>3,542.5</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>3,394.4</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>4.4</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt 20.15pt; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Not audited</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt 20.25pt; LINE-HEIGHT: 115%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Wholesale includes the volumes of reuse water and non-domestic sewages</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 20.25pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 115%" color=#4f81bd face=calibri,sans-serif></FONT>

<a name="_bclFooter42"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>42</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_43"></A>

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

<a name="_bclHeader43"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#4f81bd face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#4f81bd face=calibri,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#4f81bd face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#4f81bd face=calibri,sans-serif>Volume of water and sewage billed (1) by region &#8211; millions of m <SUP>3</SUP></FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><SUP><FONT style="LINE-HEIGHT: 115%" color=#4f81bd face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#4f81bd face=calibri,sans-serif></FONT></B></FONT></SUP>&nbsp;</P>

<DIV align=center>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 14.2pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="18%" noWrap>

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

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="27%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Water</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="28%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Sewage</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="27%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Water + Sewage</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="18%" noWrap>

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

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; TEXT-INDENT: 9.75pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>%</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0.4pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; TEXT-INDENT: 9.75pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>%</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>2016</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; TEXT-INDENT: 9.75pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>%</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Metropolitan</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1,136.7</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1,084.3</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>4.8</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>987.8</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>939.1</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>5.2</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>2,124.5</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>2,023.4</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>5.0</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Regional Systems<SUP> (2)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>626.2</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>613.9</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>2.0</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>535.4</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>517.2</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>3.5</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1,161.6</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1,131.1</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>2.7</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Total retail</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1,765.9</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1,698.2</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>3.8</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1,523.2</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0.4pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1,456.3</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>4.6</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>3,286.1</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>3,154.5</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>4.2</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Wholesale <SUP>(3)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>227.4</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>215.5</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

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

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>29.0</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>24.4</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>18.9</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>256.4</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>239.9</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>6.9</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Total </FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1,990.3</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1,913.7</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>4.0</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1,552.2</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt; TEXT-INDENT: 0.4pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1,480.7</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>4.8</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>3,542.5</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>3,394.4</FONT></B></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>4.4</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>&nbsp;(1) Not audited</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>&nbsp;(2)&nbsp; Consisting of the coast and interior regions</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>&nbsp;(3)&nbsp; Wholesale includes the volumes of reuse water and non-domestic sewages</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>In 2016 the costs of products sold and services rendered, administrative, commercial and construction expenses increased by 21.1% (R$1.9 billion). Disregarding the effects of the costs of construction, the increase was 26.6%. The share of costs and expenses in net revenue rose to 75.7% in 2016, compared to the 75.3% shown in 2015. For further information on the breakdown and the changes in costs and expenses, see the Earnings Release, available on the Company&#8217;s website at www.sabesp.com.br/investors, item Financial and Operational Information in the top menu.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>Adjusted EBITDA showed an increase of 15.0%, going from R$3,974.3 million in 2015 to R$4,571.5 million in 2016, and the adjusted EBITDA margin reached 32.4%, while in the previous year it was 33.9%. Excluding the effects of revenue and of construction costs the adjusted EBITDA margin in 2016 is 43.3% (46.6% in 2015)</FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>.</FONT></FONT></P><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif></FONT>

<a name="_bclFooter43"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>43</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_44"></A>

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

<a name="_bclHeader44"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=#4f81bd face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#4f81bd face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; History of Adjusted EBITDA and Adjusted EBITDA Margin</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center>
<IMG border=0 src="fp01d.jpg"></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<a name="_bclFooter44"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>44</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_45"></A>

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

<a name="_bclHeader45"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#4f81bd face=calibri,sans-serif>Reconciliation of Adjusted EBITDA</FONT></B><SUP>
<SUP><SUP><B><U><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#4f81bd face=calibri,sans-serif>5</FONT></U></B></SUP></SUP></SUP><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#4f81bd face=calibri,sans-serif> (Non-accounting measure)</FONT></B></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>R$ million</FONT></B></FONT></P>

<DIV align=center>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="37%" noWrap>

   <P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US color=#000000 face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#000000 face=calibri,sans-serif>2016</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#000000 face=calibri,sans-serif>2015</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#000000 face=calibri,sans-serif>2014</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#000000 face=calibri,sans-serif>2013</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #95b3d7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#000000 face=calibri,sans-serif>2012</FONT></B></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="37%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#000000 face=calibri,sans-serif>Net income</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#000000 face=calibri,sans-serif>2,947.1 </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>536.3</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>903.0</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>1,923.6 </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>1,911.9 </FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="37%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#000000 face=calibri,sans-serif>Financial results</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#000000 face=calibri,sans-serif>(699.4)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>2,456.5</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>635.9 </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>483.2</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>295.7</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="37%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#000000 face=calibri,sans-serif>Depreciation and amortization</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#000000 face=calibri,sans-serif>1,146.6 </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>1,074.1</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>1,004.5</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>871.1</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>738.5 </FONT></P></TD></TR>

<TR style="HEIGHT: 26.35pt">

   <TD style="HEIGHT: 26.35pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#000000 face=calibri,sans-serif>Income and social contribution taxes</FONT></P></TD>

   <TD style="HEIGHT: 26.35pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#000000 face=calibri,sans-serif>1,181.9 </FONT></P></TD>

   <TD style="HEIGHT: 26.35pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>51.2</FONT></P></TD>

   <TD style="HEIGHT: 26.35pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>371.8</FONT></P></TD>

   <TD style="HEIGHT: 26.35pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>732.0</FONT></P></TD>

   <TD style="HEIGHT: 26.35pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>635.7 </FONT></P></TD></TR>

<TR style="HEIGHT: 29.35pt">

   <TD style="HEIGHT: 29.35pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#000000 face=calibri,sans-serif>Other operating net revenues/ expenses</FONT><FONT style="FONT-SIZE: 12pt"><FONT></FONT></FONT><SUP>
   <SUP><SUP><U><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#000000 face=calibri,sans-serif>[6]</FONT></U></SUP></SUP></SUP></P></TD>

   <TD style="HEIGHT: 29.35pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#000000 face=calibri,sans-serif>(4.7)</FONT></P></TD>

   <TD style="HEIGHT: 29.35pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>(143.8)</FONT></P></TD>

   <TD style="HEIGHT: 29.35pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>3.5</FONT></P></TD>

   <TD style="HEIGHT: 29.35pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>(3.3)</FONT></P></TD>

   <TD style="HEIGHT: 29.35pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>23.2</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="37%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#000000 face=calibri,sans-serif>Adjusted EBITDA </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#000000 face=calibri,sans-serif>4,571.5 </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>3,974.3</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>2,918.7</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>4,006.6</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>3,605.0 </FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="37%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#000000 face=calibri,sans-serif>Adjusted EBITDA Margin </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#000000 face=calibri,sans-serif>32.4 </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>33.9</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>26.0</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>35.4</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>33.6</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="37%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#000000 face=calibri,sans-serif>Revenue from construction</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#000000 face=calibri,sans-serif>(3,732.9)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>(3,336.7)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>(2,918.0)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>(2,444.8)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>(2,464.5)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="37%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#000000 face=calibri,sans-serif>Cost of construction</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#000000 face=calibri,sans-serif>3,651.4 </FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>3,263.8</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>2,885.5</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>2,394.5</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>2,414.4 </FONT></P></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="37%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#000000 face=calibri,sans-serif>Adjusted EBITDA excluding revenue and cost of construction</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#000000 face=calibri,sans-serif>4,490.0 </FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>3,901.4</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>2,856.2</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>3,956.3 </FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>3,554.9</FONT></P></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="37%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#000000 face=calibri,sans-serif>Adjusted EBITDA Margin excluding revenue and cost of construction</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#000000 face=calibri,sans-serif>43.3 </FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>46.6</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>34.4 </FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>44.6</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>43.0</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#2e74b5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#2e74b5 face=calibri,sans-serif></FONT></B></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 115%" color=#2e74b5 face=calibri,sans-serif></FONT>

<HR align=left SIZE=1 width="33%">



<DIV id=ftn5><FONT lang=PT-BR></FONT>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="VERTICAL-ALIGN: super" face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">5</FONT></FONT><FONT style="FONT-SIZE: 10pt"><FONT lang=EN-US face=Arial,sans-serif> </FONT><FONT lang=EN-US face=calibri,sans-serif>Adjusted EBITDA (&#8220;Adjusted EBITDA&#8221;) corresponds to net income before: (i) depreciation and amortization expenses; (ii) income and social contribution taxes (federal taxes on income); (iii) the financial results; and (iv) other net operating expenses. Adjusted EBITDA is not a measure of financial performance according to accounting practices adopted in Brazil, IFRS - International Financial Reporting Standard or USGAAP (generally accepted accounting principles in the United States), nor should it be considered in isolation or as an alternative to net income, as a measure of operational performance, or as an alternative to operating cash flows as a measure of liquidity. Adjusted EBITDA has no standardized meaning, and the Company&#8217;s definition of Adjusted EBITDA is not comparable with those used by other companies. The Company&#8217;s management believes that the Adjusted EBITDA provides a useful measure of its performance, which is widely used by investors and analysts to evaluate performance and compare companies. Other companies may calculate Adjusted EBITDA in a form that is different from that of the Company. Adjusted EBITDA is not a part of the financial statements.&nbsp; </FONT></FONT></P><FONT style="FONT-SIZE: 10pt">

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US face=calibri,sans-serif>Adjusted EBITDA has the purpose of showing an operational economic performance indicator. SABESP&#8217;s Adjusted EBITDA is equivalent to net income before net financial expenses, Income and Social Contribution Taxes (federal taxes on income), depreciation and amortization, and other net operating expenses. Adjusted EBITDA is not an indicator of financial performance recognized under the Corporate Law Method and must not be considered severally or as an alternative to net income as an indicator of operating performance, as an alternative to the operational cash flows or as an indicator of liquidity. SABESP&#8217;s Adjusted EBITDA serves as a general indicator of its economic performance and is not affected by the restructuring of debts, oscillation of the interest rates, alterations of tax burden or levels of depreciation and amortization. As a result, Adjusted EBITDA serves as an adequate instrument for regular comparison of the operational performance. In addition, there is another formula for calculation of Adjusted EBITDA that is adopted in clauses of some of the financial commitments. Adjusted EBITDA enables a better understanding not only of the operational performance but also of the ability of fulfilling the Company&#8217;s obligations and raising funds for capital investments and working capital. Adjusted EBITDA, however, has limitations that hinder it from being used as an indicator of profitability, inasmuch as it does not take into account other costs resulting from SABESP&#8217;s activities or certain other costs that may affect its profits significantly, such as financial expenses, taxes, depreciation, capital expenditures and other related charges.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="VERTICAL-ALIGN: super" face="Times New Roman"><FONT lang=X-NONE face="Times New Roman">6</FONT></FONT><FONT lang=X-NONE face=Arial,sans-serif> </FONT><FONT lang=X-NONE face=calibri,sans-serif>Other net operating revenues/expenses, mainly related to write-offs of fixed assets, provision for losses with intangible assets, loss from economically unviable projects, after deducting revenues from sale of fixed assets, sales of invitations to bid, indemnities and reimbursement of expenses, penalty fines and bonds, rental of real estate, reuse of water, projects and Pura and Aqualog services</FONT><FONT lang=X-NONE face=Arial,sans-serif>.</FONT></P></FONT></DIV>

<a name="_bclFooter45"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>45</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<DIV></DIV>

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



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

<A name="page_46"></A>

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

<a name="_bclHeader46"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#4f81bd face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#4f81bd face=calibri,sans-serif>Investments</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>In 2016, an investment was made in the amount of R$3.9 billion, including R$1.3 billion relative to the S&#227;o Louren&#231;o PPP, still reflecting the prioritization of the water supply infrastructure.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>The following table details the investment made, segregated by water, sewage and region</FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>:</FONT></FONT></P>

<DIV align=center>

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



<TR style="HEIGHT: 16pt">

   <TD style="HEIGHT: 16pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="35%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif>R$</FONT></FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif>million (current)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 19.85pt">

   <TD style="HEIGHT: 19.85pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #b8cce4; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 19.85pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #b8cce4; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.15in"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif>Water</FONT></B></P></TD>

   <TD style="HEIGHT: 19.85pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #b8cce4; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="18%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.15in"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif>Sewage</FONT></B></P></TD>

   <TD style="HEIGHT: 19.85pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #b8cce4; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="17%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.15in"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 19.85pt">

   <TD style="HEIGHT: 19.85pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>Metropolitan Region of S&#227;o Paulo</FONT></B></P></TD>

   <TD style="HEIGHT: 19.85pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>2,373.5</FONT></B></P></TD>

   <TD style="HEIGHT: 19.85pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>819.4</FONT></B></P></TD>

   <TD style="HEIGHT: 19.85pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>3,192.9</FONT></B></P></TD></TR>

<TR style="HEIGHT: 19.85pt">

   <TD style="HEIGHT: 19.85pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>Regional Systems (interior and coast)</FONT></B></P></TD>

   <TD style="HEIGHT: 19.85pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>270.1</FONT></B></P></TD>

   <TD style="HEIGHT: 19.85pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>414.7</FONT></B></P></TD>

   <TD style="HEIGHT: 19.85pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #dce6f1; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>684.8</FONT></B></P></TD></TR>

<TR style="HEIGHT: 19.85pt">

   <TD style="HEIGHT: 19.85pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 19.85pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>2,643.6</FONT></B></P></TD>

   <TD style="HEIGHT: 19.85pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>1,234.1</FONT></B></P></TD>

   <TD style="HEIGHT: 19.85pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>3,877.7</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 14.2pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>Note: Does not include the commitments assumed under the program agreement (R$6 million).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>For the period from 2017 to 2021 the Company expects to directly invest approximately R$13.9 billion, of which R$7.1 billion in water and R$6.8 billion in collection and treatment of <FONT style="COLOR: #000000">sewage</FONT></FONT><FONT style="COLOR: #000000"><SUP>
<A href="#_ftn7" name=_ftnref7><SUP><SUP><U><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>7</FONT></U></SUP></SUP></A></SUP><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>:</FONT></FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 0.25in" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 0.25in" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center>
<IMG border=0 src="fp01f.jpg"></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#4f81bd face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#4f81bd face=calibri,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#4f81bd face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#4f81bd face=calibri,sans-serif>Indebtedness</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In the course of 2016, as the Company was recovering from the effects of the hydric crisis, this was reflected in its indebtedness metrics. Also contributing to this improvement was the evolution of the country&#8217;s macroeconomic scenario, particularly the lower volatility of the foreign exchange rate and the appreciation of the Brazilian Real in relation to foreign currencies.</FONT></FONT></P>

<HR align=left SIZE=1 width="33%">



<DIV id=ftn7><FONT lang=PT-BR></FONT>

<P style="MARGIN: 0in 0in 0pt">
<A href="#_ftnref7" name=_ftn7><FONT style="VERTICAL-ALIGN: super" face="Times New Roman"><FONT style="VERTICAL-ALIGN: 0px" face="Times New Roman"><FONT lang=X-NONE style="FONT-SIZE: 9pt; COLOR: #000000" face=calibri,sans-serif>7</FONT></FONT></FONT></A><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=calibri,sans-serif> For more information on our investment and emergency works to cope with the water crisis, see the chapters &#8220;Infrastructure and Planning for the Future of Supply&#8221;, &#8220;Expansion of Infrastructure and Recovery of Water Resources&#8221;.</FONT></P><FONT lang=PT-BR></FONT></DIV>

<a name="_bclFooter46"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>46</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name=page_47></A>

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

<a name="_bclHeader47"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The Company&#8217;s active management of the debt maintained its conservative, prudent and responsible guidance of not increasing its relative level of indebtedness, as well as maintaining its level of debt in foreign currency (% of the total debt) within the average of the previous years, which was essential to preserve the low cost of third-party capital and administrate the effects of the foreign exchange rate variance on the debt.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The Real/dollar exchange rate, which ended the year 2015 quoted at R$3.9048 per dollar, ended the year 2016 at R$3.2591. As the nominal foreign currency indebtedness remained in line with previous years, this appreciation of the Real translated into a decrease of the amount in Reais of the debt in foreign currency. In relation to total debt, inasmuch as there was no substantial increase in the Company&#8217;s indebtedness, since new funding was basically allocated to the refinancing of overdue transactions in the period, there was an improvement in the debt metrics, particularly in the &#8220;Total Adjusted Debt/Adjusted EBITDA&#8221; financial indicator (covenant), which ended the year 2015 by 3.26 times, but which, as a result both of the nominal reduction of the debt and by the gradual recovery of the EBITDA, ended the year 2016 by 2.58 times, very close to the Company&#8217;s historical levels, around 2.5 times.</FONT></FONT></P>

<P style="MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center>
<IMG border=0 src="fp01g.jpg" align=middle></P>

<P style="MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<a name="_bclFooter47"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>47</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_48"></A>

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

<a name="_bclHeader48"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In 2016, the Company repaid R$1,535.3 million of debt and closed the year with total indebtedness of approximately R$12.0 billion, compared to R$13.1 billion at the end of 2015, which represents a nominal reduction of 8.07%. The foreign currency debt, which totaled 50.4% of total debt in 2015, represented 47.3% at the end of 2016.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Although SABESP must cope with the effects of the exchange rate fluctuations on its financial statements, the Company does not use hedging instruments, since a major part of the foreign currency debt is contracted with official agencies of foreign and national governments, in addition to multilateral organizations, with very low costs, long maturity terms and diluted repayments.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The management that SABESP has been adopting allowed the Company to show a robust economic-financial performance in the years prior to the hydric crisis, and was fundamental in the absorption its effects in the years 2014 and 2015. Throughout 2016, as explained above, it gradually recovered its credit metrics, showing a solid economic-financial structure, which enabled it to maintain high investments, even in times of crisis. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Despite this improvement in the Company&#8217;s economic indicators, its credit risk rating has not yet captured this evolution, due to three factors: (i) the Brazilian credit risk rating downgrade in early 2016, which generated immediate downgrade of the credit rating of Brazilian companies, among them SABESP; (ii) the fact that the improvement in the Company&#8217;s credit indicators has been occurring at a gradual pace since the first half of 2016; and (iii) the non-occurrence of annual credit reviews in the course of the second half of 2016. The Company&#8217;s credit scores are shown below, including the downgrade that occurred in February 2016 in the Standard &amp; Poor&#8217;s credit rating due to the downgrade of the rating of the country:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<DIV align=center>

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



<TR style="HEIGHT: 14.2pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Rating Agency</FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>National Scale</FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Global Scale</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Standard &amp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Poor&#8217;s</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>brA+</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>BB</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>FitchRatings</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>AA- (bra)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>BB</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Moody&#8217;s</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Aa2.br</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Ba2</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#4f81bd face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: 0.75pt" color=#4f81bd face=calibri,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#4f81bd face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: 0.75pt" color=#4f81bd face=calibri,sans-serif>Fundraising</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In October 2016 the Company contracted a foreign loan in the amount of US$150 million, corresponding to R$469 million, for a term of 3 years, with an interest rate corresponding to the Libor for 3 months plus 4.50% per annum. The interest relative to this loan will be paid on a quarterly basis and the repayment will occur in six-monthly installments as from the 18th month.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The funds raised by this loan were used for settle of the 2016 Eurobond, in the amount of US$140 million, and other debts falling due in 2016.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<a name="_bclFooter48"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>48</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_49"></A>

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

<a name="_bclHeader49"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In 2016, no new debts were contracted for investment financing. More information on loans and financing is available in Note 16 to the Financial Statements</FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#4f81bd face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#4f81bd face=calibri,sans-serif>Agreement with the Municipality of S&#227;o Paulo</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In December the first Quadrennial Review of the Agreement with S&#227;o Paulo was completed, which altered the Service Targets and Service Quality Plan, the Investment Plan and the Investment Compatibility Plan. However, the recovery, by means of a tariff, of the transfer to the Municipal Fund for Environmental Sanitation and Infrastructure, authorized by Arsesp Resolution 407/2013, was not addressed, and the suspension approved by Arsesp Resolution 413/13 and upheld by Resolution 488/14 was maintained. To learn more about the transfer, see Note 14 (d) (v) to the Financial Statements.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#4f81bd face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#4f81bd face=calibri,sans-serif>Relationship with the Municipalities Served by Wholesale </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SABESP provides water by wholesale to five municipalities of the RMSP: S&#227;o Caetano, Mogi das Cruzes, Guarulhos, Mau&#225; and Santo Andr&#233;. The municipalities of Guarulhos, Mau&#225; and Santo Andr&#233; show a relevant history of default. In 2017, except for Guarulhos, which made the full payment of the consumption bill for January 2017, the other municipalities maintained the default behavior.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 14.2pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>From mid-2015 to early 2016 SABESP executed Protocols of Intention with the three municipalities to develop studies and assessments aimed at resolving the existing commercial relations and debts, but all of the Protocols were ended with no success in the negotiations in mid-2016.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 14.2pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>In 2016, SABESP included the autonomous municipal agencies in default in the Single Register of Debtors of S&#227;o Paulo (State CADIN) by which all unpaid amounts are collected judicially. The Company has been successful in the judicial proceedings, whereby some of court-ordered public debt payments are in pay-out phase. For more information on the accounts receivable from the municipalities served by wholesale, see Note 9 to the Financial Statements.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 14.2pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>In addition, at the request of the Municipal Environmental Sanitation Service of Santo Andr&#233; (SEMASA), the Economic Defense Council (CADE) filed an administrative investigation against SABESP for alleged violation of the economic order in wholesale water supply. Subsequently the municipality of Guarulhos adopted a similar measure, and its request was attached to the same proceeding. As of this date, no administrative proceeding has been filed.</FONT></FONT></P><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif></FONT>

<a name="_bclFooter49"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>49</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_50"></A>

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

<a name="_bclHeader50"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 14.2pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#4f81bd face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#4f81bd face=calibri,sans-serif>Transactions with Related Parties</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The year was also marked by the execution of an agreement with the Metropolitan Water and Energy Company (EMAE), aiming at the definite dismissal of litigation involving the use of the Guarapiranga and Billings reservoirs. The efficacy of the transaction is still subject to the condition precedent of approval by the pertinent corporate bodies of the EMAE, inasmuch as it has already been approved by the National Electric Power Agency - ANEEL. For more information on the transaction, see Explanatory Note 10 </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>(c).</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#2e74b5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#2e74b5 face=calibri,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#2e74b5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#2e74b5 face=calibri,sans-serif>Stock Market </FONT></B></FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#2e74b5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#2e74b5 face=calibri,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The behavior of the stock market in 2016 reflected the investors&#8217; expectations mainly concerning the recovery of the reservoirs of the Metropolitan Region of S&#227;o Paulo and of the end of the Incentive Program for the Reduction of Water Consumption.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>These events had a positive impact on the Company&#8217;s shares, which at the end of 2016 reached R$28.79, a 53.5% appreciation compared to 2015, a result over that of the Ibovespa, which recorded a rise of 38.9%.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The ADRs closed the year with appreciation of 90.7%, quoted at US$8.68. In the same period, the Dow Jones index recorded a rise of 13.4%, and the S&amp;P 500 of 9.5%.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>With this performance, the Company&#8217;s market value showed significant recovery, going from R$12.9 billion in 2015 to R$19.7 billion in 2016. On December 31, 2016 the Company&#8217;s equity value was of approximately R$22.56 per share.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>SABESP&#8217;s shares participated in 100% of BM&amp;FBovespa&#8217;s trading sessions, and the annual financial volume traded more than doubled in comparison with 2015, reaching a figure of R$13.0 billion. In the US market, the Company closed the year with 132.4 million of outstanding ADRs, and an annual financial volume of US$4.5 billion, 50% more than in the previous year.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In 2016 SABESP continued to be monitored by the principal financial institutions of the market.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif></FONT>

<a name="_bclFooter50"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>50</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_51"></A>

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

<a name="_bclHeader51"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#4f81bd face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: 0.75pt" color=#4f81bd face=calibri,sans-serif>Dividends</FONT></B></FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>According to the Company&#8217;s Bylaws, the common shares are entitled to a minimum mandatory dividend, corresponding to 25% of net income for the year, arrived at after certain deductions that determined or admitted by law and that can be paid in the form of interest on own capital. In 2016 SABESP credited dividends in the form of interest on own capital amounting to R$149.9 million relative to 2015, corresponding to approximately R$0.2193 per common share and a dividend yield of 1.2%.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>As regards the year 2016, the Board of Directors approved the proposal of payment of interest on own capital amounting to R$823.5 million, corresponding to R$1.2048 per common share and a dividend yield of 4.2%, to be paid on June 27, 2017. </FONT></FONT></P><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif></FONT>

<a name="_bclFooter51"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>51</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_52"></A>

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

<a name="_bclHeader52"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#4f81bd face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 18pt" color=#4f81bd face=calibri,sans-serif>SANITATION AND ENVIRONMENT: A RELATIONSHIP ORIENTED BY SUSTAINABILITY</FONT></B></FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>SABESP&#8217;s environmental management, based on the guidelines proposed in its Environmental Policy, is inherent on the provision of the sanitation services and the essence of the business. Aiming at reaching a new level of operational excellence, the SABESP corporate environmental management planning has as one of its premises to implement a culture of prevention and of best environmental practices, aiming at the continual improvement of the Company&#8217;s environmental performance.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In order to consolidate the environmental culture, the Company prioritizes the internal and external dissemination of knowledge and experiences related to good environmental practices. These are actions that are present in the corporate programs for environmental management that involve the collaborators, the community and partnerships with non-governmental organizations. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In 2016 there was allocation of approximately R$21.0 million to investments and expenditures with the environment, directly associated with the development and implementation of the principal corporate environmental management programs, as well as the Program for Rational Use of Pure Water, among other environmental initiatives of a local scope implemented by the Company&#8217;s Business Units.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Other investments and expenses associated with environmental protection are contemplated in the total amount of operational expenses and investments informed in this report, given the direct relationship of the environmental activities with the end-activity of the Company. As an example, the investments in sewage, effluents monitoring, payment for the use of water from federal and state watercourses, maintenance of reserves in protected areas, maintenance of forest nurseries, effluents reuse initiatives, environmental education actions, environmental skills development, among other initiatives.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#4f81bd face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: 0.25pt" color=#4f81bd face=calibri,sans-serif>Environmental Management System and ISO 14001 Certification </FONT></B></FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>SABESP has been prioritizing , as part of its Environmental Policy implementation strategy, the continuity of the Corporate Program for progressive implementation of an Environmental Management System (EMS) at the Sewage Treatment Stations&nbsp; and Water Treatment Stations , which was structured in 2009.</FONT></FONT></P>

<a name="_bclFooter52"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>52</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_53"></A>

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

<a name="_bclHeader53"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;The EMS is currently present in 129 stations, of which 35 are certified in ISO 14001. There are perspectives of implementing the EMS in all stations by 2024, whereby the scope of 14001 certification may be expanded according to the strategy of the Business Units, which scope is evaluated annually by means of outside audits. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>This program has fostered and strengthened the Company&#8217;s culture change process, which inserts environmental management in the business guidelines. It also has the purpose of improving the operational management, aiming at minimizing risks, accidents and generation of environmental liabilities, in addition to stimulating the development of preventive and sustainable actions, with consequent improvement of the environmental performance. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Since 2015 SABESP has been working on the SGA with a mixed model, where the ISO 14001 standard is applied to the certified scope, and for the other stations, it uses its own environmental management model (named SGA-SABESP), with focus on environmental aspects that are more relevant for the operation of the Sewage Treatment Plants and Water Treatment Plants</FONT></FONT><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>.</FONT></FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#4f81bd face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: 0.25pt" color=#4f81bd face=calibri,sans-serif>Climate change and management of greenhouse gas emissions </FONT></B></FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Climate conditions and extreme events interfere directly on sanitation activities. Thus, technical capability, the quantification of greenhouse gas emissions and the implementation of actions to mitigate them, as well as adaptation to current climatic conditions are now on the Company&#8217;s agenda, constituting a set of initiatives intended to enhance their environmental and operating performance.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The preparation of annual inventories to measure greenhouse gas emissions - GHG, the promotion of awareness programs regarding climate issues and the fostering of adoption of environmentally more efficient measures and practices so as to manage greenhouse gas emissions are some of the actions on-going in the company within the scope of the Corporate Program for Management of Greenhouse Gas Emissions &#8211; GHG. The initiative reflects the responsibilities set out in the guidelines and requirements of the State Policy on Climate Change (PEMC).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In 2016, SABESP concluded its 2015 corporate GHG inventory, totaling 2,204,464 tCO2e. This is the 9th edition of the inventory, and it shows the trend observed in previous inventories, in which the collection and treatment of sewage are the largest sources of GHG emissions, accounting for approximately 87% of the total. Electricity contributed with 12%, while the other activities accounted for approximately 1%. Drawn up since 2007, the document follows the principles and requirements of the standard NBR ISO 14064:2007 Part 1 and the Brazilian GHG Protocol Program. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<a name="_bclFooter53"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>53</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_54"></A>

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

<a name="_bclHeader54"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In line with the opportunities to reduce greenhouse gas emissions resulting from the Company&#8217;s energy consumption, to identify opportunities to increase the efficiency of energy consumption and to enhance operations, energy efficiency studies are being carried out in several of the Company's operating units, the following actions stand out for 2016:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>At the S&#227;o Jo&#227;o da Boa Vista ETE, efficiency studies were carried out involving mechanical aerators for sewage treatment lagoons with depth of more than 4 meters. As a result, alternatives capable of generating demand reductions and energy savings estimated in the order of 40% were identified. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Another initiative was carried out in the Parque Novo Mundo wastewater treatment plant during 2016, to find new technologies in replacement of the existing air blowers. During that study, it was noted that the current air production system can be exchanged for machines offering high energy efficiency and at the same time an increased air production, in order to meet the expected increases in treatment demand. The new equipment proposed &#8211; state-of-the-art air blowers &#8211; will offer higher control over the treatment process in aeration tanks, thus contributing to the continuing improvement of effluent as well as an estimated reduction of 23% in energy consumption.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The new legislation for the electricity sector permits the application of photovoltaic energy to distributed generation in some places. An early-stage study, is under development for the implementation of photovoltaic energy in some sewage treatment lagoons which permits estimated economies ranging from 10% to 20% in electrical energy consumption. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>A study to generate hydro energy in water pipelines, taking advantage of water&#8217;s kinetic energy, is also under development. The project is underway in two water-pumping stations with an estimated 25% reduction in the energy consumption.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>At the Vila Romana water-pumping station, a project to replace the booster pumps electrical engines with natural gas engines is foreseen. The project is included in COMG&#193;S&#8217;s R&amp;D program. This change may allow energy savings of more than 50% during peak hours and 10% during the rest of the day. It is a simpler and more reliable pumping system, because it eliminates a series of components, such as primary cabin and transformer, as well as safety and control panels. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Also in the search for continuing improvement in energy consumption, a protocol of intentions was signed with the Danish Water Forum (DWF) whose objectives include international technological cooperation in energy efficiency projects for sewage treatment stations.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>It is also worth pointing out that, in 2016, 4.33% of all electricity consumed by SABESP, measured in GWh, corresponds do energy produced under energy incentive programs. The programs </FONT></FONT>


<FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>are an initiative of the Brazilian government to foster production of energy from renewable sources, so that the acquisition of this type of energy contributes to the enlargement of the clean source electricity matrix on a nationwide scale and to the reduction of greenhouse gas emissions. </FONT></FONT></P>

<a name="_bclFooter54"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>54</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_55"></A>

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

<a name="_bclHeader55"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>




<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The use of biogas as a source of energy has also been explored by the Company as an alternative to optimize processes, together with the principles of sustainability, with positive effects on the reduction of greenhouse gas emissions. This is a technical cooperation agreement in an amount of approximately R$7.3 million between SABESP and the German Fraunhofer Institute, with the purpose of obtaining biomethane (vehicle fuel) for the Company&#8217;s fleet, from the biogas generated at the Franca sewage treatment unit. The return is estimated at about R$235 thousand a year, from the reduced consumption in traditional fuels. Equipment imported was received by the end of 2016. Completion of construction works, equipment installation and the beginning of technological tests are expected to take place in 2017. At present, this is the only &nbsp;initiative in Brazil to transform gas generated in sewage treatment in vehicle fuel with this technology. In recognition of its commitment to the environment meant by this project , in 2016 SABESP was awarded the Ethic in Business prize in the sustainability category. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Also at the Franca sewage treatment station , the project of drying sludge through solar irradiation deserves special mention. The reduction in the volume of sludge generated by the project reduces the number of trips necessary to carry sludge to the landfill, thus reducing vehicle fuel consumption and greenhouse gas emitions .</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>We also contributed to the reduction in greenhouse gas (GHG) emissions with the SABESP Fleet Renewal Program, an action that has been in place since 2011, focusing on the replacement of light vehicles with more than 7 years&#8217; use and heavy vehicles with an age of more than 20 years. After the replacement of 1,446 light and 461 heavy vehicles, representing 74% and 72% of the total fleet, respectively, the program has contributed to the reduction of greenhouse gas. Together with this program, SABESP follows government guidelines on the use of ethanol, a renewable fuel, for flex vehicles and Diesel S10 for heavy vehicles</FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#4f81bd face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: 0.25pt" color=#4f81bd face=calibri,sans-serif>Water resource management and protection </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The participation of Sabesp in the various instances of the National Water Resources Management System occurs through the performance of 158 of its employees, from various Company units, coordinated corporately.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Within the scope of the System, SABESP holds a position in the Plenary Sessions of the National Council for Water Resources (CNHR) and in three of the latter&#8217;s technical chambers. It is also represented at the plenary session and in the technical chambers of the four federal committees </FONT></FONT>


<FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>encompassing the State of S&#227;o Paulo. At state level, SABESP participates in the seven technical chambers of the State Council for Water Resources and has a seat at the plenary sessions of the 21 state water basin committees and in technical chambers. </FONT></FONT></P>

<a name="_bclFooter55"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>55</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_56"></A>

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

<a name="_bclHeader56"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>




<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>To date, SABESP&#8217;s priorities include, besides participation in the plenary sessions, work in the chambers dealing with Planning, Sanitation and Charging for the Use of Water. Considering the importance of Environmental Education in the management of water resources, SABESP will include participation in the Environmental Education Chamber among its priorities. The Company is already active in several of those chambers and intends to expand its representation to participate in all of the environmental education chambers now in existence or that may be implemented by the basin committees in the future, since not all committees have this chamber implemented.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Also with a view to further enhancing water resource management, SABESP has been accompanying the gradual implementation of charges for the use of water This is an important instrument whose objectives provided for in the National Policy on Water Resources include, among others, awareness as to the rational use of water by its inherent economic value and the provision of part of the funds required for the actions planned by the Water Basin Committees aimed at recuperating and preserving water resources. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In 2016, the company disbursed approximately R$43 million as payment for the use of water under federal and state dominion in the water basins of the Para&#237;ba do Sul river, the Piracicaba, Capivari and Jundia&#237; rivers, the Sorocaba and M&#233;dio Tiet&#234; rivers, the rivers in Baixada Santista region and those of the Alto Tiet&#234; river, Baixo Tiet&#234; river, Tiet&#234; Batalha river, Tiet&#234; Jacar&#233; river and Ribeira de Iguape river and Litoral Sul. Charges for the remaining river basins in the State of S&#227;o Paulo are expected to begin in 2017. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Another debating point in which the company is involved focuses on the classification of water bodies in which the water basin sets up a pact around targets for the quality of the water associated with its predominant uses. These two management and planning instruments are directly related to SABESP&#8217;s business. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Among the other activities within the scope of the Water Resources Management System in which SABESP representatives participate, the preparation of draft bills on the protection of water sources deserves special mention.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In appreciation of the need to preserve the water resources, the company owns and maintains areas within conservation units which are inspected and monitored. The areas are also open to universities and NGOs for socioenvironmental studies. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<a name="_bclFooter56"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>56</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_57"></A>

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

<a name="_bclHeader57"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Besides the reserves, since 1990 SABESP maintains two forest nurseries intended for producing seedlings of native species. The objective is to contribute to the projects for restoring and rehabilitating of riparian vegetation surrounding the water sources that supply the metropolitan region of S&#227;o Paulo (RMSP). One of them is installed at the Jaguari dam of the Cantareira System within the municipality of Vargem, and another one at ETA Alto Cotia, in the municipality of Cotia. It also maintains a nursery in the Jales sewage treatment station &nbsp;which supplies seedlings of tabebuia, cecropia, mahogany, cedar, queen palm, palm, guava tree, bilimbi e moringa, used for reforestation purposes.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In regard to environmental grants and permits, the existing operating complex is the subject matter of the Corporate Programs for Obtaining and Maintaining Grants of Right of Use of Water Resources and Environmental Permits for ETEs, ETAs and Sewage Pumping Stations (EEEs). </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>SABESP in the development of its activities related to the execution of works and interventions, goes through a process of obtaining permits and environmental licenses, according to the current legislation. As a result of these processes , SABESP undertakes environmental compensation commitments. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>To meet the current and future obligations, SABESP developed and is implementing a program that includes the planting &nbsp;and the maintenance of 1 million seedlings in the period of ten years.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The work has already started and is included within the context of the &#8220;Programa Nascentes&#8221; of the Government of the State of S&#227;o Paulo, being currently in course the plantation and maintenance of 213 thousand seedlings in the Metropolitan Region of S&#227;o Paulo, with the prospect to hire immediately&nbsp; 110 thousand more seedlings in the interior of S&#227;o Paulo.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>It is also planned to hire the planting and maintenance of&nbsp; 300 thousand more seedlings in the short and medium terms, integrated to the &#8220;Programa Nascentes&#8221;. The total expenditure for this program is R$40 million.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>As a result, it is expected not only the improvement in the management and fulfillment of the commitments, but also a greater environmental benefit arising from the coordinated efforts between SABESP and the State Government through the &#8220;Program Nascentes&#8221;.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<a name="_bclFooter57"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>57</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_58"></A>

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

<a name="_bclHeader58"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#4f81bd face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: 0.25pt" color=#4f81bd face=calibri,sans-serif>SABESP Environmental Education Program &#8211; PEA&nbsp; </FONT></B></FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#0066ff face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#0066ff face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>To the extent that water and sewage services expand, and also considering the increased global awareness of environmental questions, the need to interact with the population also increases, considering that social participation plays an increasing role in the daily life of sanitation companies&#8217; activities.</FONT></FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Within this context, environmental education is a necessary instrument to ensure the effectiveness of sanitation actions. Such education enables increased awareness of the importance of house connections to the sewage system and the adequate use of the sanitation equipment available, of rational use of water, of the 3Rs concept in solid waste and orientation to avoid the misguided connections of rain water to the sewage system, among others, the involvement of the entire population is vital to sanitation. Thus, the enjoyment of the advantages of a healthy and balanced environment requires maintaining an investment in education, the basis that can sustain the transformations and advances required to the evolution of the community.</FONT></FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The goal of the PEA SABESP educational program is environmental awareness, with the insertion of a new vision of the importance of sanitation equipment and service for a healthy environment and society.</FONT></FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Such actions promote: &nbsp;&nbsp;&nbsp; </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>(i) Increased perception of the value of sanitation services provided in relation to the water treatment and distribution and of sewage collection and treatment. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>(ii) Development of actions related to hygienic and preventive health habits. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>(iii) Formation of local environmental agents and educators committed to environmental preservation. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 0.25in"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>At SABESP, the Sanitary and Environmental Education Areas have been under the care of employees of different organizational levels, different backgrounds and different functional and operational areas of the Company, for more than 40 years. For that purpose, PEA SABESP relies on corporate guidance including company procedures, methodology and mechanisms for the planning and management of the hundreds of environmental predication actions and projects developed by the company.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 0.25in"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 0.25in"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>During 2016, a total of 2,200 talks were given in schools communities and companies within the scope of PEA SABESP. The talks were attended by approximately 382 thousand persons, mostly youngsters between 15 and 29 years of age. Also, there were 1.6 thousand monitored visits to SABESP facilities, receiving 71 thousand visitors, mostly from government schools.</FONT></FONT></P>

<a name="_bclFooter58"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>58</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_59"></A>

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

<a name="_bclHeader59"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 0.25in"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 0.25in"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Other activities were also carried out, such as plantation of trees, a sensory garden, vegetable gardens in schools, training of teachers and students, selective collection and recycling of waste. They also involved wide social mobilization in commemorative dates, such as the World Water Day, Environmental Day, Tree Day and Clean River and Beach Day, with the involvement of many other parties, such as local governments, school network, companies, community leaders and Company staff.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 0.25in"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#4f81bd face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LETTER-SPACING: 0.25pt" color=#4f81bd face=calibri,sans-serif>Good environmental practices in administrative areas </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>SABESP implemented the 3Rs program to the adequate destination of solid waste generated by administrative areas. The program was conceived with the purpose of structuring management of those residues and organizing and standardizing a series of selective collection initiatives which were already carried out in different units of the Company.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Using the 3Rs concept of residue management (Reduce, Reuse, Recycle) actions and practices to minimize residue generation were defined. These prioritize reduction of consumption, reuse of materials and recycling and also determine an environmentally responsible destination of solid residues generated in administrative activities. The program includes training employees and providers of outsourced cleaning services to act as multipliers in their work areas and external activities. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Application of the 3Rs concept &#8211; Reduce, Reuse, Recycle &#8211; stimulated the development of several projects within the Company. An example is the reduction of over 400 thousand sheets of bond paper and other printing resources consumed, through the implementation of electronic forms to evaluate reaction and effectiveness in training sessions, seminars and other employee training and development events. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>SABESP, in its training processes concerning materials considered of strategic value, and in agreement with the needs and quality standards required by the Company, looks for suppliers who can offer social responsibility and commitment with the environment and its surroundings. It assesses compliance with environmental legislation and toxicological risks posed by the products, pursuant to regulations in force, in such a way as to guarantee safe use both in the water treatment station and for the final consumer.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>All bid notices contemplate the environmental legislations and standards. SABESP&#8217;s contractual instruments, in turn, have clauses that require compliance with the positions of the Municipality and State and Federal legal provisions that may interfere with the execution of works and services, especially, regarding environmental legislation, CONAMA Resolutions and State Law 12684/07. </FONT></FONT></P>

<a name="_bclFooter59"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>59</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_60"></A>

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

<a name="_bclHeader60"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>SABESP also uses the Outsourced Services Studies of the Government of the State of S&#227;o Paulo &#8211; Social and Environmental Specific Instructions for defining its technical specifications. This study establishes environmental actions, such as the rational use of water and electric power, reduction in the production of solid residues, among other environmental good practices</FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>.</FONT></FONT></P><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif></FONT>

<a name="_bclFooter60"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>60</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_61"></A>

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

<a name="_bclHeader61"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=#4f81bd face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 18pt" color=#4f81bd face=calibri,sans-serif>RESPECT FOR CLIENTS AND THE FUTURE GENERATIONS</FONT></B></FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Given that water, raw material for life, is its core business, SABESP is inextricably committed to sustainability. The Company&#8217;s actions go far beyond water treatment, water supply, sewage collection and treatment services. It also seeks environmental preservation and social development, including the use of partnerships with communities where it operates, NGOs, State Government, municipalities, schools, orphanages and day care centers, among other segments. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#2e74b5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#2e74b5 face=calibri,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#2e74b5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#2e74b5 face=calibri,sans-serif>Voluntary adhesions and institutional programs</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>As a signatory to the UN Global Compact, SABESP aligns its activities with the principles of human rights, labor, environmental protection, and anti-corruption, and supports and encourages UN&#8217;s 17 Sustainable Development Goals, which aim to stimulate actions for the next 15 years in areas of crucial importance to humanity, the planet, countries and the companies.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>In 2016, SABESP renewed, for the 13th consecutive year, the certificate awarded by Abrinq Foundation - Save the Children, continued as a co-supporting entity of Instituto Crian&#231;a Cidad&#227; (Citizen Child Institute), a partner of Instituto Ethos, and maintained the granting of the Sao Paulo Seal of Diversity, instituted by the State Government, which aims to encourage public, private and civil society organizations to include this issue in their human resource management, and highlights good business practices as a strategic action for equal rights.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>In addition, the Company is part of S&#227;o Paulo&#8217;s Program in Search of Missing Children and Adolescents, as well as maintains an agreement with Associa&#231;&#227;o Amigos Metrovi&#225;rios dos Excepcionais, through which several people with disabilities work in its public service units.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>Aware of the importance of voluntary work, and of its benefits for society, through its Corporate Volunteer Program the Company inspires good practices and brings more dignity to those involved, carrying out campaigns that result annually in the collection of food, clothing, hygiene products, books and magazines, among others. In addition to the campaigns, it engages in several actions of social inclusion, learning and care for children, the elderly and people with special needs.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>In 2016, worthy of note is the Winter Clothing Campaign by the Solidarity and Social and Cultural Development Fund of the State of Sao Paulo &#8211; FUSSESP, an action that is already part of SABESP&#8217;s calendar as one of the most integrated and best-performing corporate actions. Under the theme &#8220;Good clothes are for donation&#8221;, the employees collected more than 1,300 pieces of quality that benefited 257 entities</FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<a name="_bclFooter61"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>61</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_62"></A>

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

<a name="_bclHeader62"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#2e74b5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#2e74b5 face=calibri,sans-serif>Institutional Programs focused on the Social Area</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>With games and characters, the Company maintains the Clubinho SABESP, accessible on www.clubinhosabesp.com.br, which encourages a closer relationship with children and young people, from six to thirteen years of age. This virtual space is directed primarily to environmental education, focusing on &#8220;Learn how to take care of our water with the saving tips from the Team of Clubinho SABESP&#8221;.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In addition, aligned with its goal of advancing as a Company, and in compliance with Law No. 10097/2000, SABESP has been developing the Apprentice Program for 10 years, in a partnership with the National Service of Industrial Learning - Senai/Sao Paulo. The program prepares young people for the job market, providing learning that allows them to plan a professional career, and expect a better future for the apprentices, in addition to the opportunity to stimulate the employees to act in the role of tutors, thus exercising citizenship. This initiative has already opened opportunities for 3.3 thousand young people, of whom 429 were part of the Company&#8217;s staff in 2016.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#2e74b5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#2e74b5 face=calibri,sans-serif>Local Communities</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="BACKGROUND: silver; LINE-HEIGHT: 115%" color=white face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=white face=calibri,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The Community Participation Program was created to serve primarily low-income groups or clients through social responsibility practices, including fight against losses, community articulation, and raising awareness about environmental issues, efforts to clean up rivers and streams, plantation of trees, and others. The meetings with communities periodically bring together community leaders for the presentation of SABESP&#8217;s actions and investments, survey of the population&#8217;s expectations, and alignment of the Company&#8217;s actions with local needs. The initiative, which is has been held for 18 years, allows for a strong work of awareness and behavior change related to the rational use of water, and also improvement of services provided in the metropolitan region of S&#227;o Paulo.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#404040 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#404040 face=calibri,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#2e74b5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#2e74b5 face=calibri,sans-serif>Support and sponsorship </FONT></B></FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SABESP sponsors, through tax incentives, several projects in the areas of literature, plastic arts, music, dance, theater, circus, cinema, and preservation of cultural heritage. Since 2004, when the Company joined the program </FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Fomento ao Cinema Paulista</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif> [a program to foster filmmaking in the State of Sao Paulo], more than 150 films have received sponsorship. SABESP is the company that most supports the cinema in the State of S&#227;o Paulo, and is one of the three biggest promoters of the sector in the whole country.</FONT></FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sports sponsorship, also through tax incentives, began in 2008. Since then, SABESP has been supporting several projects, both aimed at high performance and sport as an instrument of education. Last year, with support to the project to initiate childhood basketball, with an educational </FONT></FONT>


<FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>and social inclusion approach, nearly 5,000 students of approximately 80 public schools benefited from basketball initiation classes during their second shift at school.</FONT></FONT></P>

<a name="_bclFooter62"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>62</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_63"></A>

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

<a name="_bclHeader63"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>




<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#4f81bd face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#4f81bd face=calibri,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#4181c0 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#4181c0 face=calibri,sans-serif>Client Relationship</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>Aware of the importance and of the environmental and social impact of its relationship actions with clients, SABESP has been investing in projects of autonomy, accessibility, reduction of inputs and digital and social inclusion. The clients with total or partial visual impairment can, for example, use a virtual service that is compatible with and adjustable to the specific software used by people with this deficiency, and may also request their bills to be sent in Braille.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>In 2016, SABESP&#8217;s Virtual Agency started to provide the service of payment of bills in installments, saving clients&#8217; time and resources required to go to a physical unit, besides offering the clients the facility to honor their debts and keep the regular supply for their property. Currently, more than 80% of the services offered at physical units are also available on the internet.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>In addition, SABESP has been investing in improving the quality of customer information, and already distributes 93% of the bills with the name of the holder. Having their names printed on the consumption bill means, for the client, an example of citizenship.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#4181c0 face=calibri,sans-serif>Ombudsman / Procon</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Ombudsman is a qualified client relationship channel intended for addressing complaints, suggestions, reports, criticisms and information, through which more than 139 thousand statements were made in 2016. This total refers to statements made before the water crisis, a sign that it is returning to normality.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>As a result of the intense and continuously improved work in the provision of a quality service for clients, SABESP was once again not included on the list of the 50 companies with the highest number of complaints registered in the State of S&#227;o Paulo as disclosed by Consumer Protection and Defense Foundation (Procon-SP). In 2016, the Company registered only 41 grounded complaints, a decrease of 52% compared to 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Among the five essential service providers with the highest number of complaints, the sanitation company was also out of the ranking.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#4181c0 face=calibri,sans-serif>Satisfaction Survey</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif>Customer satisfaction is annually measured through an extensive customer satisfaction survey. In 2016, almost 6,000 interviews were carried out throughout the State of S&#227;o Paulo, which allows measuring the results with a margin of error of 1.3%, and a 95% confidence level. The overall satisfaction indicator was 82%.</FONT></FONT></P>

<a name="_bclFooter63"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>63</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_64"></A>

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

<a name="_bclHeader64"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#4f81bd face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#4f81bd face=calibri,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#4f81bd face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#4f81bd face=calibri,sans-serif>Relationship with employees</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" color=#2e74b5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#2e74b5 face=calibri,sans-serif>&nbsp; </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#4f81bd face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#4f81bd face=calibri,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=#202020 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#202020 face=calibri,sans-serif>SABESP has been directing its efforts towards the model of Competency-Based Management, investing in the development of business critical qualifications.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=#202020 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#202020 face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=#202020 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#202020 face=calibri,sans-serif>Since its adoption, the current model for people management has been improved with the purpose of offering to SABESP a value proposition for employees, capable of increasing their commitment to, and involvement with, the organization&#8217;s objectives and strategy, with particular emphasis on integrated processes incorporating continuing education, career management, quality of life, climate management, and human resources services.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=#202020 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#202020 face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=#202020 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#202020 face=calibri,sans-serif>The Company seeks to meet the main demands of employees, always respecting the limits of its financial capacity and legal and governmental guidelines.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=#202020 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#202020 face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=#202020 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#202020 face=calibri,sans-serif>In 2016, the Collective Negotiations resulted in a Collective Bargaining Agreement providing for a salary adjustment of 10.03%, with no strike movements. Of the total number of employees, approximately 70% are spontaneously unionized, with the representation of the unions in the Company being in the proportion of one union leader to every 405 employees.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=#202020 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#202020 face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=#202020 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#202020 face=calibri,sans-serif>In addition, SABESP maintains an uninterrupted and friendly relationship with employees&#8217; representation and association entities in the search for improvements, solutions and advances in the Company&#8217;s management, as well as their qualification and quality of life. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" color=#202020 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#202020 face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#4f81bd face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#4f81bd face=calibri,sans-serif>Staff</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif> </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In 2016, SABESP had a workforce of 14,137 employees, 690 trainees, and 430 apprentices. In the period from 2012 to 2016 there was a reduction of 374 employees, resulting from 2,756 dismissals and 2,382 admissions.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Regarding average time in the Company, the workforce presents a prevalence of professionals with 18 years of work. In 2016, the turnover was 3.8%.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Regarding maternity leave, of the 67 women who enjoyed the benefit, 76% returned to work.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The Company has complied with applicable legislation regarding the right of reservation of job vacancies, offered in the public selective processes for people with disabilities. In 2016, 83 jobs were held by people in these conditions, with 74% of employees having physical disabilities, 12% with hearing loss, and 14% with visual impairment. SABESP also has an agreement with associations, </FONT></FONT>


<FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>through which 111 persons with disabilities work in its public service units, an activity for which they receive more than 108 hours of previous training.</FONT></FONT></P>

<a name="_bclFooter64"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>64</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_65"></A>

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

<a name="_bclHeader65"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>




<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>SABESP does not work with outsourced professionals. Specialized companies are contracted for the provision of services according to specific demands. At the end of 2016, the estimated number of service providers was 6,418.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The process of recruiting and selecting employees, trainees and apprentices is carried out only by means of a competitive examination. The filling of the 624 job vacancies of Competitive Examination No. 01/2013 was completed in May 2016, with the bank of qualified applicants.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Periodically, there is a Competitive Examination for hiring trainees and apprentices to carry out activities aimed at learning and qualification, targeting their insertion in the labor market.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The Company also holds Internal Selections to identify the professional with the most appropriate profile to the managerial vacancies available. In addition to motivating the internal professional, it offers development opportunities. This internal selection also contemplates participants in the Succession and Career Program. In addition, it has a Bank of Opportunities, accessible to all employees, which receives statements of interest for transfers and other professional opportunities in the company.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#2e74b5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#2e74b5 face=calibri,sans-serif>Compensation and Career </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SABESP adopts a single Salary Policy for the entire State of S&#227;o Paulo. Employees&#8217; pay is composed of a basic salary, profit sharing, function bonus and benefits. The ratio between the lowest salary paid in the Company and the minimum wage is 2.0, with no difference in the base salary for men and women.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The Profit Sharing Program (PPR) is a strategic tool used annually to stimulate the efforts of employees adhering to organizational goals. It follows the general guidelines established by Federal Law No. 10101/2000, and by State Decree No. 59598/2013, being negotiated annually with the Unions.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In addition to the benefits established by law, SABESP adopts an additional benefits policy that aims to meet the employees&#8217; demand, including: meal and food vouchers, snacks during overtime work, Christmas baskets, childcare centers, employment guarantees, supplementation of sickness benefits, vacation bonuses, medical care and private pensions.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>With regard to Medical Assistance, in 2016 the commission created in 2015 focused on studying opportunities for improvement in Healthcare Management, as well as in the Health Policies </FONT></FONT>


<FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>developed by the Company. The final purpose of this study is to obtain a diagnosis of the current products, highlighting the points to be improved, at operational levels, with respect to the services provided and forms of financing of the costs involved.</FONT></FONT></P>

<a name="_bclFooter65"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>65</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_66"></A>

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

<a name="_bclHeader66"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>




<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>SABESP also offers the option to participate in a Private Pension Plan, whose purpose is to supplement retirement. There are two pension plans in the Company managed by Sabesprev: Benefit Plan &#8211; G1 and Defined Contribution Plan - Sabesprev Mais. Since 2010, the employee has been able to opt only for the Sabesprev Mais private pension plan, since the Benefit Plan (G1) was suspended due to its deficit characteristics. Currently, the Pension Plans have 20,896 members, of which 11,443 are from Benefit Plan - G1 and 9,453 from Sabesprev Mais.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In addition to the direct benefits, the Company, through the SABESP&#8217;s Corporate University, offers subsidies for courses at the most varied levels of training and formal education, with the agreements being extended to family members of all ages. These subsidies cover graduate degree programs, technical education, languages, professional development, distance education, and educational agreement.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>To hold each position, employees must meet specific minimum requirements, such as school education, ability to handle more complex activities, and improvement courses that support SABESP&#8217;s career structure, which is based on positions of trust (management body and leadership/supervision) and Y career. By the end of 2016, the Company had 1,931 professionals with graduate /MBA degrees, of whom 9.4% are masters and/or PhDs.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Professional growth occurs from Competency and Performance Assessments conducted annually and directed to 100% of employees. For the IV Assessment Cycle that occurred in November/2016, 1% of the payroll was allocated to promotions and applied to eligible employees in February 2017.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In this assessment, the organizational climate was also identified, and the dimensions that presented the lowest index were Recognition/Appreciation and Communication, which will receive proposals for improvement actions in 2017.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In 2016, the ratio of overtime to normal hours worked totaled 13.2%, and absenteeism 1.8</FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>%.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#4f81bd face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#4f81bd face=calibri,sans-serif>SABESP&#8217;s Corporate University (UES) </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#4f81bd face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#4f81bd face=calibri,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In 2016, SABESP&#8217;s Corporate University provided courses and strategic programs related to Sustainability, Corporate Governance, Environment, Social Responsibility, Occupational Safety and Health and the essential business skills, totaling an investment of R$6.2 million.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<a name="_bclFooter66"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>66</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_67"></A>

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

<a name="_bclHeader67"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>SABESP, consistent with its corporate and prospective strategy in relation to future scenarios, defined in its Strategic Plan, among the business guidelines, the value of people as a competitive differential.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The evolution to a new level of achievement requires that its leaders have a clear understanding of the changing context of the current world, and the ability to deal insistently with the duality of public management under the aegis of results, and to act on the principles and values of the organizational culture.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Reflection on these demands has led SABESP to invest in programs focused especially on developing its leadership, promoting the improvement of the managers who are now leaders and, while preparing potential successors for the current managers.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>With the establishment of partnerships with renowned educational institutions and specialized consultancies, the UES started the Management Excellence Program in 2012, with the objective of broadening the integrated vision of management, developing the management body based on the primary leadership competences for the transformation of SABESP of the future.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In addition, SABESP also implemented the Management Succession Program, a pioneering initiative in the Company, which introduced a model in the cultural practices of people management that is aligned with the modern concepts of planning and management of the succession process.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The Program&#8217;s differential is the process structure based on the model of assessment and training of potential successors in a cycle of diversified and integrated activities. The identification of professionals, different types of assessment, training and career guidance were articulated in order to provide the best conditions so that people and the Company could structure their decisions about the future.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>In 2016 the UES had its budget impacted by the restrictions imposed by the water crisis, with impact on the indicators of capacity building and development. Priority was given to training related to the Company&#8217;s activity, mandatory courses in Health and Safety at Work and Leadership Development. For the other areas, we tried to make virtual training feasible, with the support of technology, as well as the use of strategies for internal transfer of knowledge</FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<a name="_bclFooter67"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>67</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_68"></A>

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

<a name="_bclHeader68"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#2e74b5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#2e74b5 face=calibri,sans-serif>Occupational Health and Safety </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The Health and Safety actions seek to promote the development of the culture of prevention with employees and service providers, aiming to ensure the improvement of working conditions and quality of life. The main actions are developed in order to standardize the rules and develop prevention programs, to train and sensitize employees, and control and audit the processes.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>By 2016, the following results should be highlighted:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt; LINE-HEIGHT: 115%; TEXT-INDENT: -21.25pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>(i) &nbsp;&nbsp;&nbsp; review and updating of Occupational Health and Safety Procedures;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt; LINE-HEIGHT: 115%; TEXT-INDENT: -21.25pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>(ii) application of 16,264 doses of influenza vaccine for employees, apprentices and trainees, and 1,872 doses of typhoid vaccine for all employees with potential for exposure to sewage;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt; LINE-HEIGHT: 115%; TEXT-INDENT: -21.25pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>(iii) more than 49 thousand participations in face-to-face and virtual training;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt; LINE-HEIGHT: 115%; TEXT-INDENT: -21.25pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>(iv) more than 45 thousand participations in the program </FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Minuto da Preven&#231;&#227;o Virtual</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif> (Minute for Virtual Prevention), broadcasted by UES, with a broadcast by TV Corporativa; and</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 56.7pt; LINE-HEIGHT: 115%; TEXT-INDENT: -21.25pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>(v) approximately 5,000 safety inspections</FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Internal Week for Occupational Accident Prevention &#8211; SIPAT </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Using the Olympic games spirit, this year&#8217;s innovation was due to the 2016 Sipat Olympics, which divided SIPAT&#8217;s actions into modalities that rewarded employees in the categories of Gold, Silver and Bronze Medals. The virtual activities were intensified, allowing a great adhesion and decreased the movement of employees.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>There was a division of modalities, which presented representative numbers: (i) more than 8 thousand in-person actions; (ii) more than 700 phrases sent to the Slogan Contest; (iii) 37 video-lessons with internal knowledge attended by almost 12 thousand people; and (iv) 25 photos for the Image Contest for Wallpaper</FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#202020 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#202020 face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Health and Safety Campaigns </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>These campaigns take place through newsletters, lectures and preventive actions with varied themes such as: fight against Aedes aegypti mosquito, Ergonomics, You in the Traffic - Safe riding for motorcyclists, Conjunctivitis, Influenza, among others.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The actions against the Aedes aegypti mosquito were intensified with the Campaign </FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>X&#244; Mosquito</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif> (Go away, mosquito!), which developed activities such as D-Day, with weekly inspections carried out by the CIPAs throughout the Company, the creation of promotional images released as wallpaper on microcomputers, among others.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>SABESP counts on the commitment and involvement of 3,874 professionals acting as CIPA and brigade people, with 1,444 being in 144 CIPAS, and 2,430 brigade people. Of the total number of </FONT></FONT>


<FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>employees, about 25% work in formal safety and health committees, and engage in activities such as systematization, monitoring and specific programs</FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>. </FONT></FONT></P>

<a name="_bclFooter68"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>68</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_69"></A>

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

<a name="_bclHeader69"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>




<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=white face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=white face=calibri,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#2e74b5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#2e74b5 face=calibri,sans-serif>Quality of life </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The main objective of SABESP&#8217;s Quality of Life Program is &#8220;To create a work environment with productivity, quality of life and well-being, contributing to the reduction of absenteeism and the improvement of the organizational climate&#8221;.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Several actions are carried out with the objective of promoting behavioral changes, lifestyle, and arousing concern about health. In addition to the Blood Donation Campaign, the Pink October and Blue November campaigns were highlighted in 2016, which are awareness and prevention campaigns regarding breast and prostate cancer. As was the case throughout the world, several SABESP sites were lit with the respective colors, and on October Fridays the employees dressed in pink, and in November in blue. Actions were also carried out, such as informative lectures, videos and testimonies on the importance of prevention and early diagnosis.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=#2e74b5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#2e74b5 face=calibri,sans-serif>Suppliers Evaluation </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Suppliers contracting respects the Labor, Occupational Safety and Environmental requirements, extending the commitment to the contracted company, which is liable for any irregular acts or facts performed by the subcontracted and/or outsourced in its own name, of its employees and agents.</FONT></FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Regarding environmental liability, SABESP evaluates compliance with the local legislation of its suppliers, and the toxicological risks of the product, in order to guarantee the safety of use in both the Company&#8217;s premises and the final consumer.</FONT></FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The Company has its own suppliers qualification process, and its respective production process. The evaluation involves several requirements, including the production process, when aspects related to social responsibility and the employment of child labor are checked. It should be noted that, even during the contractual implementation, any disclosure of breakage of the rule on the employment of child labor may lead to contractual termination.</FONT></FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Among the measures adopted by SABESP to eliminate all forms of forced or slave labor, the following stand out:</FONT></FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.3pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>(i) consultation of the &#8220;dirty list&#8221; of the Ministry of Labor and Employment;</FONT></FONT></P>

<a name="_bclFooter69"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>69</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_70"></A>

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

<a name="_bclHeader70"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.3pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>(ii) the obligation that those interested in participating in bids, or in qualifying their respective products in SABESP, declare that they do not use labor analogous to slavery in their productive chain and;</FONT></FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.3pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>(iii) the contracted company will be liable for any use of labor analogous to slavery in its productive chain, which also constitutes reason for the termination of contract.</FONT></FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 35.45pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>The purchasing processes carried out by the Company are widely disclosed in the electronic bidding site, available on the internet site, guaranteeing equal conditions for suppliers, regardless of size or location, in addition to significant cost reduction, waste and obsolescence</FONT></FONT></P><FONT style="LINE-HEIGHT: 115%" color=#4f81bd face=cambria></FONT>

<a name="_bclFooter70"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>70</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name=page_71></A>

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

<a name="_bclHeader71"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#4f81bd face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 18pt" color=#4f81bd face=calibri,sans-serif>AWARDS RECEIVED IN 2016</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt; LINE-HEIGHT: 115%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 11pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Anefa Transparency Trophy 2016 &#8211; Category of Publicly-Held Companies </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>granted by the </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>National</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif> Association of Finance Businessmen (Anefac), due to the transparent and trustworthy way it presented its financial statements</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt; LINE-HEIGHT: 115%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 11pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>QA Quality Assessment Certificate</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>, granted by the Institute of Internal Auditors in Brazil (IIA Brazil), a branch of The Institute of Internal Auditors (IIA), to the Audit Superintendence</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt; LINE-HEIGHT: 115%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 11pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Friend of Justice Company Certificate</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>, created by the Court of Appeals of the State of S&#227;o Paulo with the purpose of stimulating the organizations to add practices that contribute to the improvement of client service and, consequently, to the reduction of the number of judicial disputes</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt; LINE-HEIGHT: 115%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 11pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&#8220;The 100 more influent of Energy&#8221; Award &#8211; category sustainability,</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif> granted by Grupo M&#237;dia, through the magazine Full Energy, for the project Waste to Energy Barueri, intended to transform sludge and biogas from sewage treatment in raw material for the production of electricity</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt; LINE-HEIGHT: 115%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 11pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Ethics in Business Award, category Sustainability</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>, granted by the Brazilian Institute of Ethics in Business to the project &#8220;Processing of Biogas Generated in ETEs for Car Use (case Franca)&#8221;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt; LINE-HEIGHT: 115%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 11pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&#8220;The 100+ Innovative companies in the Use of IT&#8221; Award</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>, held by IT Midia (consulting PwC). The study is recognized by the market as the most important indicator of technology application focusing on business innovation, pointing to companies that use IT as a strategic element</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt; LINE-HEIGHT: 115%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 11pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&#8220;The best and the Biggest&#8221; Award, category Infrastructure, </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>granted by Exame Magazine, which places the company in the leadership of the sector and on the list of the leading companies in the country</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt; LINE-HEIGHT: 115%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 11pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>&#8220;Companies that Best Communicate with Journalists&#8221; Award</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>, The Center for Communication Studies and the magazine Neg&#243;cios da Comunica&#231;&#227;o, for maintaining a good relationship with the press</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt; LINE-HEIGHT: 115%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 11pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Valor 1000 Award, in the category &#8220;water and sanitation&#8221;</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>, granted for the 8th time by the Newspaper </FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Valor Econ&#244;mico</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>. SABESP is one of the top winners of this award</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt; LINE-HEIGHT: 115%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 11pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>National Award of Quality&#174; (PNQ),</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif> granted by the National Foundation of Quality (FNQ), for the South business Unit, level world class</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt; LINE-HEIGHT: 115%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 11pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>1st Place in the Ranking of Sanitation for the 100 Biggest Cities in Brazil, </FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>granted by the Institute Trata Brasil to the city of Franca for having the best indices in the main indicators of basic sanitation</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt; LINE-HEIGHT: 115%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 11pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Modern Consumer of Excellence in Services to the Customer Award</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>, category &#8216;public services&#8217;, granted by </FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Consumidor Moderno</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif> Magazine to the Service Center of the Regional Systems Department</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt; LINE-HEIGHT: 115%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 11pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>National Award of Sanitation Quality (PNQS) 2016</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>, granted by the Brazilian Association of Sanitation and Environmental Engineering (Abes)</FONT></FONT></P>

<a name="_bclFooter71"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>71</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name=page_72></A>

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

<a name="_bclHeader72"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt; LINE-HEIGHT: 115%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT lang=EN-US style="FONT-SIZE: 11pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>Datacenter Dynamics Awards &#8211; Best Datacenter Design in the category &#8216;Enterprise&#8217;</FONT></B></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>, granted by DatacenterDynamics (DCD), for the design of IT innovations in basic sanitation 2016</FONT></FONT></P><FONT style="LINE-HEIGHT: 115%" color=#2e74b5 face=cambria></FONT>

<a name="_bclFooter72"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>72</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name=page_73></A>

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

<a name="_bclHeader73"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>2016 Management </FONT></I></FONT></FONT></I><I><FONT><I><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif>Re</FONT></I></FONT></I><I><FONT><FONT><I><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=Arial,sans-serif>port</FONT></I></FONT></FONT></I><I><FONT></FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#2e74b5 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 18pt" color=#2e74b5 face=calibri,sans-serif>ANNUAL SOCIAL BALANCE 2016</FONT></B></FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center>
<IMG border=0 src="fp01i.jpg"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></B></FONT>&nbsp;</P>

<a name="_bclFooter73"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>73</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name=page_74></A>

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

<a name="_bclHeader74"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Statement of Financial Position as of December 31, 2016 and 2015</FONT></B></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais</FONT></B></FONT></P></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia></FONT></B></FONT>&nbsp;</P></DIV>

<DIV align=left>

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



<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Note</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Current assets</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Cash and cash equivalents</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>7</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,886,221</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,639,214</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Trade receivables</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>9 (a)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,557,472</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,326,972</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Accounts receivable from related parties</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>10 (a)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>202,553</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>156,155</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Inventories</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>58,002</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>64,066</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Restricted cash</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>8</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>24,078</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>29,156</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Recoverable taxes</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>17 (a)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>42,633</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>77,828</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Other receivables</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>52,676</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>156,942</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total current assets</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>3,823,635</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>3,450,333</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Noncurrent assets </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Trade receivables</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>9 (a)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>153,834</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>182,616</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Accounts receivable from related parties</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>10 (a)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>669,156</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>715,952</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Escrow deposits</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>77,915</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>76,663</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Deferred income tax and social contribution</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>18</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>186,345</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>128,242</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Water National Agency &#8211; ANA</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>11</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>81,221</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>88,368</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Other receivables</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>114,693</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>140,676</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Investments</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>12</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>31,096</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>28,105</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Investment properties</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>13</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>57,968</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>56,957</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Intangible assets</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>14</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>31,246,788</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>28,513,626</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Property, plant and equipment</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>15</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>302,383</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>325,076</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total noncurrent assets</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>32,921,399</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>30,256,281</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total assets</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>36,745,034</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>33,706,614</FONT></P></DIV></TD></TR></TABLE></DIV><FONT style="LINE-HEIGHT: 120%" color=black face=arial,sans-serif></FONT>

<a name="_bclFooter74"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=georgia>The accompanying notes are an integral part of these financial statements.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>74</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif>&nbsp;</FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P></DIV></DIV>

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



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

<A name=page_75></A>

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

<a name="_bclHeader75"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Statement of Financial Position as of December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais</FONT></B><FONT face=georgia></FONT></P></DIV></DIV>

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

<DIV align=left>

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



<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Liabilities and equity</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Note</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="48%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Current assets</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="21%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Trade payables and contractors </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>311,960</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>248,158</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Current portion of long-term borrowings and financing</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>16</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,246,567</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,526,262</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Accrued payroll and related taxes</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>458,299</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>347,976</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Taxes and contributions </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>17 (b)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>168,757</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>107,295</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Interest on capital </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>22 (c)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>700,034</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>127,441</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Provisions</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>19 (a)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>730,334</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>631,890</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Services payable</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>21</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>460,054</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>387,279</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Public-Private Partnership - PPP</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>14 (h)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>31,898</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>33,255</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Program Contract Commitments</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>14 (d) (iv)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>109,042</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>228,659</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Other liabilities</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>85,563</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>102,101</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total current liabilities</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>4,302,508</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>3,740,316</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Noncurrent liabilities</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Borrowings and financing</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>16</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>10,717,576</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>11,595,338</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Deferred Cofins and PASEP</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>138,071</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>132,921</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Provisions </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>19 (a)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>442,741</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>450,324</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Pension obligations</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>20 (b)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>3,265,250</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,832,216</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Public-Private Partnership - PPP</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>14 (h)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,217,520</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,001,778</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Program Contract Commitments</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>14 (d) (iv)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>69,051</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>92,055</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Other liabilities</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>173,106</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>145,060</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total noncurrent liabilities</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>17,023,315</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>16,249,692</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total liabilities</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>21,325,823</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>19,990,008</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Equity</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>22</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Capital stock</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>10,000,000</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>10,000,000</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Earnings reserves</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>6,244,859</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0.3pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>4,069,988</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Other comprehensive loss</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(825,648)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(353,382)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total equity</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>15,419,211</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>13,716,606</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total equity and liabilities</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0.3pt 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>36,745,034</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0.3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>33,706,614</FONT></P></DIV></TD></TR></TABLE></DIV><FONT style="LINE-HEIGHT: 120%" color=black face=arial,sans-serif></FONT>

<a name="_bclFooter75"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=georgia>The accompanying notes are an integral part of these financial statements.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>75</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif>&nbsp;</FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P></DIV></DIV>

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



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

<A name=page_76></A>

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

<a name="_bclHeader76"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Income Statements for the </FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><FONT face=georgia></FONT></P></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0.1pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 14.15pt">

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

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PAGE-BREAK-AFTER: avoid; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=georgia>Note</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

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

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

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

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

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

   <P style="MARGIN: 0in 0in 2.4pt 14.1pt; TEXT-INDENT: -14.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Net operating income</FONT></B></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia>26 (b)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>14,098,208</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>11,711,569</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

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

   <P style="MARGIN: 0in 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Operating cost</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia>27</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(9,013,120)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(8,260,763)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

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

   <P style="MARGIN: 0in 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

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

   <P style="MARGIN: 0in 0in 2.4pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Gross profit</FONT></B></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>5,085,088</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3,450,806</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

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

   <P style="MARGIN: 0in 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

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

   <P style="MARGIN: 0in 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Selling expenses</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>27</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(730,047)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(598,125)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

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

   <P style="MARGIN: 0in 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Administrative income (expenses)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>27</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(934,896)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>44,958</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

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

   <P style="MARGIN: 0in 0in 2.4pt 14.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Other operating income (expenses), net</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>29</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>4,722</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>143,755</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

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

   <P style="MARGIN: 0in 0in 2.4pt 14.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Equity in results of investments in affiliaties</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>12</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>4,740</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>2,597</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

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

   <P style="MARGIN: 0in 0in 2.4pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

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

   <P style="MARGIN: 0in 0in 2.4pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Profit from operations before finance income (expenses) and income tax and social contribution</FONT></B></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3,429,607</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3,043,991</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

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

   <P style="MARGIN: 0in 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

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

   <P style="MARGIN: 0in 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Financial expenses</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>28</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(839,891)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(859,732)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

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

   <P style="MARGIN: 0in 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Financial revenues</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>28</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>448,710</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>395,234</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

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

   <P style="MARGIN: 0in 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Exchange result, net</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>28</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>1,090,628</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(1,991,964)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

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

   <P style="MARGIN: 0in 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

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

   <P style="MARGIN: 0in 0in 2.4pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Financial expenses, net</FONT></B></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>699,447</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(2,456,462)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

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

   <P style="MARGIN: 0in 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

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

   <P style="MARGIN: 0in 0in 2.4pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Profit before income tax and social contribution</FONT></B></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>4,129,054</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>587,529</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

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

   <P style="MARGIN: 0in 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

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

   <P style="MARGIN: 0in 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Income tax and social contribution</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

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

   <P style="MARGIN: 0in 0in 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Current</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>18 (d)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(1,121,289)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(1,226)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

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

   <P style="MARGIN: 0in 0in 2.4pt 14.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Deferred</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>18 (d)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(60,667)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(50,024)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

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

   <P style="MARGIN: 0in 0in 2.4pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(1,181,956)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(51,250)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

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

   <P style="MARGIN: 0in 0in 2.4pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0in 0in 2.4pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Profit for the year</FONT></B></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>2,947,098</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>536,279</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

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

   <P style="MARGIN: 0in 0in 2.4pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia>Earnings per share &#8211; basic and diluted (in reais)</FONT></B></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 2.4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>23</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>4.31</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>0.78</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

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

<a name="_bclFooter76"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT face=georgia><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>The accompanying notes are an integral part of these financial statements</FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>76</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=georgia></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name=page_77></A>

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

<a name="_bclHeader77"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Statements of Comprehensive Income for the</FONT></B></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais</FONT></B></FONT></P></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV>

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

<DIV align=left>

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



<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PAGE-BREAK-AFTER: avoid; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Note</FONT></B></P></DIV></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Profit for the year</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>2,947,098</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>536,279</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Other comprehensive income (loss)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(472,266)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>36,366</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="MARGIN: 3pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Items which will not be subsequently reclassified</FONT></P>

   <P style="MARGIN: 3pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>to the income statement:</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 3pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 3pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 3pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="MARGIN: 3pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Actuarial gains and (losses) on defined benefit </FONT></P>

   <P style="MARGIN: 3pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>plans</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 3pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia>20 (b)</FONT></P></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 3pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia>(472,266)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 3pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia>36,366</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%">

   <P style="MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

   <P style="MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Total comprehensive income for the year</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 6pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>2,474,832</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 6pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>572,645</FONT></P></DIV></TD></TR></TABLE></DIV>

<a name="_bclFooter77"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT face=georgia><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>The accompanying notes are an integral part of these financial statements</FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>77</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=georgia></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name=page_78></A>

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

<a name="_bclHeader78"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Statements of Changes in Equity for the</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><FONT face=georgia></FONT></P></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT>&nbsp;</P></DIV>

<DIV align=left>

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



<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" colSpan=3>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>Earnings reserves</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="5%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>Note</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>Capital stock</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>Capital reserve </FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="6%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>Legal Reserve </FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>Investment reserve</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>Additional dividend proposed</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>Retained earnings </FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>Other comprehensive loss</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>Total</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>Balances as of December 31, 2014</FONT></B></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>10,000,000</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="6%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>758,141</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>2,914,008</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>22,002</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(389,748)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>13,304,403</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>Net income for the year</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>536,279</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>536,279</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>Actuarial gains (losses)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>20 (b)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="6%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>36,366</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>36,366</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>Total comprehensive income for the year</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>536,279</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>36,366</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>572,645</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>Legal reserve</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>22 (d)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>26,814</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(26,814)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>Interest on capital (R$0.1863 per share)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>22 (c)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(127,366)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(127,366)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>2014 additional proposed dividends, approved (R$0.0554 per share)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(22,002)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(22,002)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 3pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>Additional proposed dividends</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>22 (c)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>22,527</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(22,527)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>Withholding income tax on interest on capital attributable as minimum mandatory dividends </FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(11,074)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(11,074)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>Transfer to investments reserve</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="6%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>359,572</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(359,572)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>Balances as of December 31, 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>10,000,000</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="6%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>784,955</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>3,273,580</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>11,453</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(353,382)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>13,716,606</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 5.65pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>Net income for the year</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>2,947,098</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>2,947,098</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>Actuarial gains (losses)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>20 (b)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="6%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(472,266)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(472,266)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>Total comprehensive income for the year</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>2,947,098</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(472,266)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>2,474,832</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>Legal Reserve</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>22 (d)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>147,355</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(147,355)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>Interest on capital (R$1.0240 per share)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>22 (c)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(699,936)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(699,936)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 1pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>2015 additional proposed dividends, approved (R$0.0330 per share)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(11,453)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(11,453)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 3pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>Additional proposed dividends</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>22 (c)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>123,557</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(123,557)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 3pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>Withholding income tax on interest on capital attributable as minimum mandatory dividends</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(60,838)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(60,838)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>Transfer to investments reserve</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>22 (f)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="6%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>1,976,250</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(1,976,250)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 2.85pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>Balances as of December 31, 2016</FONT></B></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>10,000,000</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="6%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>932,310</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>5,249,830</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="7%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>62,719</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>(825,648)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="8%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia>15,419,211</FONT></P></DIV></TD></TR></TABLE></DIV>

<a name="_bclFooter78"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT face=georgia><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>The accompanying notes are an integral part of these financial statements</FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>78</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=georgia></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name=page_79></A>

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

<a name="_bclHeader79"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Statements of Cash Flows for the</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais</FONT></B></FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT></P></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV>

<DIV align=left>

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



<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>December 31, </FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>December 31, </FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Cash flow from operating activities</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Profit before income tax and social contribution</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>4,129,054</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>587,529</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Adjustments for:</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Depreciation and amortization</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,146,626</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,074,032</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Residual value of property, plant and equipment and intangible assets written-off</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>15,168</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>52,040</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Bad debt expense</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>90,488</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2,420</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Provisions and inflation adjustment</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>276,654</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(4,706)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Pension plan liabilities &#8211; early reduction (curtailment)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(334,152)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Interest calculated on borrowings and financing payable</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>449,470</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>474,056</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Inflation adjustment and exchange gains (losses) on borrowings and financing</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(969,430)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2,163,754</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Interest and inflation adjustment on liabilities</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>24,297</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>27,168</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Interest and inflation adjustment on assets</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(80,675)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(130,762)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Finance charges from customers</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(207,789)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(125,966)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt 0.05in; TEXT-INDENT: -0.05in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Margin of fair value on intangible assets arising from concession </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(81,513)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(72,908)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Provision for Consent Decree (TAC)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>89,083</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(15,601)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Share of profit of investees</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(4,740)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(2,597)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Provision from S&#227;o Paulo agreement</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>11,252</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Provision for pension plan - Sabesprev Mais</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>235</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>8,349</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Pension obligations</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>377,886</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>352,710</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Other adjustments</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>24,412</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(6,103)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>GESP Agreement</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(696,283)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>4,945,074</FONT></B></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>3,698,384</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Changes in assets </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Trade receivables</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(34,665)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(111,738)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Accounts receivable from related parties</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(3,163)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(2,818)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Inventories</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>7,156</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(550)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Recoverable taxes</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>35,195</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>70,940</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Escrow deposits</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>33,232</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>35,083</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Other receivables</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>144,920</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(9,785)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Changes in liabilities </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Trade payables and contractors </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>6,371</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(18,314)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Services payable</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>72,775</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>57,054</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Accrued payroll and related taxes </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>21,240</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(24,394)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Taxes and contributions payable</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(90,325)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>35,947</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Deferred Cofins/PASEP</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>5,150</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>3,570</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Provisions</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(185,793)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(133,427)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Pension obligations</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(201,736)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(182,514)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Other liabilities</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>17,842</FONT></P></DIV></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(47,607)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Cash generated from operations</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>4,773,273</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>3,369,831</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Interest paid</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(739,944)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(710,688)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Income tax and social contribution paid</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(1,029,737)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(17,743)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Net cash generated from operating activities</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>3,003,592</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2,641,400</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></B>&nbsp;</P>

   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Cash flows from investing activities</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Acquisition of intangible </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(2,108,167)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(2,397,352)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Restricted cash</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>5,078</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(9,406)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Investment increase</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(2,540)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Purchase of property, plant and equipment</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(27,631)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(54,794)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Dividends received</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>4,612</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Net cash used in investing activities </FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(2,130,720)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(2,459,480)</FONT></B></P></TD></TR></TABLE></DIV>

<a name="_bclFooter79"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>The accompanying notes are an integral part of these financial statements</FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=georgia>.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>79</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=georgia></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name=page_80></A>

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

<a name="_bclHeader80"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Statements of Cash Flows for the</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais</FONT></B></FONT><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (continued)</FONT></B></FONT></P></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B></FONT>&nbsp;</P></DIV>

<DIV align=left>

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



<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>December 31, </FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>December 31, </FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Cash flows from financing activities</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Borrowings and financing </FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Proceeds from loans</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,250,524</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,303,296</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Payment of loans</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(1,535,312)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(1,292,322)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Payment of interest on capital</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(139,399)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(202,115)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Public-Private Partnership - PPP</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(30,498)</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(23,799)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Program Contract Commitments</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(171,180)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(50,757)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Net cash generated by (used in) financing activities</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(625,865)</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(265,697)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></B>&nbsp;</P></DIV></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></B>&nbsp;</P></DIV></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Increase/(decrease) in cash and cash equivalents</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>247,007</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(83,777)</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Represented by :</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Cash and cash equivalents at the beginning of the year</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,639,214</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,722,991</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Cash and cash equivalents at the end of the year</FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,886,221</FONT></P></DIV></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,639,214</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Increase/(decrease) in cash and cash equivalents</FONT></B></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>247,007</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(83,777)</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="60%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></B>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 120%"><FONT style="LINE-HEIGHT: 120%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 120%"><FONT style="LINE-HEIGHT: 120%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 120%" color=black face=arial,sans-serif></FONT>

<a name="_bclFooter80"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>The accompanying notes are an integral part of these financial statements</FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=georgia>.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>80</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=georgia></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name=page_81></A>

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

<a name="_bclHeader81"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Statements of Value Added for the</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais</FONT></B></FONT><FONT face=georgia></FONT></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<DIV align=left>

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



<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 0pt solid; PADDING-BOTTOM: 1pt; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia>Note</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 0pt solid; PADDING-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia>2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Revenue</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 10.65pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Operating income</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>26 (a)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>11,122,232</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>8,946,825</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 10.65pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Other income </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>76,396</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>212,714</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 10.65pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Construction of assets</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>14 (c)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>3,732,877</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>3,336,716</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 10.65pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Allowance for doubtful accounts </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>9 (c)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 0pt solid; PADDING-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>(90,488)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>(2,420)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 0pt solid; PADDING-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>14,841,017</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>12,493,835</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 3.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Inputs purchased from third parties</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 10.65pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Operating and construction costs</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>(5,175,741)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>(4,875,987)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 10.65pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Materials, electricity, outside services and other</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>(953,988)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>(491,043)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 10.65pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Other operating expenses</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>29</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 0pt solid; PADDING-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>(57,848)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>(47,085)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 0pt solid; PADDING-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>(6,187,577)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>(5,414,115)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 3.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Gross value added </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 0pt solid; PADDING-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>8,653,440</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>7,079,720</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 3.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Retentions</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 10.65pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Depreciation and amortization</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>27</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 0pt solid; PADDING-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>(1,146,626)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>(1,074,032)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 3.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 3.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Wealth created by the Company</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 0pt solid; PADDING-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>7,506,814</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>6,005,688</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 3.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 3.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Wealth received in transfer</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 10.65pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Share of profit of investees</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>12</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>4,740</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>2,597</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 10.65pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Financial income </FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>472,616</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>403,956</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 10.65pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>GESP reimbursement &#8211; benefits paid</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 0pt solid; PADDING-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>696,283</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 0pt solid; PADDING-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>477,356</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>1,102,836</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 3.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Total value added to distribute</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>7,984,170</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>7,108,524</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 3.55pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 3.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Value added distribution</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 3.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Personnel</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 10.65pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Salaries and wages</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>1,453,491</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>1,326,693</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 10.65pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Benefits</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>351,464</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>577,414</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 10.65pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Severance Indemnity Fund for Employees (FGTS)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 0pt solid; PADDING-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>178,915</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>124,914</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 0pt solid; PADDING-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>1,983,870</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>2,029,021</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 3.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Taxes, fees and contributions</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 10.65pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Federal</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>2,393,168</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>1,033,041</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 10.65pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>State</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>82,216</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>75,689</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 10.65pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Municipal</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 0pt solid; PADDING-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>39,473</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>31,070</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 10.65pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 0pt solid; PADDING-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>2,514,857</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>1,139,800</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 3.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Lenders and lessors</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 10.65pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Interest, exchange and inflation adjustments</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>450,377</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>3,319,014</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 10.65pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Rentals</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 0pt solid; PADDING-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>87,968</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>84,410</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 0pt solid; PADDING-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>538,345</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>3,403,424</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 3.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Shareholders</FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 10.65pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Interest on capital</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>22 (c)</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>699,936</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>127,366</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 10.65pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Retained earnings</FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 0pt solid; PADDING-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>2,247,162</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>408,913</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 0pt solid; PADDING-BOTTOM: 1pt; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>2,947,098</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>536,279</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 1pt 3.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Value added distributed </FONT></B></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 2.85pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>7,984,170</FONT></P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>7,108,524</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 120%"><FONT style="LINE-HEIGHT: 120%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 120%" color=black face=arial,sans-serif></FONT>

<a name="_bclFooter81"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>The accompanying notes are an integral part of these financial statements</FONT></FONT><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=georgia>.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>81</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=georgia></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_82"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader82"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: -35.45pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operations</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo ("SABESP" or the "Company") is a mixed-capital company headquartered in S&#227;o Paulo, at Rua Costa Carvalho, 300, CEP 05429-900, controlled by the S&#227;o Paulo State Government. </FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company is engaged in the provision of basic and environmental sanitation services in the State of S&#227;o Paulo, as well as it supplies treated water and sewage services on a wholesale basis.&nbsp; </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>In addition to providing basic sanitation services in the State of S&#227;o Paulo, SABESP may performs these activities in other states and countries, and can operate in drainage, urban cleaning, solid waste handling and energy markets. SABESP aims to be a world reference in the provision of sanitation services, in a sustainable, competitive and innovative manner, with a focus on customers. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>As of December 31, 2016, the Company operated water and sewage services in 366 municipalities of the State of S&#227;o Paulo. Most of these municipalities operations are based on 30-year concession, program and services contracts. As of November 9, 2016, the Company signed an agreement with the municipality of Santa Branca, stipulating the beginning of operations for February 2017; thus, Santa Branca is not included in the aforementioned 366 municipalities. The Company has two partial contracts with the municipality of Mogi das Cruzes, however, since most of municipality is serviced by wholesale, it was not included in the 366 municipalities. As of December 31, 2016, the Company had 369 contracts.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>SABESP is not temporarily operating in some municipalities due to judicial orders. The lawsuits in progress refer to Macatuba and Cajobi, and the carrying amount of these municipalities&#8217; intangible assets was R$4,345 as of December 31, 2016 (R$4,345 as of December 31, 2015). </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>As of December 31, 2016, 54 concession agreements (53 as of December 31, 2015) had expired and are being negotiated. From 2017 to 2030, 34 concession agreements will expire. Management believes that concession agreements expired and not yet renewed will result in new contracts, disregarding the risk of discontinuity in the provision of municipal water supply and sewage services. By December 31, 2016, 281 program and services contracts were signed (278 contracts as of December 31, 2015).</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>As of December 31, 2016, the carrying amount of the underlying assets used in the 54 concessions of the municipalities under negotiation totaled R$6,582,569, accounting for 21.07% of the total, and the related gross revenue for the year ended December 31, 2016 totaled R$1,811,003, accounting for 12.19% of the total.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company&#8217;s operations are concentrated in the municipality of S&#227;o Paulo, which represents 55.46% of the gross revenues on December 31, 2016 (51.79% on December 31, 2015) and 46.57% of intangible assets (43.37% on December 31, 2015).</FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter82"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>82</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name=page_83></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader83"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>On June 23, 2010, the State of S&#227;o Paulo, the Municipality of S&#227;o Paulo, the Company and the regulatory agency &#8220;Sanitation and Energy Regulatory Agency &#8211; ARSESP&#8221; signed an agreement to share the responsibility for water supply and sewage services to the Municipality of S&#227;o Paulo based on a 30-year concession agreement. This agreement is extendable for another 30 years, pursuant to the law.&nbsp; This agreement sets forth SABESP as the exclusive service provider and designates ARSESP as regulator, establishing prices, controlling and monitoring services. On the same date, the State of S&#227;o Paulo, the Municipality of S&#227;o Paulo and SABESP signed the &#8220;Public service provision agreement of water supply and sewage services&#8221;, a 30-year concession agreement which is extendable for another 30 years. This agreement involves the following activities:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>i. protection of the sources of water in collaboration with other agencies of the State and the City;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>ii. capture, transport and treatment of water;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>iii. collect, transport, treatment and final dispose of&nbsp; sanitary sewage; and</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>iv. adoption of other actions of basic and environmental sanitation.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company operates under an authorization by public deed in some municipalities in the Santos coast region and in the Ribeira Valley, where the Company started to operate after the merger of the companies that formed it. In September 2015, the Company entered into a water supply and sewage public utility services agreement with the municipality&nbsp; of Santos; the gross revenue calculated in the year ended December 31, 2016 totaled R$280,689 (R$269,530 in the year ended December 31, 2015) and the intangible asset was R$303,540 in the year ended December 31, 2016 (R$310,693 as of December 31, 2015).&nbsp; </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Article 58 of Law 11,445/07 determines that precarious and overdue concessions, as well as those effective for an undetermined period of time, including those that do not have an instrument formalizing them, will be valid until December 31, 2010. However, Article 2 of Law 12,693 of July 24, 2012, which amended Article 7&#176;-A of Law 11,578, of November 26, 2007, allowed the provision of public basic sanitation services to be executed until December 31, 2016. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company&#8217;s Management understands that in the municipalities where the concession agreements were not yet renewed, the operation is governed by Laws 8,987/95 and 11,445/07, including those municipalities served without an agreement.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Public deeds are valid and governed by the Brazilian Civil Code. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter83"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>83</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_84"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader84"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company's shares have been listed in the Novo Mercado (New Market) segment of BM&amp;FBovespa under the ticker symbol SBSP3 since April 2002 and on the New York Stock Exchange (NYSE) as American Depositary Receipts (&#8220;ADRs&#8221;) Level III, under the SBS code, since May 2002.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Since 2008, the Company has been setting up partnerships with other companies, which resulted in the following companies: Sesamm, &#193;guas de Andradina, Saneaqua Mairinque, Aquapolo Ambiental, &#193;guas de Castilho, Attend Ambiental and Paulista Geradora de Energia. Although SABESP has no majority interest in the capital stock of these companies, the shareholders&#8217; agreements provide for the power of veto and casting vote in certain issues jointly with associates, indicating the shared control in the management of investees.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The 2014-2015 water condition presented the lowest rainfall and inflow ever seen in 85 years, especially in the reservoirs composing the Cantareira System.&nbsp; During the rainy season, from October 2015&nbsp; to&nbsp; March&nbsp; 2016, rainfall in the region returned to the normal levels expected for the period which, jointly with the various measures adopted by the Company to mitigate water shortage impacts, the collaboration of the population in water saving and the emergency works undertaken in 2014 and 2015 resulted in the recovery of water levels in the reservoirs of the Cantareira System.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Consequently, since May 1, 2016, the Water Consumption Reduction Incentive Program. effective since&nbsp; February 2014, and the Contingency Tariff, effective as of January 2015, were cancelled.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>In December 2016, the reservoirs in the S&#227;o Paulo Metropolitan Region stored 1.2 trillion litters of water for treatment, versus 703 billion litters in December 2015, including the technical reserve. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>However, although the measures adopted in 2014 and 2015 to ensure water supply in the S&#227;o Paulo Metropolitan Region were discontinued in 2016, billed water volume has not reached pre-crisis levels yet, which is a sign that consumer habits may have changed. Another factor that probably played a role in the decline of consumption in 2016 was the slowdown in the Brazilian economy.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>At the end of 2017 and beginning of 2018 two important projects aimed to increase water security in the S&#227;o Paulo Metropolitan Region are expected to be concluded, as follows: (i) the Jaguar&#237;-Atibainha interconnection, which will transfer up to 5.13 cubic meters per second (m&#179;/s) from the Para&#237;ba do Sul Basin to the Cantareira System; and (ii) the construction of the S&#227;o Louren&#231;o Production System, which will expand water production and capacity by 6 m&#179;/s. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>In 2016, the water monthly production for the S&#227;o Paulo Metropolitan Region averaged 58.5 m&#179;/s, compared to 52.0 m&#179;/s in 2015, 62.2 m&#179;/s in 2014 and 69.1 m&#179;/s in 2013, the year before the beginning of the water crisis. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter84"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>84</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name=page_85></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader85"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Management expects that with improved water conditions, the generation of operating cash and the credit lines available for investment, the Company will have sufficient funds to meet its commitments and not compromise its necessary investments.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>See other disclosures about this matter in Note 26 &#8211; operating revenue.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The financial statements were approved by the Board of Directors on March 27, 2017.</FONT></P>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%; TEXT-INDENT: -35.45pt"><FONT style="LINE-HEIGHT: 105%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B</FONT></B></FONT><FONT style="LINE-HEIGHT: 105%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>asis of preparation and presentation of the financial statements</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The financial statements of the Company have been prepared in accordance with the International Financial Reporting Standards &#8211; IFRS as issued by the International Accounting Standards Board &#8211; IASB and pursuant to the accounting practices adopted in Brazil which observe the pronouncements issued by the Brazilian Accounting Pronouncements Committee &#8211; CPC.&nbsp; All material information related to the financial statements, and this information alone, is being disclosed and corresponds to the information used by the Company&#8217;s Management in its administration.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The financial statements have been prepared under the historical cost except for certain financial instruments measured at fair value when required by the standards.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The preparation of financial statements in conformity with IFRS and CPC&#8217;s requires the use of certain critical accounting estimates.&nbsp; It also requires Management to exercise its judgment in the process of applying the Company's accounting policies.&nbsp; The areas involving a higher degree to judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are described in Note 6. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" color=black face=georgia></FONT>&nbsp;</P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: -35.45pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Summary of Significant Accounting Policies</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The main accounting policies applied in the preparation of these financial statements are defined below.&nbsp; These policies have been applied consistently in all years presented.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3.1&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Cash and cash equivalents</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Cash and cash equivalents include cash in hand, bank deposits, overdraft accounts and other short-term highly liquid investments with original maturities less than three months as of the investment date, with an insignificant risk of changing value.</FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter85"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>85</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name=page_86></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader86"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3.2&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Financial assets and liabilities</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Financial Asset - Classification</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company classifies its financial assets according to the following categories: measured at fair value through profit or loss, borrowings and receivables, held-to-maturity and available for sale.&nbsp; The classification depends on the purpose for which the financial assets were acquired.&nbsp; Management determines the classification of the financial assets at inception.&nbsp;&nbsp; As of December 31, 2016, the Company did not have financial assets classified under the fair value through profit or loss, held-to-maturity and available- for-sale financial instruments&nbsp; category. As of December 31, 2015, the Company held CTEEP shares only, classified as held-for-trading financial assets, which were measured at fair value through profit or loss.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Borrowings and receivables</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>These comprise receivables, which are non-derivative financial assets with fixed or determinable payments, not quoted in an active market.&nbsp; Borrowings and receivables are presented in current assets, except for those with maturity of more than 12 months after the reporting date (these are classified as noncurrent assets).&nbsp; The Company's borrowings and receivables include cash and cash equivalents, restrict cash, balances of trade receivables, accounts receivable from related parties, other receivables, receivables from the Water National Agency &#8211; ANA.&nbsp; Borrowings and receivables are recorded at fair value and subsequently at amortized cost, under the effective interest rate method.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Financial Liabilities - Classification</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company classifies its financial liabilities into the following categories: measured at fair value through profit or loss and other liabilities.&nbsp; Classification depends on the purpose to which the financial liabilities were assumed.&nbsp; As of December 31, 2016 and 2015, the Company did not have liabilities classified into the &#8220;fair value through profit or loss&#8221; category.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Other liabilities</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>This category comprises balances payable to contractors and suppliers, borrowings and financing, services payable, balances payable from public-private partnership (PPP), and program contract commitments.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The effective interest rate method is adopted to calculate the amortized cost of a financial liability and allocate its interest expense under the respective period.&nbsp; The effective interest rate exactly deducts the estimated future cash flows (including fees, transaction costs and other issue costs) throughout the financial liability&#8217;s estimated life or, when appropriate, during a shorter period, for initial recognition of the net carrying amount</FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>.</FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter86"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>86</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name=page_87></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader87"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3.3&nbsp; Operating income</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Revenue from water and sewage services</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Revenue from water supply and sewage collection are recognized as the water is consumed and services are provided.&nbsp; Revenues, including the revenues unbilled, are recognized at the fair value of the consideration received or receivable for the sale of those services. Revenue is shown net of value-added tax, rebates and discounts.&nbsp; Unbilled revenues represent incurred revenues in which the services were provided, but not yet billed until the end of the each period and are recorded as trade receivables based on monthly estimates of the completed services.&nbsp; Concerning revenues of wholesale municipal governments, which do not pay the full invoice, the Company records an allowance for doubtful accounts upon invoicing in revenue reduction account.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company recognizes revenue when: i) products are delivered or services are rendered; ii) the amount of revenue can be reliably measured, iii) it is probable that future economic benefits will flow to the Company and iv) it is probable that the amounts will be collected.&nbsp; The amount of revenue is not considered to be reliably measurable until all conditions relating to the sale have been satisfied.&nbsp; Amounts in dispute are recognized as revenue when collected.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(b)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Construction revenue</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Revenue from concession construction contracts is recognized in accordance with ICPC 01 (R1)/IFRIC 12 (Service Concession Arrangements) and CPC 17 (R1) and IAS 11 (Construction Contracts), using the percentage-of-completion method, provided that the applicable conditions for application are fulfilled.&nbsp; The percentage of completion is calculated from the ratio of the actual costs incurred on the balance sheet date to the planned total costs (cost-to-cost method).&nbsp; Revenue from cost plus contracts is recognized by reference to the construction costs incurred during the period plus a fee earned. The fee represents the additional margin related to the work performed by the Company in relation to such construction contracts and it is added construction costs, resulting in the construction revenue</FONT></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3.4&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Trade receivables and allowance for doubtful accounts</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Trade receivables are amounts due from customers for services performed in the ordinary course of business.&nbsp; These are classified as current assets, except when maturity exceeds 12 months after the end of the reporting period.&nbsp; In these cases, they are presented as noncurrent assets. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company records an allowance for doubtful accounts for receivable balances at an amount that Management considers to be sufficient to cover eventual losses. The analysis is carried out based on objective accounts receivable data, past receipts and existing guarantees and it does not expect to incur additional significant losses.</FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter87"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>87</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name=page_88></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader88"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3.5&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Inventories</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Inventories of supplies for consumption and maintenance of the water and sewage systems are stated at the lower of average cost of acquisition or realizable value, and are classified in current assets. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3.6&nbsp; Investment properties</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The investment properties are recorded at the acquisition or construction cost, less accumulated depreciation, except for the land group, calculated by the straight-line method at rates that consider the estimated useful life of assets.&nbsp; Expenditures related to repairs and maintenance are recorded in the income statement when incurred.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company also maintains few assets for indeterminate use in the future, i.e., it is not defined if the Company will use these assets in the operation or sell them in the short term during the ordinary course of business.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3.7&nbsp; Property, plant and equipment</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Property, plant and equipment comprise mainly administrative facilities not composing the assets, subject-matter of the concession agreements.&nbsp; Those assets are stated at historical acquisition or construction cost less depreciation, net of impairment charge, when necessary.&nbsp; Interest, other finance charges and inflationary effects deriving from financing effectively applied to construction in progress are recorded as cost of respective property, plant and equipment.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Subsequent costs included in the existing asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that the future economic benefit associated with the item will flow to the Company and the cost of the item can be measured reliably.&nbsp; Repairs and maintenance are charged to the income statement during the financial period in which they were incurred.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Depreciation is calculated using the straight-line method to allocate their cost and is described in Note 15(c). Lands are not depreciated.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Residual values and the useful life of assets are revised and adjusted, where applicable, at the end of each year. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Gain and losses on disposals are determined by the difference between the proceeds with the carrying amount and are recognized within other operating income (expenses) in the income statement.</FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter88"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>88</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name=page_89></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader89"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3.8&nbsp; Intangible assets</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Intangibles are stated at acquisition cost and/or construction of the underlying assets, including construction margin, interest and other finance charges capitalized during the construction period, in this case, for the qualifying assets. Qualifying assets are assets that, necessarily, take a substantial period to get ready for its intended use or sale. The Company considers that substantial period means a period greater than 12 months.&nbsp; This period was established by considering the completion period of the majority of its constructions, which is greater than 12 months, which corresponds to one fiscal year of SABESP.&nbsp; </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The intangible has its amortization initiated when the intangible assets are available for use in location and the necessary condition when this asset becomes operational.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia><BR>&nbsp;The amortization of intangible assets reflects the period over the expected future economic benefits generated by the intangible asset are consumed by the Company and can be the period of the contract or the useful life of the asset.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The amortization of the intangible assets is discontinued when the asset is totally consumed or it is disposed of, whatever occurs first.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Donations in assets, received from third parties and governmental entities, to allow the Company to render water and sewage supply services are not recorded in the Company&#8217;s financial statements, since these assets are controlled by the concession grantor.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Financial resources received as donations for the construction of infrastructure are recorded under &#8220;Other operating income&#8221;.</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Concession arrangements/program</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company operates concession agreements including the rendering of basic sanitation, environmental, water supply and sewage collection services signed with the concession grantor.&nbsp; The infrastructure used by SABESP subject to service concession arrangements is considered to be controlled by the concession grantor when:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; LINE-HEIGHT: 110%; TEXT-INDENT: -28.35pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The grantor controls or regulates what services the operator must provide with the infrastructure, to&nbsp; whom it must provide them, and at what price;&nbsp; and</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; LINE-HEIGHT: 110%; TEXT-INDENT: -28.35pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; LINE-HEIGHT: 110%; TEXT-INDENT: -28.35pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The grantor controls the infrastructure, i.e., retains the right to take back the infrastructure at the end of the concession.</FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter89"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>89</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name=page_90></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader90"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>SABESP's rights over infrastructure operated under concession arrangements is accounted for as an intangible asset as SABESP has the right to charge for use of the infrastructure assets, and users (consumers) have the primary responsibility to pay SABESP for the services.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The fair value of construction and other work on the infrastructure is recognized as revenue, as its fair value, when the infrastructure is built, provided that this work is expected to generate future economic benefits.&nbsp; The accounting policy to recognize construction revenue is described in Note 3.3.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia><BR>Intangible assets related to Concession agreements and Program contracts, when there is no right to receive the residual value of the assets at the end of the contract, are amortized on a straight-line basis over the period of the contract, or the useful life of the underlying asset, whichever occurs first. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Investments made and not recovered through rendering of services, within the agreement term, must be indemnified by the concession grantor, (1) with cash or cash equivalents or also, in general (2) with the contract extension.&nbsp; These investments are amortized by the useful life of asset.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Law 11,445/07 indicates, whenever possible, that basic sanitation public utilities will have the economic and financial sustainability ensured through the remuneration due to service collection, preferably as tariffs and other public prices, which may be established for each service or both jointly. </FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;Therefore, investments made and not recovered through services rendered, within original term of the contract, are recorded as intangible assets and amortized by the useful life of the asset, taking into consideration a solid track record of concession renewal and, therefore, the continuity of services</FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(b)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Software licenses</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Software licensing is capitalized based on the acquisition costs and other implementation costs.&nbsp; Amortizations are recorded according to the useful lives and the expenses associated with maintaining these are recognized as expenses when incurred</FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3.9&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Impairment of non-financial assets</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Property, plant and equipment, intangibles and other noncurrent assets with definite useful lives, are yearly reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.&nbsp; The Company does not record assets with indefinite useful life and assessed that there are no indications of impairment losses, mainly supported by Law 11,445/07, which ensures that basic sanitation public utilities will have assured its economic and financial sustainability through tariffs or via indemnity.</FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter90"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>90</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_91"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader91"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3.10&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Trade accounts payable and contractors</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="BACKGROUND: white; LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="BACKGROUND: white; LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white" color=black face=georgia>Accounts payable to contractors and suppliers are obligations to pay for goods or services purchased from suppliers in the ordinary course of business and are classified as current liabilities </FONT></FONT><FONT style="BACKGROUND: white; LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white" color=black face=georgia>if the payment is due in the period up to one year</FONT></FONT><FONT style="BACKGROUND: white; LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white" color=black face=georgia>. Otherwise, the accounts payable are presented as noncurrent liabilities and are initially measured at fair value, which generally correspond to the bill and subsequently at amortized cost</FONT></FONT><FONT style="BACKGROUND: white; LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white" color=black face=georgia>.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="BACKGROUND: white; LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3.11&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Borrowings and financing</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Borrowings are initially recognized at fair value, upon receipt of funds, net of transaction costs.&nbsp; Subsequently, borrowings are stated at amortized cost, as presented in Note 16.&nbsp; Borrowings and financing are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the end of the reporting period. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Nonconvertible bonds issued by the Company are recognized in a similar manner to borrowings.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3.12&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Borrowing costs</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Borrowing costs attributable to acquisition, construction or production of an asset, which, necessarily, requires a substantial time period to be ready for use or sale are capitalized as part of the cost of these assets.&nbsp; Other borrowing costs are recognized as expenses in the period they are incurred.&nbsp; Borrowing costs are interest rates and other charges incurred by the Company related to loans, including exchange variation, as described below.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The capitalization occurs during the period in which the asset has been built, considering the weighted average rate of loans effective on the capitalization date.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>For foreign currency-denominated loans or financing, the Company analyzes them as if they were contracted in local currency, restricting the capitalization of interest and/or exchange variation by the amount that would be capitalized if these were contracted in the domestic market in similar lines of credit and loans.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3.13&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Payroll, related charges and contributions</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Salaries, vacations and the 13th salary and additional payments negotiated in collective labor agreements plus related charges and contributions are recorded on the accrual basis.</FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter91"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>91</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name=page_92></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader92"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3.14&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Profit sharing</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The profit sharing plan for its employees is based on operational and financial targets of the Company as a whole.&nbsp; The Company recognizes a provision when it is contractually required or when there is a practice in the past that created a constructive obligation.&nbsp; The accrual for profit sharing is recorded on the accrual basis period as operating expenses and operating cost. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3.15&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Provisions, legal liabilities, escrow deposits and contingent assets</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Provisions related to claims are recognized when: i) the Company has a present (legal or constructive) obligation as a result of past event; ii) it is probable that an outflow of resources that comprise economic benefits will be required to settle the obligation; and iii) the amount can be reliably estimated.&nbsp; Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Provisions are measured at the present value of the disbursements expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation.&nbsp; The increase in the provision due to passage of time is recognized as interest expense.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>For financial statement presentation purposes, the provision is stated net of the related escrow deposits based on the legal right to offset.&nbsp; The bases and the nature of the provisions for civil, tax, labor and environmental risks are described in Note 19.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Escrow deposits not linked to related liabilities are recorded in noncurrent assets. Escrow deposits are restated for inflation</FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company does not recognize contingent liabilities in the financial statements since either it does not expect an outflows of resources to be required or the amount of the obligation cannot be measured with sufficient reliability.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Contingent assets are not recognized in the </FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>financial statements. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3.16&nbsp; Environmental costs</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Costs related to ongoing environmental programs are expensed in the income statement, when there is any indication of an event.&nbsp; Ongoing programs are designed to minimize the environmental impact of the operations and to manage the environmental risks inherent to the Company's activities. </FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter92"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>92</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_93"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader93"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3.17&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Income taxes &#8211; current and deferred</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Income taxes expenses comprise current and deferred income tax and social contributions.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Current tax</FONT></U></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The provision for income tax and social contribution is based on the taxable income for the year.&nbsp; The income tax was accrued at rate 15%, plus 10% surtax on taxable income exceeding R$ 240.&nbsp; The social contribution was accrued at rate 9% over adjusted net income.&nbsp; Taxable income differs from net income (profit presented in the income statement), because it excludes income and expenses taxable or deductible in other years, and excludes items not permanently taxable or not deductible.&nbsp; Income tax and social contribution are accrued based on legislation in place in the end of the year.&nbsp; Management periodically evaluates and measures the positions taken in the income tax return with respect to situations in which applicable tax regulations are subject to interpretation.&nbsp; It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Deferred tax</FONT></U></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Deferred income tax is recognized, using the liability method, on temporary differences arising between the tax basis of assets and liabilities and their carrying amounts in the financial statements, according to CPC 32 and IAS</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia><BR>12. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction that at the time of the transaction affects neither accounting nor taxable profit nor loss, except for business combinations.&nbsp; Deferred income tax is determined using tax rates (and laws) effective at the end of the reporting period and expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Deferred income tax and social contribution assets are recognized only to the extent that it is probable that future taxable profit will be available for which temporary differences can be utilized and tax losses can be carryforward.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Deferred taxes assets and liabilities are offset when there is a legally enforceable right of offsetting current tax assets against current tax liabilities and when deferred income tax assets and liabilities are related to income taxes levied by same tax authority over the tax entity</FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>. </FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter93"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>93</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_94"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader94"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3.18&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Taxes on revenues</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Revenues from water and sewage services are recognized on accrual basis for PASEP and Cofins, calculated at the rates of 1.65% and 7.60%, respectively.&nbsp; Taxes levied on billed amounts to public entities are due when bills are received.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>As these taxes are calculated by the non-cumulativeness regime and presented net of tax credits, as deductions from gross revenues.&nbsp; Debts measured on &#8220;other operating income&#8221; are presented as deductions from the respective operating income or expense</FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3.19&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Pension plan obligations</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Defined benefit</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company makes contributions to defined benefit plans on a contractual basis and sponsored thereby, managed by Funda&#231;&#227;o Sabesp de Seguridade Social (&#8220;Sabesprev&#8221;), a supplementary private pension closely-held entity.&nbsp; The regular contributions comprise the net administrative expenses and are recognized in the income statement for the period.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Liabilities from defined benefit pension plan obligations correspond to the present value of the defined benefit obligation at the end of the reporting period, less the fair value of the plan&#8217;s assets.&nbsp; The defined benefit obligation (G1) and (G0) are calculated on an annual basis by independent actuaries, using the projected unit credit method.&nbsp; The estimated future cash outflows is discounted to its present value, using the interest rates of Government bonds with maturities that approximate the maturity of the related liability.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Referring to actuarial gains and losses deriving from adjustments based on the experience and changes in actuarial assumptions are directly recorded under equity, as other comprehensive income (OCI), so that the plan's net assets or liabilities are recognized in the statement of financial position in order to reflect the full amount of plan&#8217;s deficit or surplus. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The expenses related to pension plan are recognized in profit and loss of the year as operating cost, selling expenses or administrative expenses, according to employee&#8217;s allocation. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>In an event where a curtailment relates to only some of the employees covered by a plan, or where only part of an obligation is settled, the gain or loss includes a proportionate share of the past service cost and actuarial gains and losses.&nbsp; The proportionate share is determined on the basis of the present value of the obligations before and after the curtailment or settlement</FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>.</FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter94"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>94</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_95"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader95"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(b) &nbsp;&nbsp;&nbsp;&nbsp; Defined contribution</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company makes contributions to defined contribution plans (Sabesprev Mais) on a contractual basis and sponsored thereby, managed by Sabesprev, a supplementary private pension closely-held entity that provides post-employment benefits to its employees. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>A defined contribution plan is a pension plan according to which the Company makes fixed contributions to a separate entity.&nbsp; The Company has no obligation of making contributions if the fund has no sufficient funds to pay to all employees the benefits related to employee&#8217;s services in current and previous period</FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3.20&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Financial revenues and expenses</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Financial revenue is primarily comprised of interest, inflation adjustments and exchange rate changes resulting from financial investments, escrow deposits and negotiations with customer to pay by installments, using the effective interest rate method.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Financial expenses are primarily comprised of interest, inflation adjustments and exchange rate changes on borrowings and financing, provisions, public-private partnership, program contract commitments and provisions. These financial income and expenses are calculated using the effective interest rate method. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Inflation adjustments and exchange gains and losses derive from the collection or payment to third parties, as contractually required by law or court decision, and recognized on an accrual basis pro rata temporis. Inflation adjustments included in the agreements are not considered embedded derivatives, since they are deemed as inflation adjustment rates for the Company&#8217;s economic scenario</FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3.21&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Leasing</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Lease agreements are classified as finance lease when property, risks and rewards inherent to the ownership of asset to the lessee are transferred.&nbsp; Other leases are classified as operational lease, recognized as expenses in the income statement on a straight-line basis during the lease term. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Finance lease agreements are measured based on the lower amount between the present value of minimum mandatory payments of the agreement or the fair value of asset on the start date the lease agreement. The amounts payable deriving from considerations of finance lease agreements are impacted by financial expenses and amortization of finance lease payables so that to obtain a constant interest rate.&nbsp; The corresponding lessor&#8217;s liability is recorded as current and noncurrent debt.</FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter95"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>95</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_96"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader96"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3.22&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Other current and noncurrent assets and liabilities</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Other assets are stated at cost of acquisition, net of any impairment loss, where applicable. The amounts recognized as other liabilities are stated at known or estimated amounts, including, where applicable, related charges and inflation adjustments.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3.23&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Dividends and interest on capital</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company uses the tax benefits of distributing dividends as interest on capital, as permitted by Brazilian Law.&nbsp; This distribution of dividend is accounted for in accordance with Brazilian Law 9249/95 for tax deductibility purposes, limited to the daily pro rata fluctuation of the Long-term Interest Rate (TJLP).&nbsp; The benefit attributed to the shareholders is recognized in the current liability against Equity, based on its by-laws. </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Dividends and interest on capital over the minimum established in the by-laws are recognized when approved by the shareholders in the shareholders&#8217; meeting, except for taxes incurring in the distribution of interest on capital. The tax benefit of the interest on capital are accrued in the income statement of the year, under the same recognition basis of expenses with interest on capital</FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3.24&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Present value adjustment</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Current and noncurrent financial assets and liabilities are adjusted to present value based on discount rate at current market rate as of the transaction date, when the effects are relevant.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3.25&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Statements of value added (DVA</FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>)</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The purpose of the statement of value added is to present the wealth generated and distributed by the Company as required by the accounting practices adopted in Brazil and reported as supplementary information to the financial statements for the purposes of IFRS.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The DVA was prepared based on information obtained in the accounting books, which is the base to prepare the financial statements. In its first part is presented the wealth generated by the Company representing revenues (operating, other revenues, construction of assets and allowance for doubtful accounts), by products acquired from third party (operating and construction costs, materials, electricity, outside services, other operating expenses and others) retentions (depreciation and amortization), and the wealth received in transfer, represented by the equity share of investment in investee, financial income and GESP reimbursement - benefits paid.&nbsp; The second part of the DVA present the distribution of the wealth segregated in employees, taxes, fees and contributions, lenders and lessors and shareholders.</FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter96"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>96</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_97"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader97"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3.26&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Segment information</FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia> </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Operating segments are determined in a manner consistent with the internal reporting to the Company&#8217;s chief operating decision maker (&#8220;CODM&#8221;), which, in the case of SABESP, is the Board of Executive Officers, to make strategic decisions, allocate resources and evaluate performance.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Consequently, the Company determined that it has one operating segment (sanitation services).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The accounting policies used to determine segment information are the same as those used to prepare the Company&#8217;s financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The calculation of the segment&#8217;s profit or loss is the operating income before other operating expenses, net and equity accounting, which excludes construction revenue and related costs.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The CODM analyzes asset and liabilitity information on a consolidated basis. Consequently, the Company does not disclose individual information on assets and liabilities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Substantially all of the Company&#8217;s noncurrent assets and revenue generated from customers are located in S&#227;o Paulo State. Consequently, financial information is not disclosed by geographic area.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3.27&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Translation into foreign currency</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Functional and reporting currency</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Items included in the financial statements are measured using the currency of the primary economic environment in which the company operates ("the functional currency"). The financial statements are presented in Brazilian reais (R$), which is also the Company's functional currency. All financial information has been stated in reais and rounded to the next thousand, except where otherwise indicated.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Foreign currency-denominated transactions are translated into Brazilian reais using the exchange rates prevailing at the transaction dates.&nbsp; Statement of financial position accounts are translated by the exchange rate prevailing at reporting date.&nbsp; </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Exchange gains and losses resulting from the settlement of these transactions and the translation of foreign currency-denominated cash assets and liabilities are recognized in the income statement, except for borrowings and financing referring to property, plant and equipment or intangible assets in progress, where exchange losses are recognized as corresponding entry to the asset while construction is in progress, as described in Note 3.12.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter97"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>97</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_98"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader98"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: -35.45pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Changes in accounting practices and disclosures</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 15pt; LINE-HEIGHT: 110%; TEXT-INDENT: -17.6pt"><FONT color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>4.1&nbsp; </FONT></B></FONT><FONT color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>New standards, amendments and interpretations effective for periods beginning on or after January 1, 2016</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>New standards and revisions</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="24%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Standard</FONT></B></P></DIV></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Description</FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="30%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Impact</FONT></B></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="24%">

   <P style="MARGIN: 3pt 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="30%">

   <P style="MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="24%">

   <P style="MARGIN: 3pt 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Amendments to IAS 16 and IAS 38 &#8211; Clarifying of the acceptable methods of depreciation and amortization</FONT></FONT></P>

   <P style="MARGIN: 3pt 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>CPC 27 and CPC 04 (R1)</FONT></FONT></P>

   <P style="MARGIN: 3pt 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Clarify the use of depreciation and amortization for the revenue curve is inappropriate. </FONT></FONT></P>

   <P style="MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="30%">

   <P style="MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The application of this amendment did not impact the disclosures or amounts recognized in the annual financial statements.</FONT></FONT></P>

   <P style="MARGIN: 3pt 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="24%">

   <P style="MARGIN: 3pt 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Amendments to IAS 1 - Disclosure</FONT></FONT></P>

   <P style="MARGIN: 3pt 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>CPC 26 (R1)</FONT></FONT></P>

   <P style="MARGIN: 3pt 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Improvements to understand materiality concepts.</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="30%">

   <P style="MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The application of these amendments did not impact the disclosures or amounts recognized in the annual financial statements.</FONT></FONT></P>

   <P style="MARGIN: 3pt 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="24%">

   <P style="MARGIN: 3pt 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Amendments to IFRS 10 and IAS 28 &#8211; Sales or contributions of assets between an investor and its associate or joint venture</FONT></FONT></P>

   <P style="MARGIN: 3pt 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 10pt" color=black face=georgia>CPC 36 (R3) and CPC 18 (R2)</FONT></FONT></P>

   <P style="MARGIN: 3pt 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Require the sale or contribuition considered as a business &#8211; IFRS 3 (CPC 15 (R1)) must be recognized in the investor&#8217;s financial statements and partially recognized in the statement of profit or loss when is not considered as a business.</FONT></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Clarify the exemption to prepare consolidated financial statements involving investment activities.</FONT></FONT></P>

   <P style="MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="30%">

   <P style="MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The application of these amendments did not impact the disclosures or amounts recognized in the annual financial statements.</FONT></FONT></P>

   <P style="MARGIN: 3pt 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter98"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>98</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_99"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader99"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 15pt; LINE-HEIGHT: 110%; TEXT-INDENT: -17.6pt"><FONT color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>4.2 </FONT></B></FONT><FONT color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>New standards, amendments and interpretations to existing standards that are not yet effective</FONT></B></FONT><FONT color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp; </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: 0pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company did not early adopt the standards and is assessing the impacts of the new and revised IFRS below on the disclosures or amounts recognized in the financial statements: </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="23%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Standard</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="48%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Description</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="29%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Impact</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="23%">

   <P style="MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="48%">

   <P style="MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="29%">

   <P style="MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="23%">

   <P style="MARGIN: 0in 2.85pt 6pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>IFRS 9 - Financial Instruments<SUP>2</SUP></FONT></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="48%">

   <P style="MARGIN: 0in 2.85pt 6pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Changes in the classification and measurement requirements, mainly for impairment and hedge accounting.</FONT></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="29%">

   <P style="MARGIN: 0in 2.85pt 6pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company believes that this standard will not impact the classification and measurement of losses on its financial assets and financial liabilities or hedge accounting, given that it does not have any operation of this nature. </FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="23%">

   <P style="MARGIN: 0in 2.85pt 6pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>IFRS 15 - Revenue from Contracts with Customers<SUP>2</SUP></FONT></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="48%">

   <P style="MARGIN: 0in 2.85pt 6pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Establishes a single comprehensive framework to determine if and when a revenue is recognized and how revenue is measured. </FONT></FONT></P>

   <P style="MARGIN: 0in 2.85pt 6pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>IFRS 15 will supersede the current revenue recognition guidance including IAS 18 / CPC 30 (R1) Revenue, IAS 11 / CPC 17 (R1) Construction Contracts and IFRIC 13 Interpretation A &#8211; Customer Loyalty Programmes. </FONT></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="29%">

   <P style="MARGIN: 0in 2.85pt 6pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company assessed the impacts on its customer contracts, including those with consumers with special billing characteristics, and concluded that the adoption of this standard will not have material impacts.</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="23%">

   <P style="MARGIN: 0in 2.85pt 6pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>IFRS 16 &#8211; Leases<SUP>3</SUP></FONT></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="48%">

   <P style="MARGIN: 0in 2.85pt 6pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Establishes a single model for the accounting of leases in the balance sheet for lesses. A lessee recognizes a right of use asset that represents his right to use the leased asset and a lease liability that represents his obligation to make lease payments. The lessor's accounting remains similar to the current standard, that is, the lessors continue to classify the leases as financial or operating.</FONT></FONT><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif> </FONT></FONT></P>

   <P style="MARGIN: 0in 2.85pt 6pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>IFRS 16 will supersede the current leases guidance including IAS 17 / CPC 06 (R1) Leases and IFRIC 4, SIC 15 and SIC 27 / ICPC 03 Determining Whether an Arrangement Contains a Lease. </FONT></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="29%">

   <P style="MARGIN: 0in 2.85pt 6pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company is assessing the effects of recording operating leases in its financial statements and expects impacts which are currently under evaluation.</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="23%">

   <P style="MARGIN: 0in 2.85pt 6pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Amendments to IAS 12 / CPC 32 &#8211; Recognition of Deferred Income Tax for Unrealized Losses<SUP>1</SUP> </FONT></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="48%">

   <P style="MARGIN: 0in 2.85pt 6pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Describe about the treatment of the temporary differences.</FONT></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="29%">

   <P style="MARGIN: 0in 2.85pt 6pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company is assessing the impacts and effects of the amendments, however it does not expect material effects from adopting this standard.</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="23%">

   <P style="MARGIN: 0in 2.85pt 6pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Amendments to IAS 7 / CPC 03 (R2) &#8211; Disclosure Iniciatives<SUP>1</SUP></FONT></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="48%">

   <P style="MARGIN: 0in 2.85pt 6pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Describe about disclosures that enable users to measure the changes in liabilities related to financing activities.</FONT></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="29%">

   <P style="MARGIN: 0in 2.85pt 6pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company is assessing the impacts and effects of the amendments, however it does not expect material effects from adopting this standard.</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="23%">

   <P style="MARGIN: 0in 2.85pt 6pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Amendments to IFRS 2 / CPC 10 (R1) &#8211; Classification and measurement of share-based payment transactions<SUP>2</SUP></FONT></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="48%">

   <P style="MARGIN: 0in 2.85pt 6pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Describe about modifications of settled options of shares.</FONT></FONT></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="29%">

   <P style="MARGIN: 0in 2.85pt 6pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company is assessing the impacts and effects of the amendments, however it does not expect material effects from adopting this standard.</FONT></FONT></P></TD></TR></TABLE></DIV>

<a name="_bclFooter99"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>99</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_100"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader100"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 141.75pt; LINE-HEIGHT: 110%; TEXT-INDENT: -141.75pt"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>1 Effective for annual periods beginning on or after January 1, 2017. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>2 Effective for annual periods beginning on or after January 1, 2018.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3 Effective for annual periods beginning on or after January 1, 2019.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>There are no other standards and interpretations not yet adopted that may, in the opinion of Management, have a significant impact on the result for the year of equity disclosed by the Company in its financial statements.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter100"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>100</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_101"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader101"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: -35.45pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Risk Management</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 15pt; LINE-HEIGHT: 110%; TEXT-INDENT: -17.6pt"><FONT color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>5.1&nbsp; </FONT></B></FONT><FONT color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Financial Risk Management</FONT></B></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Financial risk factors</FONT></B></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company's activities are affected by Brazilian economic scenario, making it exposed to market risk (exchange rate and interest rate), credit risk and liquidity risk. The Company&#8217;s financial risk management is focused on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Company&#8217;s financial performance.</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company has not utilized derivative instruments in any of the reported periods.</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 17.85pt; LINE-HEIGHT: 110%; TEXT-INDENT: -17.85pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market risk</FONT></B></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Foreign currency risk</FONT></B></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>SABESP&#8217;s foreign exchange exposure implies market risks associated with currency fluctuations, since the Company has foreign currency-denominated liabilities, mainly US dollar and yen-denominated short and long-term borrowings. </FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The management of SABESP&#8217;s foreign currency exposure considers several current and projected economic factors, besides market conditions.</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>This risk arises from the possibility that the Company may incur in losses due to exchange rate fluctuations that would impact liability balances of foreign currency-denominated borrowings and financing raised in the market and related financial expenses. The Company does not maintain hedge or swap contracts or any derivative financial instrument to hedge against this risk. </FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>A significant amount of the Company&#8217;s financial debt is indexed to the U.S. dollar and Yen, in the total amount of R$5,692,984 as of December 31, 2016 (R$6,640,256 as of December 31, 2015). Below, the Company&#8217;s exposure to exchange risk:</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter101"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>101</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><STRONG><FONT size=2 face=Georgia></FONT></STRONG>

<A name="page_102"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader102"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="28%" colSpan=2 noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2016</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="27%" colSpan=2 noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2015</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Foreign currency</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>R$</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Foreign currency</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>R$</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Borrowings and financing &#8211; US$</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,241,963</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>4,047,682</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,242,273</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>4,850,827</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Borrowings and financing &#8211; Yen</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>57,643,930</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,609,419</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>53,906,927</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,748,202</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Interest and charges from borrowings and financing &#8211; US$</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>25,114</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>29,813</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Interest and charges from borrowings and financing &#8211; Yen</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>10,769</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>11,414</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total exposure</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>5,692,984</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>6,640,256</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Borrowing cost </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&#8211; US$</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(29,650)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(19,786)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Borrowing cost </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>&#8211; Yen</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(2,971)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(2,646)</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total foreign currency-denominated borrowings (Note 16)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>5,660,363</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>6,617,824</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The 14% decrease in foreign currency-denominated debt from December 31, 2015 to December 31, 2016 was mainly due to the following:</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 40.55pt; LINE-HEIGHT: 110%; TEXT-INDENT: -22.7pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>1)</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><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Exchange rate changes, due to the 16.5% decrease in the US dollar, from R$3.9048 as of December 31, 2015 to R$3.2591 as of December 31, 2016. The US dollar-denominated debt accounts for 71.4% of foreign currency-denominated debts; and</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 40.55pt; LINE-HEIGHT: 110%; TEXT-INDENT: -22.7pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>2)</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><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>A 6.9% increase in the Yen-denominated debt and 13.9% increase in the Yen, from R$0.03243 as of December 31, 2015 to R$0.02792 as of December 31, 2016. </FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>As of December 31, 2016, if the Brazilian real had depreciated or appreciated by 10%, in addition to the impacts mentioned above, against the US dollar and Yen with all other variables held constant, effects on results before taxes on the year would have been R$569,298 (R$664,026 as of December 31, 2015), lower or higher, mainly as a result of exchange losses or gains on the translation of foreign currency-denominated loans.</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Scenario I below presents the effect in income statements for the next 12 months, considering the projected rates of the U.S. dollar and the Yen. Considering the other variables as remaining constant, the impacts for the next 12 months are shown in scenarios II and III with possible depreciations of 25% and 50%, respectively, in the Brazilian real.</FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter102"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>102</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_103"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader103"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Scenario I (Probable)</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Scenario II (+25%)</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Scenario III (+50%)</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=center><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(*)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Net currency exposure as of December 31, 2016 (Liabilities) in US$</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,241,963</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,241,963</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,241,963</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>US$ rate as of December 31, 2016</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>3.2591</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>3.2591</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>3.2591</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Exchange rate estimated according to the scenario</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>3.4800</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>4.3500</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>5.2200</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Differences between the rates</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(0.2209)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(1.0909)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(1.9609)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Effect on net financial result R$ - (loss) </FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(274,350)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(1,354,857)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(2,435,365)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Net currency exposure as of December 31, 2016 (Liabilities) in Yen</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>57,643,930</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>57,643,930</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>57,643,930</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Yen rate as of December 31, 2016</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>0.02792</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>0.02792</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>0.02792</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Exchange rate estimated according to the scenario</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>0.02943</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>0.03679</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>0.04415</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Differences between the rates</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(0.00151)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(0.00887)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(0.01623)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Effect on net financial result R$ - (loss) </FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(87,042)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(511,302)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(935,561)</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total effect on net financial result in R$ - (loss) </FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(361,392)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(1,866,159)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(3,370,926)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="100%" colSpan=4>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(*)For the probable scenario in US dollar, the exchange rate estimated for December 31, 2017 was used, pursuant to the Focus Report-BACEN, while for the Yen, the average exchange rate was considered for the 12-month period after December 31, 2016, according to BM&amp;FBovespa&#8217;s Reference Rates report.</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Interest rate risk</FONT></B></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>This risk arises from the possibility that the Company could incur losses due to fluctuations in interest rates, increasing the financial expenses related to borrowings and financing.</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company has not entered into any derivative contract to hedge against this risk; however continually monitors market interest rates, in order to evaluate the possible need to replace its debt. </FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The table below provides the Company's borrowings and financing subject to variable interest rate:</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<a name="_bclFooter103"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>103</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_104"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader104"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="35%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2016</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2015</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="31%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=georgia>TR</FONT></FONT><SUP><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=georgia>(i)</FONT></FONT></SUP></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="35%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,535,030</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,498,085</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="31%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=georgia>CDI</FONT></FONT><SUP><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=georgia>(ii)</FONT></FONT></SUP></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="35%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,082,228</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,617,191</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="31%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=georgia>TJLP</FONT></FONT><SUP><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=georgia>(iii)</FONT></FONT></SUP></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="35%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,326,631</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,114,977</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="31%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=georgia>IPCA</FONT></FONT><SUP><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=georgia>(iv)</FONT></FONT></SUP></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="35%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,697,452</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,623,201</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="31%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=georgia>LIBOR</FONT></FONT><SUP><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=georgia>(v)</FONT></FONT></SUP></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="35%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,906,999</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,926,628</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Interest and charges</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="35%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>142,644</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>144,546</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total </FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="35%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>8,690,984</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>8,924,628</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(i) TR &#8211; Interest Benchmark Rate</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=georgia>(ii) CDI &#8211; (Certificado de Dep&#243;sito Interbanc&#225;rio), an interbank deposit certificate</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=georgia>(iii) TJLP &#8211; (Taxa de Juros a Longo Prazo), a long-term interest rate index</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=georgia>(iv) IPCA &#8211; (&#205;ndice Nacional de Pre&#231;os ao Consumidor Amplo), a consumer price index</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(v) LIBOR &#8211; London Interbank Offered Rate</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Another risk to which the Company is exposed, is the mismatch of the monetary restatement indices of its debts with those of its service revenues. Water supply and sewage services tariff adjustments do not necessarily follow the increases in the inflation indexes to adjust loans, financing and interest rates affecting indebtedness</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>As of December 31, 2016, if interest rates on borrowings and financing had been 1% higher or lower with all other variables held constant, the effects on profit for the year before taxes would have been R$86,910 (R$89,246 as of December 31, 2015) lower or higher, mainly as a result of a lower or higher interest expense on floating rate borrowings and financing.</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit risk</FONT></B></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Credit risk arises from cash and cash equivalents, deposits in banks and financial institutions, as well as credit exposures to wholesale basis and retail customers, including outstanding accounts receivable, restricted cash and accounts receivable from related parties. Credit risk exposure to customers is mitigated by sales to a dispersed base.</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The maximum exposures to credit risk as of December 31, 2016 are the carrying amounts of instruments classified as cash equivalents, deposits in banks and financial institutions, restricted cash, trade receivables and accounts receivable from related parties in the balance sheet date.&nbsp; See additional information in Notes 7, 8, 9 and 10. </FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Regarding the financial assets held with financial institutions, the credit quality that is not past due or subject to impairment can be assessed by reference to external credit ratings (if available) or to historical information about counterparty default rates.&nbsp; The credit quality of counterparties which are banks, such as deposits and financial investments, the Company considers the lower rating of the counterparty published by three main international rating agencies (Fitch, Moody's and S&amp;P), according to internal policy of market risk management:</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<a name="_bclFooter104"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>104</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_105"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader105"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="44%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2016</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2015</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="44%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Cash at bank and short-term bank deposits</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="44%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>AA+(bra)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,850,220</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>-</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="44%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>AAA(bra)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>35,452</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,638,589</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="44%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Other (*)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>549</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>625</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="44%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,886,221</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,639,214</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(*) This category includes current accounts and investment funds in banks which have no credit rating information available.</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The available credit rating information of the banks, as at December 31, 2016, in which the Company made deposit transactions and financial investments in domestic currency (R$ - domestic rating) during the year is as follows:</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="34%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Banks</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="22%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Fitch</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="22%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Moody's</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="22%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Standard Poor's</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=georgia>Banco do Brasil S/A</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>AA+(bra)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Aa1.br</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=georgia>Banco Santander Brasil S/A</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>AAA(bra)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Aaa.br</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>brAA-</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Caixa Econ&#244;mica Federal</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>AA+(bra)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Aa1.br</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>brAA-</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Banco Bradesco S/A</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>AAA(bra)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Aa1.br</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>brAA-</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Ita&#250; Unibanco Holding S/A</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>AAA(bra)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Aa1.br</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>brAA-</FONT></P></TD></TR></TABLE></DIV>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(c)&nbsp; Liquidity risk </FONT></B></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company's liquidity is primarily reliant upon cash provided by operating activities, loans from Brazilian Federal and State governmental financial institutions, and financing in the domestic and international capital markets.&nbsp; The liquidity risk management considers the assessment of its liquidity requirements to ensure it has sufficient cash to meet its operating and capital expenditures needs, as well as the payment of debts.</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The funds held by the Company are invested in interest-bearing current accounts, time deposits and securities, selecting instruments with appropriate maturity or liquidity sufficient to provide margin as determined by projections mentioned above.</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The table below shows the financial liabilities of the Company, into relevant maturities, including the installment of principal and future interest to be paid according to the agreement.</FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter105"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>105</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_106"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader106"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="30%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><B><FONT lang=EN-US color=#000000 face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=georgia>2017</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=georgia>2018</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PAGE-BREAK-AFTER: avoid; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=georgia>2019</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PAGE-BREAK-AFTER: avoid; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=georgia>2020</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PAGE-BREAK-AFTER: avoid; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=georgia>2021</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=georgia>2022 onwards</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=georgia>Total</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=georgia>As of December 31, 2016</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US color=#000000 face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US color=#000000 face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-WEIGHT: normal" color=#000000 face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-WEIGHT: normal" color=#000000 face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><B><FONT lang=EN-US color=#000000 face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US color=#000000 face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US color=#000000 face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US color=#000000 face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US color=#000000 face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US color=#000000 face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US color=#000000 face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US color=#000000 face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-WEIGHT: normal" color=#000000 face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US color=#000000 face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US color=#000000 face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=georgia>Liabilities</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US color=#000000 face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US color=#000000 face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US color=#000000 face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US color=#000000 face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-WEIGHT: normal" color=#000000 face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US color=#000000 face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US color=#000000 face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=georgia>Borrowings and financing</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=georgia>1,779,684</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=georgia>1,946,655</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=georgia>2,494,837</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=georgia>2,394,553</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" color=#000000 face=georgia>891,910</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=georgia>5,784,614</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=georgia>15,292,253</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=georgia>Accounts payables to suppliers and contractors</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=georgia>311,960</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" color=#000000 face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" color=#000000 face=georgia>311,960</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=georgia>Services payable</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=georgia>460,054</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" color=#000000 face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" color=#000000 face=georgia>460,054</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=georgia>Public-Private Partnership &#8211; PPP (*)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=georgia>46,038</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=georgia>46,038</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=georgia>351,689</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=georgia>351,689</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" color=#000000 face=georgia>351,689</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=georgia>5,681,712</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=georgia>6,828,855</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=georgia>Program contract commitments</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=georgia>106,362</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=georgia>40,953</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=georgia>29,548</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=georgia>872</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" color=#000000 face=georgia>1,009</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=georgia>16,680</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000000 face=georgia>195,424</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(*) The Company also considered future commitments (construction not yet performed) still not recognized in the financial statements related to S&#227;o Louren&#231;o PPP, due to the relevance of future cash flows, the impacts on its operations and the fact the Company already has formalized this commitment through an agreement signed by the parties.</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Future interest</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Future interest was calculated based on the contractual clauses for all agreements. For agreements with floating interest rate, the interest rates used correspond to the base dates above.</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Cross default</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company has borrowings and financing agreements including cross default clauses, i.e., the early maturity of any debt, may imply the early maturity of these agreements. The indicators are continuously monitored in order to avoid the execution of these clauses.</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sensitivity analysis on interest rate risk</FONT></B></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The table below shows the sensitivity analysis of the financial instruments, prepared in accordance with CVM Rule 475/2008 in order to evidence the balances of main financial assets and liabilities, calculated at a rate projected for the twelve-month period after December 31, 2016, or until the final settlement of each contract, whichever is shorter, considering a probable scenario (scenario I), appreciation of 25% (scenario II) and 50% (scenario III).</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The purpose of the sensitivity analysis is to measure the impact of changes in the market over the financial instruments of the Company, considering constant all other variables. In the time of settlement the&nbsp; amounts&nbsp; can be different from those presented, due to the estimates used in the measurement.</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter106"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>106</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_107"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader107"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 0pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 cellPadding=0 width="93%" border=0>



<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=center><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>December 31, 2016</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Indicators</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Exposure</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Scenario I</FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(Probable) (i)</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Scenario II</FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>25%</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Scenario III</FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>50%</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 5.65pt">

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 5.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 3pt 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Assets</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 3pt 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>CDI</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,748,826</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>11.5600%(*)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>8.6700%</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>5.7800%</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 3pt 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Financial income</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>202,164</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>151,623</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>101,082</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="28%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 3pt 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 3pt 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Liabilities</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 3pt 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>CDI </FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(1,082,228)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>11.5600%(*)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>8.6700%</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>5.7800%</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 3pt 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Interest to be incurred</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(125,106)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(93,829)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(62,553)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 3pt 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 0pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" face=georgia>&nbsp;&nbsp;&nbsp;</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 0pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" face=georgia></FONT></FONT>&nbsp;</P></DIV></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 0pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" face=georgia></FONT></FONT>&nbsp;</P></DIV></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="18%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 0pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" face=georgia></FONT></FONT>&nbsp;</P></DIV></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 3pt 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>CDI net exposure</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>666,598</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>77,058</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>57,794</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <DIV style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 1pt; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>38,529</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 3pt 0in 0pt; LINE-HEIGHT: 110%"><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 3pt 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Liabilities</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 3pt 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>TR</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(1,535,030)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>0.0013%(***)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>0.0016%</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>0.0020%</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 3pt 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Expenses to be incurred </FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(20)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(25)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(31)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 3pt 0in 0pt; LINE-HEIGHT: 110%"><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 3pt 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>IPCA</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(1,697,452)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>4.8700%(*)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>6.0875%</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>7.3050%</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 3pt 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Expenses to be incurred </FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(82,666)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(103,332)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(123,999)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 3pt 0in 0pt; LINE-HEIGHT: 110%"><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="BACKGROUND: yellow; LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 3pt 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>TJLP</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(1,326,631)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>7.5000%(*)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>9.3750%</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>11.2500%</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 3pt 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Interest to be incurred</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(99,497)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(124,372)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(149,246)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 3pt 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 3pt 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>LIBOR </FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(2,906,999)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1.1700%(**)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1.4624%</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1.7549%</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 3pt 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Interest to be incurred</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(34,012)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(42,512)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(51,015)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 0pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" face=georgia></FONT>&nbsp;</P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 0pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" face=georgia></FONT>&nbsp;</P></DIV></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 0pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" face=georgia></FONT>&nbsp;</P></DIV></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 3pt 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total net expenses to be incurred</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(139,137)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(212,447)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(285,762)</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="28%" noWrap>

   <P style="MARGIN: 3pt 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="100%" colSpan=5>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(*) Source: CDI and IPCA rates (Focus Report &#8211; BACEN, December 31, 2016) and long-term interest rate at December 31, 2016 (BACEN).</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="100%" colSpan=5>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(**) Source: Bloomberg</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="100%" colSpan=5>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(***)Source: BM&amp;FBovespa</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;(i)&nbsp;&nbsp; Refers to the scenario of interest to be incurred for the 12 months as of December 31, 2016 or until the maturity of the contracts, whichever is shorter.</FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter107"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>107</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_108"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader108"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 15pt; LINE-HEIGHT: 110%; TEXT-INDENT: -17.6pt"><FONT color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>5.2 </FONT></B></FONT><FONT color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Capital management</FONT></B></FONT><FONT color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></B></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company&#8217;s objectives when managing capital are ensure its ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure to reduce the cost of capital.</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company monitors capital based on the leverage ratio. This ratio corresponds to net debt divided by total capital. Net debt corresponds to total borrowings and financing less cash and cash equivalents. Total capital is calculated as total equity as shown in the statement of the financial position plus net debt.</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="47%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="27%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="47%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="27%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=black face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="47%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total borrowings and financing (Note 16)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="27%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>11,964,143</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>13,121,600</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="47%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(-) Cash and cash equivalents (Note 7)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="27%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(1,886,221)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(1,639,214)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="47%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="27%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="47%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Net debt</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="27%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>10,077,922</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>11,482,386</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="47%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total equity</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="27%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>15,419,211</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>13,716,606</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="47%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="27%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="47%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total capital</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="27%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>25,497,133</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>25,198,992</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="47%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="27%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="47%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Leverage ratio</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="27%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=georgia>40%</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=georgia>46%</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>As of December 31, 2016, the leverage ratio decreased to 40% from the 46% as of December 31, 2015, due to the decreased balance of foreign currency-denominated loan and financing as a result of 16.5% and 13.9% depreciations of the US dollar and the Yen, respectively, in 2016.</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 15pt; LINE-HEIGHT: 110%; TEXT-INDENT: -17.6pt"><FONT color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>5.3 </FONT></B></FONT><FONT color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Fair value estimates</FONT></B></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>It is assumed that balances from trade receivables (current) and accounts payable to suppliers by carrying amount, less impairment approximate their fair values, considering the short maturity.&nbsp; Long-term trade receivables also approximate their fair values, as they will be adjusted by inflation and/or will bear contractual interest rates over time.</FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter108"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>108</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_109"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader109"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 15pt; LINE-HEIGHT: 110%; TEXT-INDENT: -17.6pt"><FONT color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>5.4 </FONT></B></FONT><FONT color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Financial instruments</FONT></B></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company had CTEEP&#8217;s shares, which were classified as financial asset held for trading and recognized at fair value through profit or loss. As of April 20, 2016, the Company sold these shares for R$111,117. The Company&#8217;s financial instruments included in the borrowings and receivables category comprise cash and cash equivalents, restricted cash, trade receivables, balances with related parties, other receivables, and balances receivable from the Water National Agency &#8211; ANA. The financial instruments under the &#8220;other liabilities&#8221; category comprise accounts payable to contractors and suppliers, borrowings and financing, services payable, balances payable deriving from the Public Private Partnership-PPP and program contract commitments, which are non-derivative financial assets and liabilities with fixed or determinable payments, not quoted in an active market. </FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>As of December 31, 2016, the Company did not have financial assets and financial liabilities classified as fair value through profit or loss.</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The estimated fair values of financial instruments are as follows:</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Financial assets</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="37%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%" colSpan=2 noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="31%" colSpan=2 noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="37%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Carrying amount</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Fair value</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Carrying amount</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Fair value</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="37%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Cash and cash equivalents</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,886,221</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,886,221</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,639,214</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,639,214</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="37%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Restricted cash</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>24,078</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>24,078</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>29,156</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>29,156</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="37%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Trade receivables</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,711,306</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,711,306</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,509,588</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,509,588</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="37%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Water National Agency &#8211; ANA </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>81,221</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>81,221</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>88,368</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>88,368</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="37%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Financial asset held for trading (*)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>101,500</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>101,500</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="37%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Other receivables </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>167,369</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>167,369</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>196,118</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>196,118</FONT></P></TD></TR></TABLE></DIV>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(*)Amount recorded under &#8220;other receivables&#8221; in current assets.</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Additionally, SABESP has financial instrument assets receivables from related parties, in the amount of R$871,709 as of December 31, 2016 (R$872,107 as of December 31, 2015), which were calculated in accordance with the conditions negotiated between related parties.&nbsp; The conditions and additional information referring to these financial instruments are disclosed in Note 10 to the financial statements.&nbsp; Part of this balance, in the amount of R$788,180 (R$786,501 as of December 31, 2015), refers to reimbursement of additional retirement and pension plan - G0 and is indexed by IPCA plus simple interest of 0.5% p.m.&nbsp; This interest rate approximates that one practiced by federal government bonds (NTN-b) with terms similar to those of related-party transactions.</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter109"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>109</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_110"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader110"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Financial liabilities</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%" colSpan=2 noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%" colSpan=2 noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Carrying amount</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Fair value</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Carrying amount</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Fair value</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Borrowings and financing</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>11,964,143</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>11,776,178</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>13,121,600</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>12,625,454</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Accounts payables to suppliers and contractors</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>311,960</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>311,960</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>248,158</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>248,158</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Services payable</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>460,054</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>460,054</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>387,279</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>387,279</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Program contract commitments</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>178,093</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>178,093</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>320,714</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>320,714</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Public-Private Partnership - PPP</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,249,418</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,249,418</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,035,033</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,035,033</FONT></P></TD></TR></TABLE></DIV>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>To obtain fair value of borrowings and financing, the following criteria have been adopted:</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; LINE-HEIGHT: 110%; TEXT-INDENT: -19.85pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: baseline; TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 28.35pt; LINE-HEIGHT: 110%; TEXT-INDENT: -19.85pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Agreements with Banco do Brasil and CEF (Federal Savings Bank) were projected until their final maturities, at contractual rates (projected TR + spread) and discounted at present value by TR x DI, both rates were obtained&nbsp; from BM&amp;FBovespa. </FONT></FONT></P>

<P style="VERTICAL-ALIGN: baseline; TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 28.35pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: baseline; TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 28.35pt; LINE-HEIGHT: 110%; TEXT-INDENT: -19.85pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Debentures were projected up to the final maturity date according to contractual rates (IPCA, DI, TJLP or TR), and discounted to present value considering the future interest rate published by ANBIMA in the secondary market, or by market equivalent rates, or the Company&#8217;s share traded in the Brazilian market. </FONT></FONT></P>

<P style="VERTICAL-ALIGN: baseline; TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 28.35pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: baseline; TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 28.35pt; LINE-HEIGHT: 110%; TEXT-INDENT: -19.85pt"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(iii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>BNDES loans are financial instruments valued at carrying amount plus contractual interest rate until the maturity date, and are indexed by long term interest rate &#8211;&nbsp; TJLP</FONT></FONT><FONT style="LINE-HEIGHT: 110%" face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman">. </FONT></FONT></P>

<P style="VERTICAL-ALIGN: baseline; TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 28.35pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: baseline; TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 28.35pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>These financing have specific characteristics and the conditions defined in the financing agreements with BNDES between independent parties, and reflect the conditions for those types of loan.&nbsp; In Brazil, a consolidated market of long-term debts does not exist with the same characteristics of BNDES financing, the offering of credit to the entities in general, with this long-term characteristic, usually is restricted to BNDES.</FONT></FONT></P>

<P style="VERTICAL-ALIGN: baseline; TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 28.35pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: baseline; TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 28.35pt; LINE-HEIGHT: 110%; TEXT-INDENT: -19.85pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(iv)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Other financing in local currency are considered by carrying amount plus contractual interest rate till mature date, discounted to present value considering a future interest rate published by BM&amp;FBovespa. </FONT></FONT></P>

<P style="VERTICAL-ALIGN: baseline; TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 28.35pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: baseline; TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 28.35pt; LINE-HEIGHT: 110%; TEXT-INDENT: -19.85pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(v)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Agreements with BID and IBRD, were projected until final&nbsp; maturity&nbsp; in&nbsp; origin&nbsp; currency,&nbsp; applying interest rates contracted, discounted at present value at Libor futures rate, obtained from Bloomberg.&nbsp; Eurobonds were priced at market value through quotes published by Bloomberg.&nbsp; All the amounts obtained&nbsp; were translated into Brazilian reais at the exchange rate of December 31,&nbsp; 2016. </FONT></FONT></P>

<P style="MARGIN: 0in 0in 0in 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<a name="_bclFooter110"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>110</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_111"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader111"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="VERTICAL-ALIGN: baseline; TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 28.35pt; LINE-HEIGHT: 110%; TEXT-INDENT: -19.85pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(vi)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Agreements with JICA, were projected until final maturity in origin currency, using interest rates contracted and discounted at present value, at Tibor futures rate obtained from Bloomberg.&nbsp; The amounts obtained were translated into Brazilian reais at the exchange rate of December 31,&nbsp; 2016. </FONT></FONT></P>

<P style="VERTICAL-ALIGN: baseline; TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 28.35pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face="times new roman"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: baseline; TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 28.35pt; LINE-HEIGHT: 110%; TEXT-INDENT: -19.85pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(vii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman"> </FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Leases are financial instruments considered by face value restated until maturity date, whose characteristic is the indexation by fixed contractual rate, which is a specific type, not compared to any other market rate.&nbsp; Thus, the Company discloses as market capitalization, the amount recorded as of December 31, 2016.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: baseline; TEXT-ALIGN: justify; MARGIN: 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Financial instruments referring to investments and borrowings and financing are classified as Level 2 in the fair value hierarchy.</FONT></FONT></P>

<P style="VERTICAL-ALIGN: baseline; TEXT-ALIGN: justify; MARGIN: 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: baseline; TEXT-ALIGN: justify; MARGIN: 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Considering the nature of other financial instruments, assets and liabilities of the Company, the balances recognized in the statement of financial position approximate the fair values, taking into account the maturities close to the end of the reporting period, comparison of contractual interest rates with market rates in similar operations at the end of the reporting periods, their nature and maturity terms.</FONT></FONT></P>

<P style="VERTICAL-ALIGN: baseline; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: baseline; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: -35.45pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Key accounting estimates and judgments</FONT></B></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Estimates and judgments are continually evaluated and are based on historical experience and on other factors, including expectations of future events that are believed to be reasonable under the circumstances.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company makes estimates and assumptions concerning the future.&nbsp; The resulting accounting estimates, by definition, may differ from actual results.&nbsp; The estimates and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 35.25pt; LINE-HEIGHT: 110%; TEXT-INDENT: -35.25pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Allowance for doubtful accounts</FONT></B></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company records allowance for doubtful accounts in an amount that Management considers sufficient to cover expected losses, based on an analysis of trade receivables, in accordance with the accounting policy stated in Note 3.4.</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The methodology for determining the allowance for doubtful accounts receivable requires significant estimates, considering a number of factors including historical receipt experience, current economic trends, estimates of forecast write-offs, the aging of the accounts receivable portfolio. While the Company believes that the assumptions used are reasonable, actual results could be different.</FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter111"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>111</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_112"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader112"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 35.25pt; LINE-HEIGHT: 110%; TEXT-INDENT: -35.25pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(b)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Intangible assets arising from concession and program contracts</FONT></B></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company recognizes as intangible assets arising from concession agreements.&nbsp; The Company estimates the fair value of construction and other work on the infrastructure to recognize the cost of the intangible asset, which is recognized when the infrastructure is built and provided that it will generate future economic benefits.&nbsp; The great majority of the Company's contracts for service concession arrangements entered with each grantor is under service concession agreements in which the Company has the right to receive, at the end of the contract, a payment equivalent to the unamortized asset balance of the concession intangible asset, which in this case, are amortized over the useful life of the underlying physical assets, thus at the end of the contract, the remaining value of the intangible would be equal to the residual value of the related fixed asset.</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Concession intangible assets under Concession agreements and Program contracts, in which, at the end of the contract, the Company has no right to receive a payment equivalent to the unamortized asset balance of the concession intangible, are amortized on a straight-line basis over the useful life of asset or contract period, which occurs first.&nbsp; Additional information on the accounting for intangible assets arising from concession agreements is described in Note 3.8.</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The recognition of fair value for the intangible assets arising on concession agreements is subject to assumptions and estimates, and the use of different assumptions could affect the balances recorded.&nbsp; Different assumptions and estimates and changes in the useful lives of the intangible assets may have relevant impacts on the results of operations</FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia>. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 35.25pt; LINE-HEIGHT: 110%; TEXT-INDENT: -35.25pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(c)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Provisions </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company is party to a number of legal proceedings involving significant claims. These legal proceedings include, but are not limited to, tax, labor, civil, environmental, disputes with customers and suppliers. The Company recorgnizes a provision for lawsuits when it has a present obligation (legal or constructive) arising from a past event, it is probable that an outflow of resources embodying economic benefits will be necessary to settle the liability and the amount of such obligation can be reliable estimated.&nbsp; Judgments regarding future events may differ significantly from actual estimates and could exceed the amounts provisioned.&nbsp; Provisions are revised and adjusted to take into consideration changes in circumstances involved.&nbsp; Additional information of these legal proceedings is disclosed in Note 19</FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia>.</FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter112"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>112</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_113"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader113"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 35.25pt; LINE-HEIGHT: 110%; TEXT-INDENT: -35.25pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(d)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Pension plan benefits</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company sponsors the defined benefit plan and the defined contribution plan, as described in Note 20.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The liability recognized in the balance sheet in relation to defined benefit pension plans is the present value of defined benefit obligation on the balance sheet date, less the fair value of plan assets.&nbsp; The benefit obligation is calculated yearly by independent actuaries, applying the projected credit unit method.&nbsp; The present value of defined benefit obligation is determined by discounting the estimated future cash outflows, using interest rates compatible with the market, which are denominated in currency in which benefits will be paid and with maturity terms close to those of corresponding pension plan obligation</FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia>.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 35.25pt; LINE-HEIGHT: 110%; TEXT-INDENT: -35.25pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(e)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Deferred income tax and social contribution</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company recognizes and settles taxes on income based on the results of operations verified according to the Brazilian Corporation Law, taking into consideration the provisions of the tax laws. Pursuant to CPC 32 (IAS 12), the Company recognizes deferred tax assets and liabilities based on the differences between the accounting balances and the tax bases of assets and liabilities. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp; </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company regularly reviews the recoverability of deferred tax assets and recognizes a provision for impairment if it is probable that these assets will not be realized, based on the historic taxable income, in the projection of future taxable income and the estimated period of reversing temporary differences. These calculations require the use of estimates and assumptions. The use of different estimates and assumptions could result in provision for impairment of all or a significant amount of deferred tax assets</FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia>.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: -35.45pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Cash and cash equivalents</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="37%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="31%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="37%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Cash and banks</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>137,395</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>77,233</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="37%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Cash equivalents</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="31%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,748,826</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,561,981</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="37%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="31%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,886,221</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,639,214</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Cash and cash equivalents include cash, bank deposits and high-liquidity short-term financial investments, mainly represented by repurchase agreements (accruing CDI interest rates), deposited at Banco do Brasil, whose original maturities are lower than three months, which are convertible into a cash amount and subject to an insignificant risk of change in value.</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The average yield of financial investments corresponds to 99.24% of CDI in December 2016 and 2015.</FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter113"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>113</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_114"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader114"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: -35.45pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia>8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Restricted cash</FONT></B></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="27%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="28%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=georgia>Current </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="27%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="28%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=georgia>Agreement with the S&#227;o Paulo municipal government (i)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="27%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>15,858</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="28%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>13,005</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Funds raised with the BNDES (ii)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="27%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="28%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>7,109</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Brazilian Federal Savings &#8211; escrow deposit (iii)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="27%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,989</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="28%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,433</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Other</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="27%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>5,231</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="28%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>7,609</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="27%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>24,078</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="28%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>29,156</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="27%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="28%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 34.05pt; LINE-HEIGHT: 110%; TEXT-INDENT: -19.85pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(i)&nbsp;&nbsp;&nbsp; Agreement with the municipal government of S&#227;o Paulo where the Company transfers 7.5% of the Municipal revenue to the Municipal Fund;</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 34.05pt; TEXT-INDENT: -19.85pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(ii)&nbsp;&nbsp; Refers to funds raised with the Brazilian Development Bank&#8211; BNDES, awaiting authorization for use restrictions; </FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 34.05pt; LINE-HEIGHT: 110%; TEXT-INDENT: -19.85pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(iii) Refers to savings account for receiving escrow deposits regarding lawsuits with final and unappealable decisions in favor of the Company, which are blocked as per contractual clause.</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter114"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>114</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_115"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader115"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: -35.45pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia>9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Trade receivables</FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia> </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance sheet detail</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=georgia>December 31, 2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Private sector:</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>General and special customers (i) (ii)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,205,498</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,044,692</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Agreements (iii)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>315,351</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>317,871</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,520,849</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,362,563</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Government entities:</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Municipal</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>520,950</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>503,309</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Federal</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>3,414</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>5,738</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Agreements (iii)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>279,449</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>207,066</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>803,813</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>716,113</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Wholesale customers &#8211; Municipal governments: (iv)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Guarulhos</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>778,106</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>810,285</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Mau&#225;</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>467,775</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>416,749</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Mogi das Cruzes</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,527</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,158</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Santo Andr&#233;</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>946,045</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>857,424</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>S&#227;o Caetano do Sul</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,371</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,057</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Diadema </FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>222,671</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>222,671</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total wholesale customers &#8211; Municipal governments</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,419,495</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,311,344</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Unbilled supply</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>481,389</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>427,361</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Subtotal</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>5,225,546</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>4,817,381</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Allowance for doubtful accounts</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(3,514,240)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(3,307,793)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total </FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,711,306</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,509,588</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Current</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,557,472</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,326,972</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Noncurrent </FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>153,834</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>182,616</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="47%">

   <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="27%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,711,306</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,509,588</FONT></P></DIV></TD></TR></TABLE></DIV>

<a name="_bclFooter115"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>115</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_116"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader116"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 64.35pt; LINE-HEIGHT: 110%; TEXT-INDENT: -0.5in"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;</FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>General customers - residential and small and mid-sized companies</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 17pt; TEXT-INDENT: -17pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 46.2pt; LINE-HEIGHT: 110%; TEXT-INDENT: -17.85pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(ii)&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Special customers - large consumers, commercial, industries, condominiums and special billing consumers (</FONT></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>fixed demand agreements</FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>, industrial waste, wells, etc</FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>.).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 17pt; TEXT-INDENT: -17pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 45.95pt; LINE-HEIGHT: 110%; TEXT-INDENT: -17.6pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(iii) </FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Agreements - installment payments of past-due receivables, plus monetary restatement and interest, when provided for in the agreements</FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 17pt; TEXT-INDENT: -17pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 45.95pt; LINE-HEIGHT: 110%; TEXT-INDENT: -17.6pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(iv) </FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Wholesale basis customers - municipal governments - This balance refers to the sale of treated water to municipalities, which are responsible for distributing to, billing and charging final customers. Some of these municipalities are questioning in court the tariffs charged by SABESP, which have full allowance for doubtful accounts. Additionally, the overdue amounts are included in the allowance for doubtful accounts</FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The aging of trade receivables is as follows</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Current</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,337,503</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,195,098</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Past-due:</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Up to 30 days</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>263,157</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>182,025</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>From 31 to 60 days</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>148,927</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>123,765</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>From 61 to 90 days</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>53,268</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>78,089</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>From 91 to 120 days</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>109,138</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>84,654</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>From 121 to 180 days</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>124,001</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>80,447</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>From 181 to 360 days</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>203,837</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>158,182</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Over 360 days</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,985,715</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,915,121</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total past-due</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>3,888,043</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>3,622,283</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total </FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>5,225,546</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="32%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>4,817,381</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The increase in the overdue balance was mainly due to the default of the municipalities that purchased water on a wholesale basis, given that they are challenging the tariffs charged by SABESP in court, and the increase in default of amounts overdue up to 360 days, related to private customers.</FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter116"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>116</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_117"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader117"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for doubtful accounts&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=georgia>December 31, 2016</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2015</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Balance at beginning of the year </FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>3,307,793</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>3,164,288</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Private sector /government entities</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>144,217</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>103,231</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Recoveries </FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(241,109)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(177,993)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Wholesale customers</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>331,295</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>283,113</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Net additions for the year</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>234,403</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>208,351</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Write-offs in the year referring to accounts receivable</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(27,956)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(64,846)</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Balance at end of the year</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>3,514,240</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>3,307,793</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Reconciliation of estimated losses</FONT></B></FONT></P>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>of income</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2016</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2015</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Write-offs</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>177,492</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>63,076</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Losses with state entities (related parties)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>7,292</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>3,999</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Losses with private sector / government entities</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>144,217</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>103,231</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Losses with wholesale customers</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,596</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>10,107</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Recoveries</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(241,109)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(177,993)</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Amount recorded as selling expenses </FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>90,488</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,420</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Wholesale sales losses, amounting to R$328,699 in 2016 and R$273,006 in 2015, were also recorded as revenue reduction.</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company does not have customers representing 10% or more of its total revenues.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter117"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>117</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_118"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader118"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: -35.45pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.1pt" color=black face=georgia>10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Related-Party Balances and Transactions</FONT></B></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company is a party to transactions with its controlling shareholder, the State Government, and companies related to it.</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable, interest on capital payable, revenue and expenses with the S&#227;o Paulo State Government</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=georgia></FONT></B>&nbsp;</P></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=georgia>December 31, 2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Accounts receivable</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Current:</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Water and sewage services (i)</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>134,005</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>115,633</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Allowance for losses (i)</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(56,624)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(49,332)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Reimbursement for retirement and pension benefits paid (G0):</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>- monthly flow (payments) (ii) and (vi)</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>22,696</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>20,564</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>- GESP Agreement &#8211; 2008 (ii) and (vi)</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>56,512</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>49,985</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>- GESP Agreement &#8211; 2015 (vii)</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>39,816</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=georgia>&#8220;Se Liga na Rede&#8221; program (l)</FONT></P></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>6,148</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>19,305</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total current</FONT></P></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=georgia>202,553</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=georgia>156,155</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=#000000 face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Noncurrent:</FONT></P></TD>

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

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Reimbursement for retirement and pension benefits paid (G0):</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>- GESP Agreement &#8211; 2008 (ii) and (vi)</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>18,838</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>66,646</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>- GESP Agreement &#8211; 2015 (vii)</FONT></P></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>650,318</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>649,306</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total noncurrent</FONT></P></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>669,156</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>715,952</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total receivables from shareholders</FONT></P></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>871,709</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>872,107</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Assets:</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Water and sewage services</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>77,381</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>66,301</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Reimbursement of additional retirement and pension benefits (G0)</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>788,180</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>786,501</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=georgia>&#8220;Se Liga na Rede&#8221; program (l)</FONT></P></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>6,148</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>19,305</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>871,709</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>872,107</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Liabilities:</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Interest on capital payable to related parties</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>351,788</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>64,013</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Other (g)</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,853</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,210</FONT></P></TD></TR></TABLE></DIV>

<a name="_bclFooter118"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>118</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_119"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader119"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Revenue from water and sewage services</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Water supply </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>235,686</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>195,478</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Sewage services</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>210,040</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>162,034</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Payments received from related parties</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(424,549)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(338,471)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Receipt of GESP reimbursement referring to Law 4819/58</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(139,472)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(121,709)</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 64.4pt; LINE-HEIGHT: 110%; TEXT-INDENT: -0.5in"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Water and sewage services</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company provides water supply and sewage collection services to the S&#227;o Paulo State Government and other companies related to it in accordance with usual market terms and conditions, as considered by management, except for the settlement of credits which can be made according to items (iii), (iv) and (v). </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company recognized R$56,624 as of December 31, 2016 (R$49,332 as of December 31, 2015) as allowance for losses of amounts past due for more than 360 days has been recorded due to the uncertainty involving these receipts.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 64.4pt; LINE-HEIGHT: 110%; TEXT-INDENT: -0.5in"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman"> </FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Reimbursement of additional retirement and pension benefits paid</FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia> </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Refers to amounts of supplementary retirement and pension benefits provided for in State Law 4819/58 ("Benefits") paid by the Company to former employees and pensioners, referred to as Go.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Under the Agreement referred on item (iii) with the S&#227;o Paulo State Government ("GESP" or the "State"), GESP recognizes its liability from charges arising from the Benefits, provided that the payment criteria set forth by the State Department of Personnel (DDPE), based on legal guidance of the Legal Consultancy of the Department of Finance and of the State Attorney General's Office (PGE).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>As discussed on item (vi), during the assessment of the debt due from GESP to the Company there were certain divergences in the calculation and eligibility criteria of the benefits paid by the Company on behalf of GESP.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>See additional information about the Go plan in Note 20 (b) (iii).</FONT></FONT></P>

<a name="_bclFooter119"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>119</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_120"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader120"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>In January 2004, the payments of supplement retirement and pension benefits were transferred to the Department of Finance and would be made in accordance with the calculation criteria determined by the PGE.&nbsp; As a result of a court decision, the responsibility for making the payments returned to SABESP, as originally established.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; LINE-HEIGHT: 110%; TEXT-INDENT: -14.2pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(iii)&nbsp;&nbsp;&nbsp;&nbsp; GESP Agreement</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>On December 11, 2001, the Company, the S&#227;o Paulo State Government (through the State Department of Finance Affairs, currently Department of Finance) and the Water and Electricity Department (DAEE), with the intermediation of the State Department of Sanitation and Energy (former Department of Water Resources, Sanitation and Construction Works), entered into the Obligations, Payment Commitment and Other Covenants Acknowledgement and Consolidation Agreement ("GESP Agreement") for the settlement of outstanding debts between GESP and the Company related to the provision of water supply and sewage services and to the retirement benefits.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>In view of the strategic importance of the Taia&#231;upeba, Jundia&#237;, Biritiba, Paraitinga and Ponte Nova reservoirs for ensuring and maintaining the Alto Tiet&#234; water volume, the Company agreed to receive them as partial repayment of the reimbursement related to the Benefits.&nbsp; The DAEE would transfer the reservoirs to the Company, replacing the amount owed by GESP.&nbsp; However, the S&#227;o Paulo State Public Prosecution Office challenges the legal validity of this agreement, and its main argument is the lack of bidding and the absence of a specific legislative authorization for disposal of DAEE's assets.&nbsp; There is an unfavorable decision to SABESP not yet unappealable. &nbsp;The Company's legal advisors assess the risk of loss in this lawsuit pursuant to item 3.15.&nbsp; See additional information in item (viii) below.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; LINE-HEIGHT: 110%; TEXT-INDENT: -14.2pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(iv) &nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>First Amendment to the GESP Agreement</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>On March 22, 2004, the Company and the S&#227;o Paulo State Government amended the terms of the original GESP Agreement, (1) consolidating and recognizing the amounts due by the S&#227;o Paulo State Government for water supply and sewage collection services provided, monetarily adjusted through February 2004; (2) formally authorizing the offset of amounts due by the S&#227;o Paulo State Government with interest on capital declared by the Company and any other debt owed to the S&#227;o Paulo State Government as of December 31, 2003, monetarily adjusted through February 2004; and (3) defining the payment conditions of the remaining liabilities of the S&#227;o Paulo State Government for the receipt of the water supply and sewage services.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; LINE-HEIGHT: 110%; TEXT-INDENT: -14.2pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(v) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Second Amendment to the GESP Agreement</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>On December 28,&nbsp; 2007, the Company&nbsp; and the&nbsp; S&#227;o&nbsp; Paulo&nbsp; State Government, represented by the Department of Finance, signed the second amendment to the terms of the original GESP Agreement, agreeing upon the payment in installments of the remaining balance of the First Amendment, amounting to R$133,709 at November 30, 2007, to be paid in 60 monthly and consecutive installments of the same amount, beginning on January 2, 2008.&nbsp; In December 2012 the last installment was paid. </FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" face=arial,sans-serif></FONT>

<a name="_bclFooter120"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>120</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_121"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader121"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The State and SABESP agreed on immediately resuming their compliance with their mutual obligations under new assumptions: (a) implementation of an electronic bill management system to facilitate and speed up the monitoring of payment processes and budget management procedures; (b) structuring of the Rational Water Use Program (PURA) to rationalize the consumption of water and the amount of the water and sewage bills under the responsibility of the State; (c) establishment, by the State, of criteria for budgeting so as to avoid the reallocation of amounts to a specific water and sewage accounts as from 2008; (d) possibility of registering state bodies and entities in a delinquency system or reference file; (e) possibility of interrupting water supply to state bodies and entities in case of nonpayment of water and sewage bills.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; LINE-HEIGHT: 110%; TEXT-INDENT: -14.2pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Third Amendment to the GESP Agreement</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>On November 17, 2008, GESP, SABESP and DAEE signed the third amendment to the GESP Agreement, through which GESP recognized a debt balance payable to SABESP totaling R$915,251, monetarily adjusted up to September 2008 in accordance with the fluctuation of the IPCA-IBGE, corresponding to the Undisputed Reimbursement, determined by FIPECAFI. SABESP accepted on a provisional basis the reservoirs (see information on item (iii) of this note) as part of the payment of the Undisputed Reimbursement and offered to GESP a provisional settlement, recognizing a credit totaling R$696,283, corresponding to the value of the reservoirs in the Alto Tiet&#234; system. The Company did not recognize the reimbursement receivable of R$696,283 related to the reservoirs, as it is not virtually certain that will be transferred by the State. In March 2015, Sabesp and GESP entered into an agreement to pay the amounts receivable, totaling R$696,283 (more information in item (vii) of this note). The remaining balance totaling R$218,967 has been paid in 114 monthly, consecutive installments, totaling R$1,920 each, including the annual IPCA-IBGE fluctuation, plus interest of 0.5% p.m., the first of which fell due on November 25, 2008. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>In addition, the third amendment provides for the regularization of the monthly flow of benefits.&nbsp; While SABESP is liable for the flow of monthly payment of benefits, the State shall reimburse SABESP based on the criteria identical to those applied when determining the Undisputed Reimbursement.&nbsp; Should there be no preventive court decision, the State will assume the flow of monthly payment of benefits portion deemed as undisputed.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; LINE-HEIGHT: 110%; TEXT-INDENT: -14.2pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(vii)&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Agreement with the S&#227;o Paulo State Government entered into in 2015</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>On March 18, 2015, the Company, the State of S&#227;o Paulo and the Department of Water and Electricity (DAEE), and the Sanitation and Water Resources Department as the intervening party, entered into a Term of Agreement in the amount of R$1,012,310, of which R$696,283 refer to the principal of the Undisputed Amount mentioned in item (iii) and R$316,027 corresponding to the inflation adjustment of the principal until February 2015.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The Principal Amount will be paid in 180 installments, as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The first 24 installments were settled by immediately transferring 2,221,000 preferred shares issued by Companhia de Transmiss&#227;o de Energia El&#233;trica Paulista - CTEEP, totaling R$87,174, based on the share closing on March 17, 2015; and</FONT></FONT></P>

<a name="_bclFooter121"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>121</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_122"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader122"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The amount of R$609,109 is adjusted by IPCA (Extended Consumer Price Index) until the date when payments start and paid in cash, by means of other 156 monthly installments, beginning on April 5, 2017. When payment starts, installments will be adjusted by IPCA plus simple interest of 0.5% per month. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Considering the lawsuit which objects the possibility of transferring the reservoirs is pending final and unappealable court decision, the agreement also provides for the following situations:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>If transfer is possible and the Reservoirs are effectively transferred to SABESP and registered at the notary&#8217;s office, SABESP will reimburse to the State the amounts paid in replacement of Reservoirs (Principal Amount) in 60 monthly installments adjusted by IPCA until the date of payment of each installment; and</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>If the transfer of Reservoirs is not possible, the State will pay to SABESP, in addition to the Principal Amount, the inflation adjustment credit of R$316,027 in 60 installments, starting these payments at the end of Principal Amount installment payment. The amount will be adjusted by IPCA to the start date of payments and, as of this date, IPCA will be incurred plus 0.5% simple interest rates/month over the amount of each installment.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The accounting impacts of the agreement generated a debit of R$696,283 in accounts receivable from related parties and a credit in the same amount in administrative expenses on the transaction date. Due to such transaction, as of December 31, 2015, the Company recorded receivables from GESP in the amount of R$649,306, in non-current assets, and CTEEP shares in the amount of R$101,500, under &#8220;other receivables&#8221; in current assets. As of December 31, 2016, the balance receivable totaled R$39,816 in current assets and R$650,318 in noncurrent assets and CTEEP shares were disposed of on April 20, 2016 for R$111.1 million.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; LINE-HEIGHT: 110%; TEXT-INDENT: -14.2pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(viii)&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Disputed Amount of Benefits</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>As mentioned before, on November 17, 2008 the Company and the State signed the third amendment to the GESP Agreement, when the reimbursements called disputed and undisputed were quantified.&nbsp; The amendment established the efforts to calculate the so-called Disputed Reimbursement of the Benefits. Under the fourth clause of the amendment, the Disputed Reimbursement represents the difference between the Undisputable Reimbursement and the amount actually paid by the Company as pension benefits and pensioners set out in Law 4,819/58, for which, the Company understands, the State of S&#227;o Paulo is originally liable, but paid by SABESP under a court order.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>By entering into the third amendment, the State's Legal Representative (PGE) agreed to reassess the differences that gave rise to the Disputed Amount of benefits set out in Law 4,819/58. At the time, the expectation was based on the willingness of the PGE to reanalyze the issue and the implied right of the Company to the reimbursement, including based on opinions from outside legal advisors.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>However, the recent opinions issued by the PGE and received on September 4 and 22, 2009 and January 4, 2010, refute the reimbursement of previously defined as Disputed Amount. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Even though the negotiations with the State are still in progress, it is not possible to assure that the Company will </FONT></FONT>


<FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>recover the disputed&nbsp; receivables without dispute.</FONT></FONT></P>

<a name="_bclFooter122"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>122</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_123"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader123"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>




<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>As part of the actions intended to recover the receivables that management considers due by the State, related to discrepancies in the reimbursement of the pension benefits paid by the Company, SABESP:&nbsp; (i) on March 24, 2010, reported to the controlling shareholder the official letter approved by the executive committee, proposing that the matter be discussed at the S&#227;o Paulo Stock Exchange (BM&amp;FBovespa) Arbitration Chamber; (ii) in June 2010, presented to Department of Finance a proposal to solve the outstanding items, such proposal was not accepted; (iii) on November 9, 2010, filed a judicial action against the State of S&#227;o Paulo pleading the entire reimbursement related to employee benefits set out in Law 4,819/58 to finalize the discussion between the Company and GESP. Despite the legal action, the expectation of which is a possible gain, the Company will persist to obtain an agreement with GESP since the management believes that it is the better to the Company and to its shareholders than wait until the end of the judicial action.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company's Management decided to not recognize the reimbursements which were not considered virtually certain that will be reimbursed by the State.&nbsp; As of December 31, 2016 and 2015, the amounts not recorded by the Company, related to the pension benefits paid on behalf of the State by the Company, totaled R$937,035 and R$855,054, respectively, as disclosed in item 10 (b) below.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>As a result, the Company also recognized the obligation related to the pension benefit obligations maintained with the beneficiaries, retirees and pensioners of Plan G0.&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>As of December 31, 2016 and 2015, the pension benefit obligations of Plan G0 totaled R$2,512,080 and R$2.166.942, respectively. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;For detailed information on the pension benefit obligations refer to Note 20 (b) (iii).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contingent assets - GESP (not recorded)</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>As mentioned above, as of December 31, 2015 and December 31, 2014, SABESP had contingent assets with GESP, not recorded in assets referring to the additional retirement and pension paid (Law 4,819/58), named &#8220;Disputed amounts receivable&#8221;, totaling R$937,035 and R$855,054, respectively. </FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter123"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>123</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_124"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader124"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Use of reservoirs &#8211; EMAE&nbsp;&nbsp; </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Empresa Metropolitana de &#193;guas e Energia S.A. - EMAE planned to receive for the credit and obtain financial compensation for alleged past and future losses in electricity generation, due to water collection, and compensation for costs already incurred and to be incurred with the operation, maintenance and inspection of the Guarapiranga and Billings reservoirs used by SABESP in its operations.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Several lawsuits were filed by EMAE. An arbitration proceeding was in progress related to the Guarapiranga reservoir and a lawsuit related to the Billings reservoir, both pleading for financial compensation due to SABESP&#8217;s water collect for public supply, alleging that this conduct has been causing permanent and growing loss in the capacity of generating electricity of Henry Borden hydroelectric power plant with financial losses.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>As of April 10, 2014, the Company issued a Notice to the Market including the information about an eventual future agreement. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>As of October 28, 2016, the Company entered into an agreement based on a Private Transaction Agreement and Other Adjustments aimed to fully and completely settle the disputes involving the two companies.&nbsp; The transaction is subject to the condition precedent of approval by the competent bodies of the Company and EMAE, as well as the Brazilian Electricity Regulatory Agency &#8211; ANEEL, and involves the payment by SABESP to EMAE of the following amounts:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>- </FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>R$</FONT></FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif>&nbsp;</FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>6,610 annually, adjusted for inflation, as of the execution date of this instrument, by the IPCA or any other index that may replace it, by the last business day of October of each fiscal year, with (i) the first of&nbsp; such annual payments due up to the last business day of October 2017 and (ii) the last payment due up to the last business day of October 2042; and </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>- R$46,270, in five annual and successive installments, adjusted for inflation by the IPCA or any other index that may replace it, with the first installment of R$9,254 due on April 30, 2017 and the subsequent ones in&nbsp; 4 (four) installments of same amount, due on every April 30 of the subsequent years, or on the first subsequent business day</FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The agreement was based on the following assumptions: (i) SABESP payments should not exceed the amount necessary to indemnify EMAE for the maintenance and operating costs of the Guarapiranga and Billings reservoirs, in the proportion of their collect considering the natural outflow of each reservoir; (ii) payments will be made while SABESP&#8217;s and EMAE&#8217;s concessions are valid, and as long as SABESP withdraws water from these reservoirs, in compliance with the statute of limitations of the objects of the proceedings; (iii) SABESP must request ARSESP to incorporate these expenses into the tariff revision process in progress.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>In order to estimate the maintenance and preservation expenses of the hydraulic and property structures of the Billings and Guarapiranga reservoirs, the technical area involved in water production adopted the following assumptions:&nbsp; (i) expenses related to the Guarapiranga Reservoir, whose water is used exclusively to supply the population of the S&#227;o Paulo Metropolitan Region, will be fully paid by SABESP; (ii) the Billings reservoir has </FONT></FONT>


<FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>multiple uses &#8211; flood control, generation of electricity and public supply &#8211; and its maintenance and operating expenses should be shared based on the proportion of water used by each of the functions mentioned; (iii) SABESP has grants to use water in several points of the Billings reservoir that total an available outflow of 10.0 m&#179;/s, representing 61.7% of the reservoir&#8217;s long-term average outflow (16.2 m&#179;/s); and (iv) considering the water volume usage percentages - 100% Guarapiranga and 61.70% Billings &#8211; an annual amount of R$6,610 will be charged as shared expenses, based on the terms of the agreement. </FONT></FONT></P>

<a name="_bclFooter124"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>124</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_125"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader125"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>




<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company adopted the annual amount of R$6,610 from 2010 to 2042, including the statute of limitations and the year of expiration of the EMAE concession.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>For these reasons, the Company has concluded that it was in its interest to enter into the agreement since: (i) it eliminates the incidence of future risks with the dismissal of all proceedings; (ii) its amount is limited to a reasonable amount to be paid for the sharing of the operating and maintenance costs of the Guarapiranga and Billings reservoirs; and (iii) the form of payment is appropriate to its financial situation.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>By entering into the Agreement, all litigation between the parties will cease permanently and the Company will continue using the reservoirs.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>In addition to the lawsuits that were part of the Agreement, on April 11, 2016, SABESP was named in the Indemnification proceeding commenced by EMAE&#8217;s minority shareholders, who claimed compensation for damages suffered by EMAE, based on the amounts that the latter did not earn due to the decrease in the outflow of these reservoirs and in the generation of electricity as a result of the use of water of the Billings and Guarapiranga reservoirs by SABESP, and also requested that SABESP be sentenced to reimburse the loss of profits related to EMAE&#8217;s unearned amounts resulting from the fact that water was not pumped from the Pinheiros and Tiet&#234; Rivers to the Henry Borden hydroelectric power plant.&nbsp; In summary, the company claims&nbsp; that the S&#227;o Paulo State, in its capacity as controlling shareholder of EMAE, has acted unduly to EMAE&#8217;s detriment and in favor of SABESP&#8217;s interests by allowing and consenting water intake from the Billings and Guarapiranga reservoirs, in detriment to the output of these reservoirs and generation of electricity by EMAE, without the necessary financial compensation, making impracticable the satisfactory use of the Henry Borden hydroelectric power plant.&nbsp; Although this lawsuit was not the object of the agreement, the Company understands that the approval of the agreement by the Extraordinary Shareholders&#8217; Meeting would eliminate the risk that&nbsp; this proceeding would continue in the judicial level.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>As of December 31, 2016, the Company recorded R$9,018 and R$29,749 in Other Liabilities, under current&nbsp; and noncurrent liabilities, respectively, which represent the present value of the balance of R$46,270 that will be paid in five annual installments.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>As of November 9, 2016, EMAE&#8217;s Board of Directors approved the transaction with SABESP, pursuant to the Private Transaction Agreement, in accordance with the Notice to the Market disclosed by EMAE on the same date. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>As of November 10, 2016, the transaction was approved by SABESP&#8217;s Board of Directors. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>As of December 30, 2016, the Brazilian Electricity Regulatory Agency - ANEEL, by means of Order 3,431, decided </FONT></FONT>


<FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>to approve the Private Transaction Agreement and other Covenants entered into between Empresa Metropolitana de &#193;guas e Energia S.A. - EMAE, and the Company, thus meeting the &#8220;second condition precedent&#8221; required for the effectiveness of the agreement.</FONT></FONT></P>

<a name="_bclFooter125"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>125</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_126"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader126"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>




<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agreements with reduced tariffs with State and Municipal Government Entities that joined the Rational Water Use Program (PURA) </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company has signed agreements with government entities related to the State Government and municipalities where it operates that benefit from a reduction of 25% in the tariff of water supply and sewage services when they are not in default. These agreements provide for the implementation of the rational water use program, which takes into consideration the reduction in water consumption.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guarantees</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The State Government provides guarantees for some borrowings and financing of the Company and does not charge any fee with respect to such guarantees.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 35.25pt; LINE-HEIGHT: 110%; TEXT-INDENT: -35.25pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(f)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman"> </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personnel assignment agreement among entities related to the State Government</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company has personnel assignment agreements with entities related to the State Government, whose expenses are fully passed on and monetarily reimbursed.&nbsp; In 2016, the expenses related to personnel assigned by SABESP to other state government entities amounted to R$10,393 (R$10,481 in 2015).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>In 2016, expenses related to personnel assigned by other entities to SABESP totaled R$10 (R$342 in 2015).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Services obtained from state government entities </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>As of December 31, 2016 and 2015, SABESP had an outstanding amounts payable of R$1,853 and R$2,210, respectively, for services rendered by S&#227;o Paulo State Government entities.</FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter126"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>126</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_127"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader127"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-operating assets</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>As of December 31, 2016 and December 31, 2015, the Company had an amount of R$969 related to a free land lent to DAEE (Department of Water and Electricity).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sabesprev&nbsp;&nbsp;&nbsp; </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company sponsors a private defined benefit pension plan, which is operated and administered by Sabesprev. The net actuarial liability recognized as of December 31, 2016 amounted to R$753,170 (R$665,274 as of December 31, 2015), according to Note 20 (b).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(j) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compensation of Management Key Personnel</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>- Compensation:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>SABESP's compensation policy for the Management and officers is set out according to guidelines of the S&#227;o Paulo State Government, the CODEC (State Capital protection Board), and are based on performance, market competitiveness, or other indicators related to the Company's business, and is subject to approval by shareholders at an Annual Shareholders' Meeting.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Officers' compensation is limited to the compensation of the State Governor, the Board of Directors' and the Fiscal Council&#8217;s compensation is equivalent to 30 percent and 20 percent, respectively, of the executive committee' overall compensation, contingent on attendance of at least one monthly meeting.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The objective of the compensation policy is to set a private sector management paradigm to retain its staff and recruit competent, experienced and motivated professionals, considering the level of management efficiency currently required by the Company.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>In addition to monthly fee, the members of the Board of Directors, Fiscal Council and the Board of Executive Officers receive annual reward equivalent to a monthly fee, calculated on a prorated basis in December of each year.&nbsp; The purpose of this reward is to correspond to the thirteenth salary paid to the Company&#8217;s employees, as officers and directors' relationship with the Company is governed by its bylaws and not the labor code.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Benefits paid only to statutory officers - meal ticket, basket of food staples, medical care, annual paid rest typified as a paid leave of 30 calendar days, and payment of a premium equivalent to one third of the monthly fee and bonuses. </FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter127"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>127</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_128"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader128"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>SABESP pays bonuses for the purposes of compensating directors, in accordance with the guidelines of the S&#227;o Paulo State government, as an incentive policy, as long as the Company records quarterly, semiannual, and yearly profits, and distributes mandatory dividends to shareholders, even if in the form of interest on capital.&nbsp; Annual bonuses cannot exceed six times the monthly compensation of the officers/directors or 10 percent of the interest on capital paid by the Company, prevailing the shortest amount. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Expenses related to the compensation to the members of its Board of Directors, Fiscal Council and Board of Executive Officers amounted to R$3,912 and R$4,078 for 2016 and 2015, respectively.&nbsp; An additional amount of R$494, related to the bonus program, was recorded in 2016 (R$521 in 2015).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan agreement through credit facility</FONT></B></FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company entered into a loan agreement through credit facility with the SPEs Aquapolo Ambiental S.A. and Attend Ambiental S.A. As of May 9, 2014, to finance the operations of these companies, until the borrowings and financing requested with financial institutions is cleared. These agreements remain with the same characteristics, according to the table below:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

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

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 19.85pt">

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>SPE</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Principal disbursed amount</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Interest balance</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Total</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Interest rate</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Maturity</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 19.85pt">

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Attend Ambiental</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>5,400</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>3,071</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>8,471</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>SELIC + 3.5 % p.a.</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(i)</FONT></P></TD></TR>

<TR style="HEIGHT: 19.85pt">

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Aquapolo Ambiental</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>5,629</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>6,090</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>11,719</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>CDI + 1.2% p.a.</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>04/30/2016 (ii)</FONT></P></TD></TR>

<TR style="HEIGHT: 19.85pt">

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Aquapolo Ambiental</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>19,000</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>13,217</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>32,217</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>CDI + 1.2% p.a.</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>10/30/2015 (ii)</FONT></P></TD></TR>

<TR style="HEIGHT: 19.85pt">

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>30,029</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>22,378</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>52,407</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 35.45pt; LINE-HEIGHT: 110%; TEXT-INDENT: -14.15pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The loan agreement with SPE Attend&nbsp; Ambiental&nbsp; S/A&nbsp; matures&nbsp; within&nbsp; 180&nbsp; days,&nbsp; from&nbsp; the&nbsp; date when&nbsp; the respective amount is available in the borrower&#8217;s account, renewable for the same period.&nbsp; The credit has been overdue since May 11, 2015 and is subject to contractual default charges (inflation adjustment considering the IGP-M variation, 2% fine and default interest of 1% p.m.).&nbsp; The agreement has been renegotiated between the parties.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 35.7pt; LINE-HEIGHT: 110%; TEXT-INDENT: -17.85pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(ii)&nbsp; The agreement expired on April 30, 2015 was amended and its maturity was extended to October 30, 2015. </FONT></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The Company and Aquapolo Ambiental S/A are renegotiating the payment terms and the maturity of both agreements</FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>As a result of the renegotiations, the principal, in the amount of R$30,029, and interest, in the amount of R$22,378, that used to be recognized in current assets, under &#8220;other receivables&#8221;, were reclassified to the same group of noncurrent assets until new payment conditions are agreed upon.&nbsp; As of December 31, 2016, the balance of principal and interest rates of these agreements was R$52,407 (R$45,289 as of December 31, 2015).&nbsp; In 2016, a financial income recognized was R$7,118 (R$10,123 in 2015).</FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter128"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>128</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_129"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader129"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(l) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8220;Se Liga na Rede&#8221; (Connect to the Network Program)</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The State Government enacted the State Law n&#186; 14,687/12, creating the pro-connection program, destined to financially subsidize the execution of household branches necessary to connect to the sewage collecting networks, in low income households which agreed to adhere to the program.&nbsp; The program expenditures, except for indirect costs, construction margin and borrowing costs are financed with 80% of funds deriving from the State Government and the remaining 20% invested by SABESP, which is also liable for the execution of works.&nbsp; As of December 31, 2016, the program total amount was R$79,274 (R$78,447 as of December 31, 2015), R$6,148 (R$19,305 as of December 31, 2015) recorded in balances receivable from related parties, the amount of R$34,915 (R$34,089 as of December 31, 2015) recorded in the group of intangible assets and R$38,211 (R$25,053 as of December 31, 2015) reimbursed by GESP.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: -35.45pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Water National Agency - ANA</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company has agreements executed within the scope of the Hydrographic Basin Depollution Program (PRODES), also known as "Treated Sewage Purchase Program".</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>This program does not finance works or equipment, remunerates by results achieved, i.e., by effectively treated sewage. In this program, the Water National Agency (ANA) makes available funds, which are restricted to a specific current account and applied in investment funds at the Caixa Econ&#244;mica Federal - Federal Savings Banks (CEF), until the fulfillment of treated sewage volume is evidenced, as well as, the reduction of polluting cargoes of each agreement. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>When resources are made available, liabilities are recorded until funds are released by ANA. After the evidence of targets stipulated in each contract, the revenue deriving from these funds is recognized, but if these targets are not met, funds will return to the National Treasury with the appropriate funds earnings. As of December 31, 2016, the balances of assets and liabilities were R$81,221 (R$88,368 as of December 31, 2015), and the liabilities are recorded under "other liabilities" of noncurrent liabilities.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: -35.45pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company holds interest in certain Special Purpose Entities (SPE). Although SABESP has no majority shares of its investees, the shareholders&#8217; agreement provides for the power of veto in certain management issues, however, with no ability to use such power of veto in a way to affect returns over investments, indicating participating shared control (joint venture &#8211; CPC 19(R2)).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company holds interest valued by the equity accounting in the following investees:</FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter129"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>129</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_130"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader130"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Sesamm</FONT></U></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>On August 15, 2008, the Company, together with the companies OHL M&#233;dio Ambiente, Inima S.A.U. Unipersonal ("Inima"), T&#233;cnicas y Gesti&#243;n Medioambiental S.A.U. ("TGM") and Estudos T&#233;cnicos e Projetos ETEP Ltda. ("ETEP") incorporated the company Servi&#231;os de Saneamento de Mogi Mirim S.A. - SESAMM for a period of 30 years from the date the concession agreement with the municipality of Mogi Mirim for the purpose of providing complementary services to the sewage diversion system and implementing and operating sewage treatment system in the municipality of Mogi Mirim, including the disposal of solid waste.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Sesamm's capital as of December 31, 2016, totaled R$19,532, and was represented by 19,532,409 registered common shares without a par value. SABESP holds 36% of its equity interest and Inima holds another 46% of its equity interest. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The operations initiated in June 2012.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>&#193;guas de Andradina</FONT></U></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>On September 15, 2010, the Company, together with the company Companhia de &#193;guas do Brasil &#8211; Cab Ambiental incorporated the company &#193;guas de Andradina S.A., with indefinite term, for the purpose of providing water supply and sewage services to the municipality of Andradina.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>As of December 31, 2016, the capital of &#193;guas de Andradina totaled R$11,551, divided into 11,551,089 registered common shares without a par value. SABESP holds 30% of its equity interest.&nbsp; The amount of R$12 is recorded under investee&#8217;s equity, as advance for future capital increase.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company pledges as </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>guarantee</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia> 100% of its shares in &#193;guas de Andradina.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The operations initiated in October 2010.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>&#193;guas de Castilho</FONT></U></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>On October 29, 2010, the Company, together with the company &#193;guas do Brasil &#8211; Cab Ambiental, incorporated the company &#193;guas de Castilho, for the purpose of providing water supply and sewage services to the municipality of Castilho. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>As of December 31, 2016, the company&#8217;s capital was R$1,620, and was represented by 1,620,000 registered share without par value. SABESP holds 30% equity interest.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company pledges as </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>guarantee</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia> 100% of its shares in &#193;guas de Castilho.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The operations initiated in January 2011.</FONT></P>

<a name="_bclFooter130"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>130</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_131"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader131"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Saneaqua Mairinque</FONT></U></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>On June 14, 2010, the Company, together with the company Odebrecht Utilities S/A, former Foz do Brasil S.A., with indefinite term, for the purpose of exploring the water supply and sewage public utilities of the municipality of Mairinque.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>As of December 31, 2016, the capital of Saneaqua Mairinque totaled R$2,000, and was represented by 2,000,000 registered common shares without a par value. SABESP holds 30% equity interest.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company pledges as </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>guarantee</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia> 100% of its shares in Saneaqua Mairinque.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The operations initiated in October 2010.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Attend Ambiental</FONT></U></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>On August 23, 2010, SABESP, jointly with Companhia Estre Ambiental S.A, merged the company Attend Ambiental S.A, for constructing and operating a pretreatment of non-domestic effluent station, sludge transportation and related services in the city of S&#227;o Paulo as well as implement similar structures in other areas in Brazil and abroad. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>As of December 31, 2016, the capital totaled R$13,400, and was represented by 13,400,000 registered common shares without par value. SABESP holds 45% equity interest. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The operations initiated in December 2014.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Aquapolo Ambiental S/A.</FONT></U></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>On October 8, 2009, the Company, together with the company Odebrecht Utilities S/A, formerly Foz do Brasil S.A., incorporated the company Aquapolo Ambiental S.A., for the purpose of producing, providing and trading reused water for Quattor Qu&#237;mica S.A., Quattor Petroqu&#237;mica S.A., Quattor Participa&#231;&#245;es S.A. and other companies comprising the Petrochemical&nbsp; Complex.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>As of December 31, 2016, the capital of Aquapolo totaled R$36,412, and was represented by 42,419,045 registered common shares without a par value. SABESP holds 49%of its equity interest.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company pledges as collateral 100% of its shares in Aquapolo Ambiental S/A.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The operations initiated in October 2012.</FONT></P>

<a name="_bclFooter131"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>131</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_132"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader132"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Paulista Geradora de Energia</FONT></U></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>On April 13, 2015, the Company acquired shares from Empresa Paulista Geradora de Energia S/A - PGE, jointly&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with Servtec Investimentos e Participa&#231;&#245;es Ltda ("Servtec) and Tecniplan Engenharia e Com&#233;rcio Ltda ("Tecniplan"), which operational purpose is implementation and commercial exploration of water potential in small hydroelectric power plants (PCHs), located at the Guara&#250; and Vertedouro Cascata Water Treatment Stations.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>As of December 31, 2016, the capital stock of Paulista Geradora de Energia&nbsp; was R$8,679, and was represented by 8,679,040 registered common shares without a par value, in which SABESP holds a 25% interest.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>As of December 31, 2016, operations had not </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>initiated</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia> yet.</FONT></P>

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

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Below is a summary of the investees&#8217; financial statements and SABESP&#8217;s equity interest:</FONT></P>

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

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Company</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%" colSpan=2>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Equity</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Provisioned dividends</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" colSpan=2>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Profit (loss) for the year</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>December 31, </FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>2016</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>December 31, </FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>2015</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>December 31, </FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>2016</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>December 31, </FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>2016</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>December 31, </FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>2015</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Sesamm</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>37,198</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>32,313</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(3,716)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>8,601</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>6,082</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>&#193;guas de Andradina (i)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>16,161 </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>15,191</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(802)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,772</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2,371</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>&#193;guas de Castilho</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>3,706 </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>3,449</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(374)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>631</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>773</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Saneaqua Mairinque</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>4,090 </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>3,560</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(193)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>723</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,145</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Attend Ambiental</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>3,925 </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>3,084</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>841</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>3,195</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Aquapolo Ambiental</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>12,340 </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>11,651</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>689</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(4,569)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Paulista Geradora de Energia</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>8,469 </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>8,509</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(40)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(114)</FONT></FONT></P></TD></TR></TABLE></DIV>

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

<a name="_bclFooter132"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>132</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_133"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader133"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

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

<DIV align=left>

<TABLE style="WIDTH: 93%; MARGIN-LEFT: 0in" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 1pt 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Company</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" colSpan=2>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Investments</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Dividends</FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>distributed</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="23%" colSpan=2>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Equity in the earnings of subsidiaries</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%" colSpan=2>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Interest percentage</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>December </FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>31,</FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>2016</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>December</FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>31,</FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>2015</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>December</FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>31,</FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>2016</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>December</FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>31,</FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>2016</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>December</FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>31,</FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>2015</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>December</FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>31,</FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>2016</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>December</FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>31,</FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=georgia>2015</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Sesamm</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>13,391</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>11,633</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(1,338)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>3,096</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2,190</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>36%</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>36%</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>&#193;guas de Andradina </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>4,849</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>4,558</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(241)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>532</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>711</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>30%</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>30%</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>&#193;guas de Castilho</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,112</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,035</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(112)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>189</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>232</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>30%</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>30%</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Saneaqua Mairinque</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,227</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,068</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(58)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>217</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>344</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>30%</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>30%</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Attend Ambiental</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,766</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,388</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>378</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,388</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>45%</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>45%</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Aquapolo Ambiental</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>6,047</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>5,709</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>338</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(2,239)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>49%</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>49%</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Paulista Geradora de Energia</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2,117</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2,127</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(10)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(29)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>25%</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>25%</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Total</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>30,509</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>27,518</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(1,749)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>4,740</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2,597</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Other investments</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>587</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>587</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Overall total </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>31,096</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>28,105</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: -35.45pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment properties</FONT></B></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>As of December 31, 2016, the balance of &#8220;Investment properties&#8221; is R$57,968 (December 31, 2015 &#8211; R$56,957).&nbsp; As of December 31, 2016 and 2015, the market value of these properties is approximately R$404,000 and R$392,000, respectively.</FONT></FONT></P>

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

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 19.85pt">

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>December 31,</FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2015</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Transfers</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Write-offs and disposals</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Reversal of estimated losses</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Depreciation</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>December 31,</FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2016</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 19.85pt">

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Investment properties</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>56,957</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,231</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(124)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>10</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(106)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>57,968</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 19.85pt">

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>56,957</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,231</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(124)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>10</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(106)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>57,968</FONT></P></DIV></TD></TR></TABLE></DIV>

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

<a name="_bclFooter133"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>133</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_134"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader134"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

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

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 19.85pt">

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>December 31,</FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2014</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Transfers</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Write-offs and disposals</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Depreciation</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>December 31,</FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 19.85pt">

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Investment properties</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>54,039</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>9,182</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(5,859)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(405)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>56,957</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 19.85pt">

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>54,039</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>9,182</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(5,859)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(405)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>56,957</FONT></P></DIV></TD></TR></TABLE></DIV>

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

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

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: -35.45pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance sheet detail&nbsp; </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%" colSpan=3 noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>December 31, 2016</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="33%" colSpan=3 noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>December 31, 2015</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Cost</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Accumulated amortization</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Net</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Cost</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Accumulated amortization</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Net</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Intangible right arising from:</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Agreements &#8211; equity value</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>9,222,543</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(1,739,588)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>7,482,955</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>8,862,581</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(1,574,951)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>7,287,630</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Agreements &#8211; economic value </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,925,361</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(543,709)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,381,652</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,819,219</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(466,199)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,353,020</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Program contracts </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>9,209,367</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(2,633,346)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>6,576,021</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>8,660,552</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(2,371,977)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>6,288,575</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Program contracts &#8211; commitments </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>991,848</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(168,632)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>823,216</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>986,086</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(135,556)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>850,530</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Services contracts &#8211; S&#227;o Paulo</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>17,457,658</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(2,904,951)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>14,552,707</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>14,767,591</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(2,400,574)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>12,367,017</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Software license</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>575,494</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(145,257)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>430,237</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>474,294</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(107,440)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>366,854</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Total</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>39,382,271</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(8,135,483)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>31,246,788</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="9%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>35,570,323</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(7,056,697)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>28,513,626</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter134"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>134</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_135"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader135"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><B><FONT lang=EN-US color=#000000 face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>December 31, 2015</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>Additions</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>Contract renewal</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>Estimated losses </FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>Transfers</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>Write-offs and disposals</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>Amortization</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>December 31, 2016</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>Intangible right arising from: </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US color=#000000 face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US color=#000000 face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US color=#000000 face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US color=#000000 face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US color=#000000 face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US color=#000000 face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US color=#000000 face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US color=#000000 face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>Agreements &#8211; equity value </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>7,287,630</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>391,545</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>(9,587)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>(1,335)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>1,014</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>(6,233)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>(180,079)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>7,482,955</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>Agreements &#8211; economic value </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>1,353,020</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>106,307</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>(8)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>6</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>(110)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>(77,563)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>1,381,652</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>Program contracts </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>6,288,575</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>553,126</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>9,587</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>(4,360)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>2,023</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>(5,571)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>(267,359)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>6,576,021</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>Program contracts &#8211; commitments </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>850,530</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>5,762</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>(33,076)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>823,216</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>Services contracts &#8211; S&#227;o Paulo </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>12,367,017</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>2,697,724</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>(4,495)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>9,696</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>(2,894)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>(514,341)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>14,552,707</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>Software license </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>366,854</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>101,367</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>-</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>-</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>(167)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>-</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>(37,817)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>430,237</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>Total </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>28,513,626</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 1pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>3,855,831</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 1pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>-</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 1pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>(10,198)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 1pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>12,572</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 1pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>(14,808)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 1pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>(1,110,235)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 1pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>31,246,788</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><B><FONT lang=EN-US color=#000000 face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>December 31, 2014</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>Additions</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>Contract renewal</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>Reversal of estimated losses</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>Transfers</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>Write-offs and disposals</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>Amortization</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>December 31, 2015</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>Intangible right arising from: </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US color=#000000 face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US color=#000000 face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US color=#000000 face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US color=#000000 face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US color=#000000 face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US color=#000000 face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US color=#000000 face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US color=#000000 face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>Agreements &#8211; equity value </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>7,369,271</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>574,421</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>(463,362)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>747</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>(324)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>(4,303)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>(188,820)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>7,287,630</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>Agreements &#8211; economic value </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>1,281,260</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>140,732</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>(17)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>(139)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>(68,816)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>1,353,020</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>Program contracts </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>5,379,153</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>663,399</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>463,362</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>4,459</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>(752)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>(11,045)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>(210,001)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>6,288,575</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>Program contracts &#8211; commitments </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>702,909</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>177,424</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>(29,803)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>850,530</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>Services contracts &#8211; S&#227;o Paulo </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>10,986,386</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>1,900,218</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>18,879</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>(4,997)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>(30,321)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>(503,148)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>12,367,017</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>Software license </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>260,547</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>148,248</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>-</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>-</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>-</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>-</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>(41,941)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>366,854</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>Total </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>25,979,526</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 1pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>3,604,442</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 1pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>-</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 1pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>24,085</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 1pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>(6,090)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 1pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>(45,808)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 1pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>(1,042,529)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 1pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=georgia>28,513,626</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>In 2016, the Company started operations with the municipalities of Iper&#243;, Tarum&#227; and Santa Isabel for a 30-year term and, in February 2017, it started operations in the municipality of Santa Branca</FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>. &nbsp;</FONT></FONT></P>

<a name="_bclFooter135"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>135</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_136"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader136"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction services</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="46%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="54%" colSpan=3 noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2016</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="46%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Water supply</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Sewage services</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total </FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="46%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Construction revenue</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,564,769</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,168,108</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>3,732,877</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="46%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Construction cost incurred</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,508,022</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,143,342</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>3,651,364</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="46%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Margin</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>56,747</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>24,766</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>81,513</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="46%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="54%" colSpan=3 noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="46%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Water supply</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Sewage services</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total </FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="46%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Construction revenue</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,090,012</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,246,704</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>3,336,716</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="46%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Construction cost incurred</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,044,606</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,219,202</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>3,263,808</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="46%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Margin</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>45,406</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>27,502</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>72,908</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible arising from concession agreements</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%"><FONT style="LINE-HEIGHT: 105%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%"><FONT style="LINE-HEIGHT: 105%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company operates public service concession agreements for water supply and sewage services mostly based on agreements that set out rights and obligations relative to the exploration of assets related to the public service (See Note 3.8 (a)).&nbsp; A general obligation also exists to return the concession infrastructure to the concession grantor in good working condition at the end of the concession.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.2pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>As of December 31, 2016, the Company operated in 366 municipalities in the State of S&#227;o Paulo (364 as of December 31, 2015).&nbsp; Most of these contracts have a 30-year concession period. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%"><FONT style="LINE-HEIGHT: 105%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The services provided by the Company are billed at a price regulated and controlled by S&#227;o Paulo State Sanitation and Energy Regulatory Agency (ARSESP).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Intangible rights arising on concession agreements include</FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; LINE-HEIGHT: 110%; TEXT-INDENT: -14.2pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(i) &nbsp;&nbsp;&nbsp;&nbsp;Service concession agreements &#8211; equity value</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>These refer to municipalities assumed until 2006, except for the municipalities assumed by economic value through assets valuation report prepared by independent experts.&nbsp; The amortization of assets is calculated according to the straight-line method, which considers the assets useful life</FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>.</FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter136"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>136</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_137"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader137"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; LINE-HEIGHT: 110%; TEXT-INDENT: -14.2pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Concession agreements &#8211; economic value</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>From 1999 through 2006, the negotiations for new concessions were conducted on the basis of the economic and financial result of the transaction, determined in a valuation report issued by independent appraisers.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The amount determined in the related contract, after the transaction is closed with the municipal authorities, realized through the subscription of the Company's shares or in cash, is recorded as "concession agreements" and amortized over the period of the related concession (usually 30 years). As of December 31, 2016 and 2015 there were no amounts pending related to these payments to the municipalities.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Intangible assets are amortized on a straight line basis over the period of the concession agreements or for the useful lives of the underlying assets, whichever is shorter. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; LINE-HEIGHT: 110%; TEXT-INDENT: -14.2pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(iii) &nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Program contracts</FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia> </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>These refer to the renewal of contracts previously referred to as concession agreements whose purpose is to provide sanitation services.&nbsp; The amortization of the assets acquired until the dates of signatures of the program contracts is calculated according to the straight-line method, which considers the assets&#8217; useful lives.&nbsp; Assets acquired or built after the signature dates of program contracts are amortized during the contracted period (30 years) or during the useful lives of underlying assets, whichever is shorter</FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; LINE-HEIGHT: 110%; TEXT-INDENT: -14.2pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(iv) &nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Program contracts - Commitments</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>After the enactment of the regulatory framework in 2007, renewals of concessions started to be made through of program contracts.&nbsp; In some of these program contracts, the Company undertook the commitment to financially participate in social and environmental actions.&nbsp; The assets built and financial commitments assumed within the program contracts are recorded as intangible assets and are amortized by the straight-line method in accordance with the duration of the program contract (mostly, 30 years).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>In 2016, amortization expenses related to the commitments of the program contract were R$33,076 (R$29,803 in 2015).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The amounts not yet disbursed related to commitments under the program contracts are recorded in &#8220;Program Contracts &#8211; Commitments&#8221; in current liabilities (in the amount of R$109,042 and R$228,659 as of December 31, 2016 and 2015, respectively) and noncurrent liabilities (in the amount of R$69,051 and R$92,055 as of December 31, 2016 and 2015, respectively).&nbsp; In 2016, the annual rate of 8.06% was applied (WACC) to calculate the present value adjustment of these contracts</FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>.</FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter137"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>137</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_138"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader138"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; LINE-HEIGHT: 110%; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(v)&nbsp;&nbsp;&nbsp; &nbsp;Services agreement with the Municipality of S&#227;o Paulo </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>On June 23, 2010, the Company entered into an agreement with the State of S&#227;o Paulo and the Municipality of S&#227;o Paulo to regulate the provision of water and sewage services in the city of S&#227;o Paulo for a 30-year period, which is extendable for an another 30-year period. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Also on June 23, 2010, an agreement was signed between the state and municipal government, and SABESP and the Sanitation and Energy Regulatory Agency of the State of S&#227;o Paulo (&#8220;ARSESP&#8221;) are the consenting and intervening parties, whose main aspects are the following:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>1. The State and the Municipality of S&#227;o Paulo grant to SABESP the right to explore the sanitation service in the capital of the State of S&#227;o Paulo, which consists of the obligation to provide such service and charge the respective tariff for this service;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>2. The State and the Municipality sets forth ARSESP as the agency responsible for regulating the tariff, controlling and monitoring the services.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>3. The evaluation model of the contract was the discounted cash flow, which considered the financial and economic sustainability of SABESP&#8217;s operations in the metropolitan region of S&#227;o Paulo;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>4. All operating costs, taxes, investments and the opportunity cost of investors and the creditors of SABESP&#8217;s were considered in the cash flow analysis;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>5. The agreement provides for investments established in the agreement comply with the minimum of 13% of the gross revenue from the municipality of S&#227;o Paulo, net of&nbsp; the&nbsp; taxes&nbsp; on&nbsp; revenues.&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Investment&nbsp; plans referring to SABESP&#8217;s execution shall be compatible with the activities and programs foreseen in the state, municipal sanitation plans, and where applicable, the metropolitan plan. </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;The investment&nbsp; plan&nbsp; is not&nbsp; definite and will be revised by Managing Committee every four years, especially as to investments to be made in the following period;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>6. The payment related to the Municipal Fund of Environmental Sanitation and Infrastructure to be applied in the sanitation service within the municipality must be recovered through the tariffs charges.&nbsp; Such payment represents 7.5% of the total revenue from the municipality of S&#227;o Paulo, net of the taxes on revenue and delinquency in&nbsp; the period, recognized in profit or loss, as operating&nbsp; cost;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>7. The opportunity cost of the investors and the creditors was established by the Weighted Average Cost of Capital (WACC) methodology.&nbsp; The WACC was the interest rate used to discount the cash flow of the operation; and</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>8. The agreement considers the recovery of net assets in operation, preferably evaluated through equity valuation or carrying amount monetarily restated, as defined by ARSESP.&nbsp; In addition, the agreement provides for the remuneration of investments to be made by SABESP, so that there is no residual value at the end of the agreement.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Referring to the recovery through tariff, mentioned in item 6 above, of transfer to the Municipal Fund of </FONT></FONT>


<FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Environmental Sanitation and Infrastructure, ARSESP issued in April 2013, the Resolution no. 413, postponing the application of Resolution no. 407 until the conclusion of the tariff revision process, the transfer to the bill of services of amounts referring to the municipal charges which were stipulated in Resolution no. 407. The postponement to apply Resolution no. 407 was due to a request by the S&#227;o Paulo State Government to analyze, among other things, methods to reduce the impact on consumers.</FONT></FONT></P>

<a name="_bclFooter138"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>138</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_139"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader139"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>




<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>On April 18, 2014, ARSESP Resolution no. 484 was published with the final results of SABESP&#8217;s Tariff Revision, however, both the S&#227;o Paulo Municipal Government, through Official Letter no. 1,309/14-SGM/GAB and the S&#227;o Paulo State Government through a petition filed by the S&#227;o Paulo State Office, through the Official Letter ATG/Official Letter no. 092/14-CC, requested a postponement of the effects of ARSESP Resolution no. 413, published in the S&#227;o Paulo State Official Gazette on March 20, 2013, until the conclusion of the revision of the Agreement entered into between the S&#227;o Paulo Municipal Government, the S&#227;o Paulo Statement Government and SABESP.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>By means of Resolution 488 of May 7, 2014, ARSESP maintained the suspension of the effectiveness of ARSESP Resolution 407, published on March 22, 2013, until the results obtained in the revision of the Agreement entered into by the S&#227;o Paulo Municipal Government, the S&#227;o Paulo State Government and SABESP postponing authorization for the transfer to the bill of the services related to the legally established municipal fees that, by force of the Program Agreements and Water Supply and Sewage Services Agreements, should be included in the Tariff Revision.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The agreement represents 55.46% of the total revenue of the Company as of December 31, 2016, and ensures the judicial and assets security, adequate return to shareholders and quality services to its customers.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The municipality of S&#227;o Paulo and the Company did not conclude an agreement to equalize financial pending issues existing until the signature date of the Agreement related to the rendering of water supply and sewage collection services to the real properties of the municipality, reason that, the Company filed a suit to collect these accounts, which are accrued for losses.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalization of interest and other finance charges</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>In 2016, the Company capitalized interest and inflation adjustment, including related foreign currency exchange effects in concession intangible assets, totaling R$700,743, including the S&#227;o Louren&#231;o Production System and Leases (R$466,544 in 2015) during the construction period.</FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter139"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>139</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_140"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader140"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(f) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction margin</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company acts as a primary responsible to construct and install the infrastructure related to the concession, using own efforts or hiring outsourcing services, receiving the risks and benefits. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>As a consequence, the Company recognizes revenue from construction service corresponding to the cost of construction increased by margin. Generally, the constructions related to the concessions are performed by&nbsp; third parties, in such case, the margin of the Company&nbsp; is lower, normally, to cover eventual administration costs, and the responsibility of the primary risk.&nbsp; In 2016 and 2015 the margin was 2.3%.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Construction margin for 2016 and 2015 was R$81,513 and R$72,908, respectively.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expropriations </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>As a result of the construction of priority projects related to water and sewage systems, the Company was required to expropriate third-parties' properties, and the owners of these properties will be compensated either amicably or through courts.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The costs of these expropriations are recorded as concession intangible assets after the transaction is concluded. In 2016, the total amount related to expropriations was R$40,452 (R$66,801 in 2015).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Public-Private Partnership</FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia> - PPP</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>SABESP carries out operations related to the PPPs mentioned below. These operations and their respective obligations and guarantees are supported by agreements executed according to Law 11,079/04.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Alto Tiet&#234; Production System </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company and the special purpose entity CAB-Sistema Produtor Alto Tiet&#234; S/A, formed by Galv&#227;o Engenharia S.A. and Companhia &#193;guas do Brasil &#8211; Cab Ambiental, signed in June 2008 the contract of public-private- partnership of Alto Tiet&#234; production system.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The contract last 15 years which purpose is to expand the capacity of treated water of Taia&#231;upeba from 10 thousand to 15 thousand of liters per second, whose operation began in October 2011.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>As of December 31, 2016 and 2015, the amounts recognized as intangible asset related to PPP were R$382,103 and R$393,275, respectively.&nbsp; In 2016, a discount rate of 8.20% p.a. was used to calculate the adjustment to present value of the agreement.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>On a monthly basis, SABESP assigns funds from tariffs to the SPE CAB Sistema Produtor Alto Tiet&#234; S/A, in the amount of R$9,773, corresponding to the monthly remuneration.&nbsp; This amount is annually adjusted by the IPC &#8211; FIPE and is recorded in a restricted account, pursuant to the contractual operating proceeding.&nbsp; Should SABESP </FONT></FONT>


<FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>comply with its monthly obligations with the SPE, the funds from the restricted account will be released.</FONT></FONT></P>

<a name="_bclFooter140"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>140</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_141"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader141"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>




<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The guarantee is effective since the beginning of the operation and will be valid until the conclusion, termination, intervention, annulment or caducity of the Administrative Concession, or other extinction events provided for in the Concession Agreement or in the law applicable to administrative concessions, including in the event of bankruptcy or extinction of the SPE.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>S&#227;o Louren&#231;o Production System</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>SABESP and the special purpose entity Sistema Produtor S&#227;o Louren&#231;o S/A, composed of Constru&#231;&#245;es e Com&#233;rcio Camargo Corr&#234;a S/A and Construtora Andrade Gutierrez S/A, in August 2013 signed the public-private partnership agreements of the S&#227;o Louren&#231;o Production System.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The objective of the contract is: a) the construction of a water producing system, mainly consisting of a water pipeline connecting Ibi&#250;na to Barueri, a water collection station in Ibi&#250;na, a water treatment station in Vargem Grande Paulista and water reservoirs; and b) the provision of services for a 25-year term, aiming at rendering services to operate the dehydration system, drying and final disposal of sludge, maintenance and works of the S&#227;o Louren&#231;o Production System.&nbsp; Works started in April 2014.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Pursuant to the agreement, the works should end in April 2018. However, since these are essential works to guarantee water security, the Company has been making efforts to finish them by the end of 2017.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The estimated amount monetarily restated through December 31, 2016 is approximately R$7.9 billion.&nbsp; This amount was calculated considering the early startup mentioned above.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>After the beginning of the operations, every month SABESP will transfer to the SPE Sistema Produtor S&#227;o Louren&#231;o S/A funds from tariffs arising from the services provided, in the amount of R$24.4 million, equivalent to the monthly remuneration plus interest and charges.&nbsp; The amount above will be annually restated by the IPC - FIPE and should be monthly recorded in a restricted account, in accordance with the operating procedures of the agreements.&nbsp; Should SABESP perform its monthly obligations with the SPE, the funds from the restricted account will be released.</FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter141"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>141</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_142"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader142"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The guarantee will become effective as of the beginning of the system&#8217;s appropriate operation, duly accepted by SABESP, valid until the occurrence of any of the following events, whichever occurs first:&nbsp; (i) the original payment date of the last installment of interest / amortization of the principal taken out by the SPE to execute the works; (ii) the end, termination, intervention, annulment, caducity of the Administrative Concession, or other extinction events provided for in the Concession Agreement or in the law applicable to administrative concessions, including bankruptcy or extinction of the SPE.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>As of December 31, 2016 and 2015, the carrying amount recorded in the Company&#8217;s intangible assets, related to this PPP, amounted to R$1,951,538 and R$699,335, respectively.&nbsp; Intangible assets are accounted for based on the physical evolution of the works which, as of December 31, 2016, was approximately 64%, with a counter-entry in the Private Public Partnership (PPP) liabilities account.&nbsp; In 2016, a discount rate of 7.80% p.a. was used to calculate the adjustment to present value of the agreement.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The obligations assumed by the Company as of December 31, 2016 and 2015 are shown in the table below, and the increase in liabilities was mainly due to the progress of PPP S&#227;o Louren&#231;o works in 2016.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="43%" colSpan=3>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2016</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="43%" colSpan=3>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2015</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Current liabilities</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Noncurrent liabilities</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Current liabilities</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Noncurrent liabilities</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Current liabilities</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Noncurrent liabilities</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Alto Tiet&#234;</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>31,898</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>309,858</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>341,756</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>33,255</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>319,076</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>352,331</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>S&#227;o Louren&#231;o</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>-</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,907,662</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,907,662</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>-</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>682,702</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>682,702</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>31,898</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,217,520</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,249,418</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>33,255</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,001,778</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,035,033</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Works in progress</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The amount of R$9,156 million is recorded under intangible assets as works in progress as of December 31, 2016 (R$6,596 million as of December 31, 2015), and, in 2016, the major projects are located in the municipalities of S&#227;o Paulo, Praia Grande and Franca, totaling R$5,693 million (including R$1,952 million from PPP S&#227;o Louren&#231;o), R$257 million and R$234 million, respectively</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt" color=black face=georgia>. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(j) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of intangible assets</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The amortization average rate totaled 3.9% as of December 31, 2016 and 2015</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt" color=black face=georgia>.</FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter142"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>142</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_143"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader143"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software license of use&nbsp;&nbsp;&nbsp; </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The software license of use is capitalized based on the costs incurred to acquire software and make them ready for use. The project to implement an integrated business management solution (ERP system), which includes the administrative/financial module and the commercial module, is in progress. The administrative/financial module is expected to begin operations in April 2017</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt" color=black face=georgia>.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: -35.45pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property, plant and equipment </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance sheet detail</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="39%" colSpan=3 noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>December 31, 2016</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="39%" colSpan=3 noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>December 31, 2015</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Cost</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Accumulated depreciation</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Net</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Cost</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Accumulated depreciation</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Net</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Land</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>92,494</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>92,494</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>102,708</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>102,708</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Buildings</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>77,548</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(34,286)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>43,262</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>79,257</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(33,366)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>45,891</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Equipment</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>338,696</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(189,556)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>149,140</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>326,598</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(164,380)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>162,218</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Transportation equipment</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>11,141</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(6,610)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>4,531</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>12,169</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(6,477)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>5,692</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Furniture and fixtures </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>23,633</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(11,647)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>11,986</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>18,664</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(10,246)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>8,418</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Other</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,181</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(211)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>970</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>435</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(286)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>149</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Total</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>544,693</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(242,310)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>302,383</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>539,831</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(214,755)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>325,076</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=#000000 face=georgia>December 31, 2015</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>Additions</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>Transfers</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>Write-offs and disposals</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>Depreciation</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>December 31,</FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>2016</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Land</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>102,708</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(10,214)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>92,494</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Buildings</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>45,891</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(911)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(45)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(1,673)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>43,262</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Equipment</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>162,218</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>26,061</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(6,380)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(181)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(32,578)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>149,140</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Transportation equipment</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>5,692</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>214</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(556)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(819)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>4,531</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Furniture and fixtures </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>8,418</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>511</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>4,258</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(10)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(1,191)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>11,986</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Other</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>149</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>845</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(24)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>970</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>325,076</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>27,631</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(13,803)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(236)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(36,285)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>302,383</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt" color=black face=georgia></FONT></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter143"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>143</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_144"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader144"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>December 31, 2014</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>Additions</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>Transfers</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>Write-offs and disposals</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>Depreciation</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>December 31,</FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Land</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>100,533</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,032</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,143</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>102,708</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Buildings</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>42,515</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,383</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>3,347</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(1,354)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>45,891</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Equipment</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>146,922</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>51,610</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(8,123)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(340)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(27,851)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>162,218</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Transportation equipment</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>7,613</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>135</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(1,109)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(10)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(937)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>5,692</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Furniture and fixtures </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>7,124</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>634</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1,629</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(23)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(946)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>8,418</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Other</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>138</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>21</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(10)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>149</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Total</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>304,845</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>54,794</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(3,092)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(373)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>(31,098)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="13%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>325,076</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company annually revises the depreciation rates of: buildings &#8211; 2.3%; equipment- 15.4%; transportation equipment - 10% and furniture, fixture and equipment &#8211; 7.0%.&nbsp; Lands are not depreciated.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The depreciation average rate was 10.9% and 11.5%, on December 31, 2016 and 2015, respectively.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<a name="_bclFooter144"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>144</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_145"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader145"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: -35.45pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Borrowings and financing</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: -35.45pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>&nbsp;Borrowings and financing outstanding balance</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="27%" colSpan=3>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>December 31, 2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%" colSpan=3>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>December 31, 2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>

   <P style="MARGIN: 2.4pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Financial institution</FONT></B></P></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Current</FONT></B></P></DIV></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Noncurrent</FONT></B></P></DIV></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Total</FONT></B></P></DIV></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Current</FONT></B></P></DIV></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Noncurrent</FONT></B></P></DIV></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Total</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>

   <P style="MARGIN: 2.4pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Local currency</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>10th issue debentures</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>40,967</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>120,343</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>161,310</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>39,619</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>155,815</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>195,434</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>12th issue debentures</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>45,450</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>340,165</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>385,615</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>45,450</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>385,667</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>431,117</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>14th issue debentures</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>39,802</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>178,571</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>218,373</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>38,519</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>210,961</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>249,480</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>15th issue debentures</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>97,692</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>672,657</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>770,349</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>94,819</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>728,529</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>823,348</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>17th issue debentures</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>140,144</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>904,094</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>1,044,238</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>140,144</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>997,259</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>1,137,403</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>18th issue debentures</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>32,436</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>223,840</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>256,276</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>3,167</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>247,683</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>250,850</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>19th issue debentures</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>199,461</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>199,461</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>498,587</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>498,587</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>20th issue debentures</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>495,533</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>495,533</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>494,500</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>494,500</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Brazilian Federal Savings Bank</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>59,199</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>1,088,160</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>1,147,359</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>49,491</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>1,014,850</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>1,064,341</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Brazilian Development Bank - BNDES BAIXADA SANTISTA</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>16,603</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>33,207</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>49,810</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>16,368</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>49,104</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>65,472</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Brazilian Development Bank - BNDES PAC</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>10,987</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>60,293</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>71,280</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>10,329</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>66,984</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>77,313</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Brazilian Development Bank - BNDES PAC II 9751</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>4,288</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>27,007</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>31,295</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>4,264</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>31,206</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>35,470</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Brazilian Development Bank - BNDES PAC II 9752</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>2,341</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>21,659</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>24,000</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>2,308</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>23,660</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>25,968</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Brazilian Development Bank - BNDES ONDA LIMPA</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>23,219</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>168,083</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>191,302</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>22,347</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>184,082</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>206,429</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Brazilian Development Bank - BNDES TIET&#202; III</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>30,054</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>307,862</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>337,916</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>17,725</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>265,663</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>283,388</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Brazilian Development Bank - BNDES 2015</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>233,967</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>233,967</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Leases</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>14,914</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>537,602</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>552,516</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>11,955</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>522,940</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>534,895</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Other</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>746</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>10,829</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>11,575</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>649</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>1,270</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>1,919</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Interest and charges</FONT></P></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>121,605</FONT></P></DIV></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>121,605</FONT></P></DIV></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>127,862</FONT></P></DIV></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>127,862</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>

   <P style="MARGIN: 2.4pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Total in local currency</FONT></B></P></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>879,908</FONT></P></DIV></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>5,423,872</FONT></P></DIV></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>6,303,780</FONT></P></DIV></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>625,016</FONT></P></DIV></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>5,878,760</FONT></P></DIV></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>6,503,776</FONT></P></DIV></TD></TR></TABLE></DIV>

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

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

<a name="_bclFooter145"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>145</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_146"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader146"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<DIV align=left>

<TABLE style="WIDTH: 93%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>&nbsp;</FONT><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Borrowings and financing outstanding balance</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="27%" colSpan=3>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>December 31, 2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%" colSpan=3>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>December 31, 2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>

   <P style="MARGIN: 2.4pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Financial institution</FONT></B></P></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Current</FONT></B></P></DIV></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Noncurrent</FONT></B></P></DIV></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Total</FONT></B></P></DIV></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Current</FONT></B></P></DIV></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Noncurrent</FONT></B></P></DIV></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Total</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>

   <P style="MARGIN: 2.4pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Foreign currency</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Inter-American Development Bank - BID 713 &#8211; US$25,097 thousand (US$50,195 thousand in December 2015)</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>81,794</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>81,794</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>98,001</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>98,001</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>196,002</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Inter-American Development Bank - BID 896 &#8211; (US$2,778 thousand in December 2015)</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>10,848</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>10,848</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Inter-American Development Bank - BID 1212 &#8211; US$92,503 thousand (US$102,781 thousand in December 2015)</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>33,499</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>267,979</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>301,478</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>40,134</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>361,204</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>401,338</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Inter-American Development Bank - BID 2202 &#8211; US$438,071 thousand (US$405,072 thousand in December 2015)</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>75,143</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>1,339,803</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>1,414,946</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>1,572,181</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>1,572,181</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>International Bank of Reconstruction and Development -BIRD &#8211; US$79,946 thousand (US$61,158 thousand in December 2015)</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>260,224</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>260,224</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>238,464</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>238,464</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Deutsche Bank &#8211; US$150,000</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>480,244</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>480,244</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Eurobonds &#8211; (US$140,000 thousand in December 2015)</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>546,570</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>546,570</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Eurobonds &#8211; US$350,000 thousand (US$350,000 thousand in December 2015)</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>1,137,395</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>1,137,395</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>1,362,570</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>1,362,570</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>JICA 15 &#8211; &#165;14,981,590 thousand (&#165;16,134,020 thousand in December 2015)</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>32,175</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>386,111</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>418,286</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>37,373</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>485,853</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>523,226</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>JICA 18 &#8211; &#165;13,470,080 thousand (&#165;14,506,240 thousand in December 2015)</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>28,930</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>346,889</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>375,819</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>33,603</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>436,548</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>470,151</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>JICA 17 &#8211; &#165;1,596,251 thousand (&#165; 1,565,564 thousand in December 2015)</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>1,205</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>42,675</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>43,880</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>50,201</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>50,201</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>JICA 19 &#8211; &#165;27,596,009 thousand (&#165;21,701,103 thousand in December 2015)</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>768,463</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>768,463</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>701,978</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>701,978</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>BID 1983AB &#8211; US$106,346 thousand (US$130,289 thousand in December 2015)</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>78,030</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>263,921</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>341,951</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>93,490</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>409,578</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>503,068</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Interest and charges</FONT></P></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>35,883</FONT></P></DIV></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>35,883</FONT></P></DIV></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>41,227</FONT></P></DIV></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>-</FONT></P></DIV></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>41,227</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" noWrap>

   <P style="MARGIN: 2.4pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Total in foreign currency</FONT></B></P></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>366,659</FONT></P></DIV></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>5,293,704</FONT></P></DIV></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>5,660,363</FONT></P></DIV></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>901,246</FONT></P></DIV></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>5,716,578</FONT></P></DIV></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>6,617,824</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%">

   <P style="MARGIN: 2.4pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Total borrowings and financing</FONT></B></P></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>1,246,567</FONT></P></DIV></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>10,717,576</FONT></P></DIV></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>11,964,143</FONT></P></DIV></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>1,526,262</FONT></P></DIV></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>11,595,338</FONT></P></DIV></TD>

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>13,121,600</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="100%" colSpan=7 noWrap>

   <P style="MARGIN: 2.4pt 0in"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></I>&nbsp;</P>

   <P style="MARGIN: 2.4pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Exchange rate as of December 31, 2016: US$3.2591; &#165;0.02792 (as of December 31, 2015: US$3.9048; &#165;0.03243).</FONT></FONT></P>

   <P style="MARGIN: 2.4pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>As of December 31, 2016, the Company did not record balances of borrowings and financing raised during the year to mature within 12 months</FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>.</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="100%" colSpan=7 noWrap>

   <P style="MARGIN: 2.4pt 0in"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></I>&nbsp;</P></TD></TR></TABLE></DIV>

<a name="_bclFooter146"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>146</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_147"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader147"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 2pt" color=black face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="41%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Local currency</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Guarantees</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Maturity</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="27%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Annual interest rates</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Inflation adjustment</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 7.4pt">

   <TD style="HEIGHT: 7.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="41%" noWrap>

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="41%" noWrap>

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>10th issue debentures</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2020</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="27%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>TJLP +1.92% (Series 1 and 3) and 9.53% (Series 2) </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>IPCA (Series 2)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="41%" noWrap>

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>12th issue debentures</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2025</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="27%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>TR + 9.5% </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="41%" noWrap>

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>14th issue debentures</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2022</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>TJLP +1.92% (Series 1 and 3) and 9.19% (Series 2)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>IPCA (Series 2)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="41%" noWrap>

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>15th issue debentures</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2019</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>CDI + 0.99% (Series 1) and 6.2% (Series 2)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>IPCA (Series 2)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="41%" noWrap>

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>17th issue debentures</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2023</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>CDI +0.75 (Series 1) and 4.5% (Series 2) and4.75% (Series 3)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>IPCA (Series 2 and 3)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="41%" noWrap>

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>18th issue debentures</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2024</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>TJLP 1.92 % (Series 1 and 3) and 8.25% (Series 2)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>IPCA (Series 2)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="41%" noWrap>

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>19th issue debentures</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2017</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>CDI + 0.80% to 1.08%</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="41%" noWrap>

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>20th issue debentures</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2019</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>CDI + 3.80%</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="41%" noWrap>

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Brazilian Federal Savings Bank</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2017/2038</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>5% to 9.5%</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>TR</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="41%">

   <P style="MARGIN: 4.8pt 0in 4.8pt 10.7pt; TEXT-INDENT: -10.7pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Brazilian Development Bank - BNDES BAIXADA SANTISTA</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2019</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2.5%+TJLP </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="41%">

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Brazilian Development Bank - BNDES PAC</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2023</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2.15%+TJLP </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="41%">

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Brazilian Development Bank - BNDES PAC II 9751</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2027</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1.72%+TJLP </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="41%">

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Brazilian Development Bank - BNDES PAC II 9752</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2027</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1.72%+TJLP </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="41%">

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Brazilian Development Bank - BNDES ONDA LIMPA</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2025</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1.92%+TJLP </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="41%">

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Brazilian Development Bank - BNDES TIET&#202; III</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2028</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1.66%+TJLP </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="41%">

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Brazilian Development Bank - BNDES 2015</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2035</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2.5%+TJLP </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="41%">

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Leases</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2035</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>7.73% to 10.12% </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>IPC</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="41%">

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Other</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>Own funds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2018/2025</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="27%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>12% (Presidente Prudente) and TJLP + 1.66% (FINEP)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>TR</FONT></P></TD></TR></TABLE></DIV><FONT style="LINE-HEIGHT: 110%" face=arial,sans-serif></FONT>

<a name="_bclFooter147"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>147</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_148"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader148"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: -35.45pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: -35.45pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Foreign currency</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Guarantees</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Maturity</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Annual interest rates</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Exchange rate changes</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 4.8pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Inter-American Development Bank - BID 713 &#8211; US$25,097 thousand</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Government</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2017</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>4.92% (*) </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>US$</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Inter-American Development Bank - BID 1212 -</FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia> US$92,503 thousand</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Government</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2025</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2.68% (*)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>US$</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Inter-American Development Bank - BID 2202 -</FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia> US$438,071 thousand</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Government</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2035</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>2.14% (*) </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>US$</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%" noWrap>

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>International Bank for Reconstruction and Development - BIRD</FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia> US$79,946 thousand</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Government</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2034</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia>1.46% (*)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>US$</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Deutsche Bank US$</FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>150,000</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia> thousand</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>-&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2019</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Libor+4.50%(*)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>US$</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Eurobonds &#8211; US$350,000 thousand</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>-&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2020</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>6.25%</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>US$</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>JICA 15 &#8211; &#165;14,981,590 thousand </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Government</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2029</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1.8% and 2.5%</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Yen</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>JICA 18 &#8211; &#165;13,470,080 thousand</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Government</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2029</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1.8% and 2.5%</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Yen</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>JICA 17</FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>&#8211; &#165;1,596,251 thousand</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Government</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2035</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1.2% and 0.01% </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Yen</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>JICA 19</FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>&#8211; &#165;27,596,009 thousand</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Government</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2037</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1.7% and 0.01% </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Yen</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="44%">

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>BID 1983AB </FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>&#8211; US$106,346 thousand</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>-&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2023</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Libor + 1.88% to 2.38%</FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=georgia> (*)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>US$</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: -35.45pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: -35.45pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: -35.45pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (*)Rates comprising LIBOR + contractually defined spread.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: -35.45pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: -35.45pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: -35.45pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: -35.45pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: -35.45pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 5pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<a name="_bclFooter148"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>148</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_149"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader149"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(i)&nbsp; Payment schedule &#8211; accounting balances as of December 31, 2016</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>2017</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>2018</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>2019</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>2020</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>2021</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>2022</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>2023 to 2038</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>TOTAL</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>LOCAL CURRENCY</FONT></I></B></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Debentures</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>595,952</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>889,446</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,001,491</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>416,885</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>197,109</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>176,668</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>253,604</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>3,531,155</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Brazilian Federal Savings Bank</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>59,199</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>63,465</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>65,376</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>67,607</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>71,067</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>74,810</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>745,835</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,147,359</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>BNDES</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>87,492</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>93,280</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>101,383</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>83,450</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>83,007</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>83,007</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>407,951</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>939,570</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Leasing</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>14,914</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>39,086</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>29,074</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>30,619</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>32,298</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>34,124</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>372,401</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>552,516</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Other</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>746</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,453</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,356</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,356</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,356</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,356</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>3,952</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>11,575</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Interest and charges</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>121,605</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>121,605</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>TOTAL IN LOCAL CURRENCY</FONT></I></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>879,908</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,086,730</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,198,680</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>599,917</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>384,837</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>369,965</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,783,743</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>6,303,780</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in"><B><I><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia>FOREIGN CURRENCY</FONT></I></B></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>BID</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>190,436</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>108,640</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>108,640</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>108,640</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>108,640</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>108,640</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,064,582</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,798,218</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>BIRD</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>8,676</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>17,353</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>17,353</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>17,353</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>199,489</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>260,224</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Deutsche Bank</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>240,122</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>240,122</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>480,244</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Eurobonds</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,137,395</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,137,395</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>JICA</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>62,310</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>63,514</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>105,162</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>105,162</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>105,162</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>105,162</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,059,976</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,606,448</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>BID 1983AB</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>78,030</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>77,417</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>57,661</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>55,852</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>25,070</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>25,070</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>22,851</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>341,951</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Interest and charges</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>35,883</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>35,883</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>TOTAL IN FOREIGN CURRENCY</FONT></I></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>366,659</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>489,693</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>520,261</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,424,402</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>256,225</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>256,225</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2,346,898</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>5,660,363</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in"><I><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Overall Total</FONT></I></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,246,567</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,576,423</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,718,941</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2,024,319</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>641,062</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>626,190</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>4,130,641</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>11,964,143</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.25pt" color=black face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.25pt" color=black face=georgia></FONT></B>&nbsp;</P>

<a name="_bclFooter149"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>149</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_150"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader150"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debentures</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Balance as of December 31, 2016 is stated net of borrowings costs in the amount of R$8,163 (R$11,514 as of December 31, 2015), which will be amortized during the same maturity period of each contract</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in; LINE-HEIGHT: 110%; TEXT-INDENT: -0.5in"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Main events</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company&#8217;s amortizations totaled R$663,466 in 2016, mainly referring to:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 25.55pt; LINE-HEIGHT: 110%; TEXT-INDENT: -7.1pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>- 19th issue, partial amortization of the outstanding debentures, upon payment of 60% of the nominal unit value of the debentures, totaling R$300,000;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 25.55pt; LINE-HEIGHT: 110%; TEXT-INDENT: -7.1pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>- 15th issue series 1, amortization of the first installment of the debentures, totaling R$94,819;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 25.55pt; LINE-HEIGHT: 110%; TEXT-INDENT: -7.1pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>- 17th issue series 1, amortization of the first installment of the debentures, totaling R$140,144.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in; LINE-HEIGHT: 110%; TEXT-INDENT: -0.5in"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(ii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Covenants</FONT></B></FONT></P>

<P style="MARGIN: 0in 0in 0in 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>For the outstanding contracts, the Company has the following restrictive clauses &#8220;covenants&#8221;:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Applicable to the 10th issue, 14th issue and 18th issue:</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 3.8pt 0in 0in; LINE-HEIGHT: 110%"><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Financial covenants applicable to the financing agreements entered into with the BNDES, except for agreement no. 08.2.0169.1 (PAC):</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 3.8pt 0in 0in; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 3.8pt 0in 0in; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The financing agreements entered into with the BNDES specify two ranges in which the Company needs to maintain its Adjusted EBITDA / Adjusted Financial Expenses, Adjusted Net Debt / Adjusted EBITDA, and Other Onerous Debt / Adjusted EBITDA ratios.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 3.8pt 0in 0in; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 3.8pt 0in 0in; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>These agreements also specify a guarantee mechanism in which the Company needs to ensure that a portion of the monthly receivables amount is daily recorded in a fiduciary account linked to the BNDES. In this process, every day, after the BNDES notifies the depositary bank that the Company is not in default, this portion of the monthly receivables amount is transferred to a Company current account.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 3.8pt 0in 0in; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 3.8pt 0in 0in; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The renegotiated/amended covenants are:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 3.8pt 0in 0in; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.4pt; LINE-HEIGHT: 110%; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>A.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Maintenance of the following ratios, quarterly calculated and related to accrued amounts over the last 12 months, upon the disclosure of reviewed interim financial statements or audited annual financial statements entails the need to record R$218 million per month in a fiduciary account linked to the BNDES:</FONT></P><FONT style="LINE-HEIGHT: 110%" face=georgia></FONT>

<a name="_bclFooter150"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>150</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_151"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader151"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; LINE-HEIGHT: 110%; TEXT-INDENT: 0in"><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; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Adjusted EBITDA / Adjusted financial expenses equal to or higher than 3.50;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; LINE-HEIGHT: 110%; TEXT-INDENT: 0in"><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; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Adjusted net debt / Adjusted EBITDA equal to or lower than 3.00;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; LINE-HEIGHT: 110%; TEXT-INDENT: 0in"><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; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Other onerous debt (*) / Adjusted EBITDA equal to or lower than 1.00. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; LINE-HEIGHT: 110%; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; LINE-HEIGHT: 110%; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(*)&#8220;Other Onerous Debts&#8221; correspond to the sum of social security liabilities, health care plan, installment payment of tax debts and installment payment of debts with the Electricity supplier.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; LINE-HEIGHT: 110%; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.4pt; LINE-HEIGHT: 110%; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>B.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>In case of failure to comply with one or more ratios specified in item A, in two or more quarters, consecutive or not, within twelve months, the Company will be failing to comply with the first range of ratios and the portion of the monthly receivables to be recorded in a fiduciary account linked to the BNDES will be automatically increased by 20%, if the ratios are maintained in the following range:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.4pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; LINE-HEIGHT: 110%; TEXT-INDENT: 0in"><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; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Adjusted EBITDA / Adjusted financial expenses lower than 3.50 and equal to or higher than 2.80;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; LINE-HEIGHT: 110%; TEXT-INDENT: 0in"><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; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Adjusted net debt / adjusted EBITDA equal to or lower than 3.80 and higher than 3.00;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; LINE-HEIGHT: 110%; TEXT-INDENT: 0in"><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; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Other onerous debt / Adjusted EBITDA equal to or lower than 1.30 and higher than 1.00.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.4pt; LINE-HEIGHT: 110%; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>C.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The failure to achieve one or more than one ratio stipulated in item B, and/or the Company does not comply with the automatic reinforcement of guarantee under the terms of item B, the Company will be failing to comply with the covenant terms and the BNDES may, at its sole discretion:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; LINE-HEIGHT: 110%; TEXT-INDENT: -14.2pt"><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; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>require the creation of additional guarantees, within term to be defined by it through notice; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; LINE-HEIGHT: 110%; TEXT-INDENT: -14.2pt"><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; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>suspend the release of funds; and/or </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; LINE-HEIGHT: 110%; TEXT-INDENT: -14.2pt"><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; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>declare the early maturity of the Financing Agreements and/or the Commitment Agreements for the Subscription of Debentures in Private Issues and Other Covenants.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>As of December 31, 2016, the amount of R$218 million was guaranteed for the agreements above (excluding the guarantee of agreement 08.2.0169.1).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 3.8pt 0in 0in; LINE-HEIGHT: 110%"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=georgia></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 3.8pt 0in 0in; LINE-HEIGHT: 110%"><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Financial covenants applicable to financing agreement no. 08.2.0169.1 entered into with the BNDES</FONT></U></I><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>:</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 3.8pt 0in 0in; LINE-HEIGHT: 110%"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; LINE-HEIGHT: 110%; TEXT-INDENT: -14.2pt"><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; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Adjusted EBITDA / adjusted net operating revenue: equal to or higher than 38%; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; LINE-HEIGHT: 110%; TEXT-INDENT: -14.2pt"><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; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Adjusted EBITDA /adjusted financial expenses: equal to or higher than 2.35;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; LINE-HEIGHT: 110%; TEXT-INDENT: -14.2pt"><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; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Adjusted net debt / adjusted EBITDA: equal to or lower than 3.20.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The BNDES will annually verify if the ratios have been complied with by analyzing the annual audited financial statements, which must be presented to the BNDES or published by April 30 of the subsequent year referring to the financial statements.&nbsp; If the Company complies, cumulatively, with the ratios above, the BNDES will reduce the interest stipulated in the agreement from 2.15% p.a. to 1.82% p.a., from June 16 of the year when the analysis is carried out to June 15 of the subsequent year.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<a name="_bclFooter151"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>151</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_152"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader152"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The agreements also have a cross default clause, i.e., the early maturity of any of the Company&#8217;s debts, the amount of which may anyhow compromise the settlement of its obligations provided for in the Indenture deed shall imply the early maturity of such agreement</FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Applicable to the 12th issue:</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Calculated every quarter upon the disclosure of interim or annual financial statements:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt 7.1pt; LINE-HEIGHT: 110%; TEXT-INDENT: -7.1pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>- Adjusted current ratio (current assets divided by current liabilities, excluding from current liabilities the current portion of noncurrent debts incurred by the Company that are recorded in current liabilities) higher than 1.0;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 7.1pt; LINE-HEIGHT: 110%; TEXT-INDENT: -7.1pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt 14.2pt; LINE-HEIGHT: 110%; TEXT-INDENT: -14.2pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>- EBITDA to paid financial expenses ratio equal to or higher than 1.5;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 7.1pt; LINE-HEIGHT: 110%; TEXT-INDENT: -7.1pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt 7.1pt; LINE-HEIGHT: 110%; TEXT-INDENT: -7.1pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>- Disposal of operating assets, extinguishment of license, loss of concession or loss of Issuer&#8217;s capacity to execute and operate the basic sanitation public utilities in areas of the State of S&#227;o Paulo territory, which considered individually or jointly during the deed&#8217;s effectiveness, result in a reduction of net sales revenue and/or services revenue of the Issuer exceeding twenty-five percent (25%).&nbsp; The limit established above will be calculated quarterly, taking into account the Issuer&#8217;s operating income for the twelve (12) months preceding the end of each quarter and applying the financial information disclosed by the Issuer; and</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 7.1pt; LINE-HEIGHT: 110%; TEXT-INDENT: -7.1pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Noncompliance with these obligations only will be characterized when verified in its interim financial statements, during at least, two consecutive quarters, or also two nonconsecutive quarters within a twelve-month period.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>In case of noncompliance with the covenants, the trustee should call an extraordinary debenture holders' meeting within 48 hours from the acknowledgement of the noncompliance to resolve on the declaration of early maturity of the debentures.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>This issue has an early maturity clause, in case there is a downgrade, by more than two levels, of the &#8220;brAA-&#8221; risk rating in national scale originally attributed to this issue&#8217;s Debentures by the Rating Agency, always taking into consideration the Standard &amp; Poor&#8217;s rating table. As of December 31, 2016, SABESP&#8217;s rate was &#8220;brA+&#8221;.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The agreement also has a cross default clause, i.e. the early maturity of any of the Company&#8217;s debts, equal to or exceeding R$50 million, adjusted by IPCA variation as of the issue date, due to contractual default, the amount of which may anyhow compromise the settlement of the Company&#8217;s monetary obligations arising from the Issue, shall imply the early maturity of this agreement.</FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter152"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>152</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_153"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader153"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Applicable to the 15th issue, 17th issue, 19th issue and 20th issue:</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Calculated every quarter upon the disclosure of interim or annual financial statements:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt 7.1pt; LINE-HEIGHT: 110%; TEXT-INDENT: -7.1pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>- Adjusted total Debt/Ebitda: lower than or equal to&nbsp; 3.65;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 7.1pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt 7.1pt; LINE-HEIGHT: 110%; TEXT-INDENT: -7.1pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>- EBITDA/ paid financial expenses: equal to or higher than&nbsp; 1.5;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 7.1pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt 7.1pt; LINE-HEIGHT: 110%; TEXT-INDENT: -7.1pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>- Disposal of operating assets, extinguishment of license, loss of concession or loss of Issuer&#8217;s capacity to execute and operate the basic sanitation public utilities in areas of the State of S&#227;o Paulo territory, which considered individually or jointly during the deed&#8217;s effectiveness, result in a reduction of net sales revenue and/or services revenue of the Issuer exceeding twenty-five percent (25%).&nbsp; The limit established above will be calculated quarterly, taking into account the Issuer&#8217;s operating income for the twelve (12) months preceding the end of each quarter and applying the financial information disclosed by the Issuer; and</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 7.1pt; TEXT-INDENT: -7.1pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Non-compliance with the covenant clauses, during, at least, two consecutive quarters, or also two nonconsecutive quarters within a twelve-month period shall result in the early maturity of the agreement.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The agreements have a cross acceleration clause, i.e., the early maturity of any of the Company&#8217;s debts, equal to or exceeding R$90 million (for the 19th and 20th issues, amount equal to or exceeding R$120 million), adjusted by IPCA variation as of the issue date, due to contractual default, the amount of which may compromise the settlement of the Company&#8217;s monetary obligations arising from the Issue, will result in the early maturity of these agreements.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazilian Federal Savings Bank - CEF&nbsp; </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in; LINE-HEIGHT: 110%; TEXT-INDENT: -0.5in"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Main events</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Funding totaled R$113,310 in 2016, mainly related to the agreements in progress of the Growth Acceleration Program (PAC).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>In 2016, amortization totaled R$52,315.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The guarantee for financing agreements entered into with the Brazilian Federal Savings Bank is the recognition of a portion of tariffs in an account for this purpose with the Brazilian Federal Savings Bank, which should maintain a flow equal to or at least three times the amount of the monthly charges, during the grace period, based on interest, the management fee and the credit risk rate and, during the amortization phase, based on the principal, interest, the management fee and the credit risk rate. Additionally, the Company maintains a reserve account, linked to financing agreements, in the Brazilian Federal Savings Bank, which is maintained during the entire term the agreements, where an amount is accrued equivalent to a monthly charge, composed of, during the grace period, interest, the management fee and the credit risk rate and, during the amortization phase, of the principal, interest, the management fee and the credit risk rate.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<a name="_bclFooter153"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>153</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_154"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader154"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(ii)&nbsp;&nbsp;&nbsp; Covenants</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The agreements have a cross default clause, i.e., the early maturity of any of the Company&#8217;s debts, due to contractual default, the occurrence of which may anyhow compromise the settlement of its monetary obligations deriving from these contracts shall imply the early maturity.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>For the outstanding contracts, formalized between May 28, 2007 and March 13, 2013, the Company has the following restrictive clauses&nbsp; &#8220;covenants&#8221;:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>AMD &#8211; Performance Improvement Agreement (*)</FONT></FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The agreements in effect, entered into with the Brazilian Federal Savings Bank and the BNDES (Baixada Santista, PAC, Onda Limpa, PAC II 9751 and PAC II 9752), whose proceeds were obtained through a selection process of the Ministry of Cities, contracted between May 28, 2007 and March 13, 2013, are subject to the financial commitments established in the AMD, calculated upon disclosure of the annual financial statements, as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>According to the Normative Ruling no. 05 of January 22, 2008, the agreements which are purpose of investment funds, having as source of fund, the Government Severance Indemnity Fund for Employees (&#8220;FGTS&#8221;) or Worker Support Fund (&#8220;FAT&#8221;), which go through a selection process of the Ministry of Cities, shall maintain a valid Performance Improvement Agreement (&#8220;AMD&#8221;) with financial and operational ratios targets, yearly projected for the following 5 years, based on the average of the last two years. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Performance Improvement Agreement, dated May 28, 2007 and amended in August 2012, was signed between SABESP and the federal government and Federal Savings Banks and BNDES as intervening parties.&nbsp; According to this agreement, the Company shall comply with, at least, four of eight operational and financial ratios, stipulated for the period between 2012 and 2016.&nbsp; If the Company fail to comply with five of these ratios, the Federal Savings Bank and BNDES may suspend the disbursements and the Company would be prevented from executing any other credit facility agreement with these institutions, until new targets are negotiated.&nbsp; The possibility of renegotiating the targets, if necessary, is foreseen.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>On March 14, 2013, through the Normative Ruling no. 06, the Ministry of Cities revoked the Normative Instruction no. 05 of January 22, 2008, which regulates the Performance Improvement Agreement.&nbsp; Pursuant to Article 2 of the Normative Instruction no. 06, the AMDs signed until March 13, 2013 shall remain valid until the expiration date of their related effectiveness period, not being necessary to execute or renegotiate the AMD in new contracts.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(c) BNDES</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Balance as of December 31, 2016 is stated net of borrowings costs in the amount of R$3,517 (R$920 on December 31, 2015), which will be amortized during the same maturity period of each contract.</FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter154"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>154</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_155"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader155"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in; LINE-HEIGHT: 110%; TEXT-INDENT: -0.5in"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Main events</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>In May 2016 and December 2016, the Company funded R$80,000 and R$155,000, respectively, corresponding to a portion of agreement 15.2.0313.1, totaling R$747,450. The proceeds from BNDES 2015 will be allocated to support the interconnection of the Jaguari dam (located in the Para&#237;ba do Sul River basin) with the Atibainha dam (located in the PJC basin).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>In 2016, funding from current contracts totaled R$70,000, mainly referring to the BNDES TIET&#202; III agreement. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>In 2016, amortization totaled R$76,469.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Loans are collateralized by part of revenues from the provision of water and sewage services, up to the total amount of the outstanding balance.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in; LINE-HEIGHT: 110%; TEXT-INDENT: -0.5in"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(ii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Covenants</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The agreements entered into with the BNDES have standardized financial covenants, as described in item (a), (ii), covenants applicable to the 10th issue, 14th&nbsp; issue and 18th&nbsp; issue, of this Note.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Operating covenants applicable to Baixada Santista, PAC, Onda Limpa and PAC II 9751, PAC II 9752:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>AMD &#8211; Performance Improvement Agreement (*)</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; LINE-HEIGHT: 110%"><FONT style="BACKGROUND: fuchsia; LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(*) See item (b), (ii) of this note.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leasing</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company has lease agreements signed as Assets Lease.&nbsp; During the construction period, works are capitalized to intangible assets in progress and the lease amount is recorded at the same proportion.&nbsp; Works are estimated to be concluded in 2018.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>After startup, the lease payment period starts (240 monthly installments), whose amount is periodically restated by contracted price index.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(e) &nbsp;&nbsp;&nbsp;&nbsp; Eurobonds </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Balance as of December 31, 2016 is net of borrowing costs in the amount of R$3,290 (R$4,212 as of December 31, 2015), which will be amortized during the same maturity period of the contract.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 110%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Main events</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>In November 2016, the Company paid the last installment of the principal and interest of the Eurobond 2016 issue, in the amount of R$ 454,168.</FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" face=georgia></FONT>

<a name="_bclFooter155"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>155</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_156"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader156"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 110%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(ii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman"> </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Covenants</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>For the outstanding contracts, the Company has the following restrictive clauses &#8220;covenants&#8221;:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Calculated every quarter upon the disclosure of interim or annual financial statements:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Restrict the funding of new debts so that:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt 14.2pt; LINE-HEIGHT: 110%; TEXT-INDENT: -11.35pt"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>-&nbsp;&nbsp; Adjusted total debt to EBITDA does not exceed 3.65;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt 14.2pt; LINE-HEIGHT: 110%; TEXT-INDENT: -11.35pt"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>- &nbsp; The Company's debt service coverage ratio, determined at the end of each quarter,&nbsp; shall&nbsp; not&nbsp; be&nbsp; lower than 2.35.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Noncompliance with covenants will accelerate the maturity of the agreement.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The agreement has a cross default clause, i.e., the early maturity of any indebtedness in view of the Company&#8217;s loans or any of its Subsidiaries (*) with a total principal amount of US$ 25,000,000.00 or more (or its corresponding amount in other currencies) shall imply this agreement&#8217;s early maturity.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(*) As per agreement, subsidiary is: &#8220;the company, partnership or another entity from which over 50% of its voting shares are directly or indirectly owned or controlled by any Person or one or other Person&#8217;s Subsidiaries, or their combination&#8221;.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(f) </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank US$</FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia>150 million</FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia> </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=georgia></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>As of October 26, 2016, the Company funded a US$150 million loan, corresponding to R$469,020, with a three-year maturity, at an interest rate corresponding to three-month LIBOR plus 4.50% per year. Interest will be paid on a quarterly basis and amortization will occur in semi-annual installments as of the 18th month. The proceeds were used to settle 2016 Eurobonds, totaling US$140 million, and other debts due in 2016.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>As of December 31, 2016. balance is stated net of borrowings costs in the amount of R$8,621, which will be amortized during the maturity period of the contract.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 110%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Covenants</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The agreement has the following restrictive clauses &#8220;covenants&#8221;:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Calculated every quarter upon the disclosure of interim or annual financial statements:</FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" face=georgia></FONT>

<a name="_bclFooter156"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>156</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_157"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader157"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt 14.2pt; LINE-HEIGHT: 110%; TEXT-INDENT: -11.35pt"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>-&nbsp;&nbsp; Adjusted total debt/EBITDA: lower than 3.65;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt 14.2pt; LINE-HEIGHT: 110%; TEXT-INDENT: -11.35pt"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>- &nbsp; Company's debt service coverage ratio, determined at the end of each quarter,&nbsp; shall&nbsp; not&nbsp; be&nbsp; lower than 2.35.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 0pt 14.2pt; LINE-HEIGHT: 110%; TEXT-INDENT: -11.35pt"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Noncompliance with covenants for two quarters, consecutive or not, will accelerate the maturity of the agreement.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The agreement has a &#8220;cross acceleration&#8221; clause, i.e., in the </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>early maturity of any debt of the Company or any of its subsidiaries</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>, with a total principal or aggregate amount equal to or higher than R$120 million (or its equivalent in another currency), contracted pursuant to the Brazilian law, or with a total principal or aggregate amount equal to or higher than US$50 million (or its equivalent in another currency), in the case of debts governed by the laws of any other jurisdiction other than Brazil, will result in the early maturity of the agreement.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(*) Pursuant to the agreement, a subsidiary means any partnership, corporation, company, association or commercial entity in which SABESP or one or more of its subsidiaries directly or indirectly hold more than 50% of the outstanding common shares with voting rights of its respective capital stock.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(g) &nbsp;&nbsp;&nbsp;&nbsp; Inter-American Development Bank (BID)</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Balance as of December 31, 2016 is net of borrowing costs amounting to R$12,770 (R$9,544 as of December 31, 2015), which will be amortized during the same maturity period of the agreement.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in; LINE-HEIGHT: 110%; TEXT-INDENT: -0.5in"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Main events</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>In 2016, funding from current contracts totaled R$113,543, referring to BID 2202</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia> and amortizations in the amount of R$133,063, among which, the settlement of the BID 896 agreement.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in; LINE-HEIGHT: 110%; TEXT-INDENT: -0.5in"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(ii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Guarantees</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Loans obtained from multilateral agencies and from Government Agencies, such as the BID, BIRD and JICA, are guaranteed by the Federal Government, with a counter-guarantee of the S&#227;o Paulo State government.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in; LINE-HEIGHT: 110%; TEXT-INDENT: -0.5in"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(iii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Covenants</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>For the outstanding contracts, the Company has the following restrictive clauses &#8220;covenants&#8221;:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Calculated every quarter upon the disclosure of interim or annual financial statements:</FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" face=georgia></FONT>

<a name="_bclFooter157"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>157</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_158"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader158"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 110%; TEXT-INDENT: -11.35pt"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>-&nbsp;&nbsp; Loan agreements 713 and 1,212 - Tariffs must: (a) produce revenues sufficient to cover the system's operating expenses, including administrative, operating, maintenance, and depreciation expenses; (b) provide a return on property, plant, and equipment no less than 7%; and (c) during project execution, the balances of current loans must not exceed 8.5% of total equity.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>These agreements have an early maturity clause, i.e., in the early maturity will occur in the event the Company&#8217;s fail failure to comply with any obligation therewith or any agreements signed with the Bank related to Project finance.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan International Cooperation Agency - JICA </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in; LINE-HEIGHT: 110%; TEXT-INDENT: -0.5in"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Relevant funding</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Balance as of December 31, 2016 is stated net of borrowing costs amounting to R$2,971 (R$2,646 as of December 31, 2015), which will be amortized during the same maturity period of the contract.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in; LINE-HEIGHT: 110%; TEXT-INDENT: -0.5in"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(ii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Main events</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>In 2016, funding from current contracts, mainly corresponding to the </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>JICA BZ-19</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia> agreement, in the amount of R$187,825.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>In 2016, amortizations totaled R$73,854, referring to JICA BZ-15 and JICA BZ-18 agreements.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>For the guarantees assigned, see item g (ii) of this note.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AB Loan (IADB 1983AB) </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The balance stated as of December 31, 2016 is net of borrowing costs amounting to R$4,641 (R$5,684 as of December 31, 2015), which will be amortized during the same maturity period of the contract.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in; LINE-HEIGHT: 110%; TEXT-INDENT: -0.5in"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Main events</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>In 2016, amortization totaled R$83,247.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in; LINE-HEIGHT: 110%; TEXT-INDENT: -0.5in"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(ii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Covenants</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The Company has the following restrictive clauses &#8220;covenants&#8221;:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Calculated every quarter upon the disclosure of interim or annual financial statements:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>- The Company&#8217;s ratio of debt service coverage, determined on a consolidated basis, must be higher than or equal to 2.35; and</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>- Total adjusted debt over Adjusted EBITDA, determined on a consolidated basis, must be lower than 3.65.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<a name="_bclFooter158"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>158</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_159"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader159"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The agreement has an early maturity clause, i.e., in the event of default, the BID may order the early maturity of the loan or part of it. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The agreement also has a &#8220;cross default&#8221; clause, i.e., in the event of default of any other Company debt with the BID or with third parties (in this case, higher than US$25 million), the BID may order the early maturity of the loan.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(j) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Bank for Reconstruction and Development - IBRD</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Balance as of December 31, 2016 is stated net of borrowing costs amounting to R$328 (R$346 as of December 31, 2015), which will be amortized during the same maturity period of the contract.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.75in; LINE-HEIGHT: 110%; TEXT-INDENT: -0.5in"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Main events</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>In 2016, funding totaled R$59,983.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>For the guarantees assigned, see item g (ii) of this note.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covenants</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>As of December 31, 2016 and 2015, the Company had met the requirements set forth by its borrowings and financing agreements.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(l) Exchange rate changes</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>In 2016, the US dollar depreciated 16.5%, from R$3.9048 as of December 31, 2015 to R$3.2591 as of December 31, 2016, reducing debt by R$801,936, while the yen depreciated 13.9%, from R$0.03243 as of December 31, 2015 to R$0.02792 as of December 31, 2016, reducing debt by R$259,974.</FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" face=georgia></FONT>

<a name="_bclFooter159"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>159</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_160"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader160"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(m) &nbsp;&nbsp; Borrowings and financing &#8211; Credit Limited</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="65%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Agent</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=center><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=center><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>December 31, 2016</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="65%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=center><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=center><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(in millions of reais (*))</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="65%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Brazilian Federal Savings Bank</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,706</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="65%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Brazilian Development Bank &#8211; BNDES</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,743</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="65%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Inter-American Development Bank &#8211; BID</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>528</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="65%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Japan International Cooperation Agency &#8211; JICA</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>296</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="65%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>International Bank for Reconstruction and Development &#8211; IBRD</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>65</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="65%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Other</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>38</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="65%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>TOTAL</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>4,376</FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(*) Brazilian Central Bank&#8217;s exchange rate as of December 30, 2016 (US$1.00 = R$3.2591;&nbsp; &#165;1.00 = R$0.02792). </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>SABESP in order to comply with its Capex plan relies on a fund-raising plan.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Financing resources contracted have specific purposes, which have been released for the execution of their respective investments, according to the progress of the works. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in; LINE-HEIGHT: 110%; TEXT-INDENT: -35.45pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Taxes </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>recoverable/</FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>payable</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in; LINE-HEIGHT: 110%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Current assets</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2016</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2015</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Recoverable taxes</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Income tax and social contribution</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>32,365</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>68,978</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Withholding income tax (IRRF) on financial investments</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>7,057</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>4,914</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Other federal taxes</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,961</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>3,661</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Other municipal taxes</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>250</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>275</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>42,633</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>77,828</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The reduction in recoverable taxes is mainly due to decrease in &#8220;income tax and social contribution&#8221; item, which was offset by Pasep and Cofins payable in the year.</FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter160"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>160</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_161"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader161"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in; LINE-HEIGHT: 110%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(b)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Current liabilities</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2016</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2015</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Taxes and contributions payable</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Cofins and Pasep</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>49,132</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>40,505</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>INSS (Social Security contribution)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>35,376</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>33,836</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>IRRF (withholding income tax)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>62,771</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>11,126</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Other</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>21,478</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>21,828</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>168,757</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>107,295</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in; LINE-HEIGHT: 110%; TEXT-INDENT: -35.45pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Deferred taxes and contributions</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Balance sheet detail</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Deferred income tax assets </FONT></B></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Provisions</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; TEXT-INDENT: -7.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>524,129</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; TEXT-INDENT: -7.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>480,378</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Actuarial gain/loss &#8211; G1 Plan </FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>85,044</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Pension obligations - G1</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>167,922</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>256,808</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Donations of underlying asset on concession agreements</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>57,317</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>53,206</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Credit losses</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>266,757</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>213,171</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Tax losses</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>58,829</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Other</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>151,247</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>121,550</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total deferred tax assets</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,252,416</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,183,942</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Deferred income tax liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Temporary difference on concession of intangible asset</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(492,341)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(524,495)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Capitalization of borrowing costs</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(374,512)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(309,648)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Profit on supply to governmental entities</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(92,365)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(81,055)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Actuarial gain/loss &#8211; G1 Plan </FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(33,726)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Construction margin</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(91,790)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(94,921)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Borrowing costs</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(15,063)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(11,855)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total deferred tax liabilities</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(1,066,071)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(1,055,700)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="51%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Deferred tax asset, net</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>186,345</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>128,242</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<a name="_bclFooter161"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>161</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_162"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader162"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realization</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Deferred income tax assets </FONT></B></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>to be realized within 12 months</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; TEXT-INDENT: -7.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>314,725</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; TEXT-INDENT: -7.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>277,573</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>to be realized after one year</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>937,691</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>906,369</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total deferred tax assets</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,252,416</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,183,942</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Deferred income tax liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>to be realized within 12 months</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; TEXT-INDENT: -7.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(143,428)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; TEXT-INDENT: -7.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(42,820)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>to be realized after one year</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(922,643)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(1,012,880)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total deferred tax liabilities</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(1,066,071)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(1,055,700)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="42%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Deferred tax asset</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>186,345</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="29%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>128,242</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Deferred income tax assets</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>December 31, </FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2015</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Net </FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>change </FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>December 31,</FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2016</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Provisions</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>480,378</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>43,751</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: -7.1pt" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>524,129</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Actuarial gain/loss &#8211; G1</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>85,044</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>85,044</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Pension obligations - G1</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>256,808</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(88,886)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>167,922</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Donations of underlying asset on concession agreements</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>53,206</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>4,111</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>57,317</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Credit losses</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>213,171</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>53,586</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>266,757</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Tax losses</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>58,829</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(58,829)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>-</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Other</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>121,550</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>29,697</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>151,247</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,183,942</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>68,474</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,252,416</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Deferred income tax liabilities</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Temporary difference on concession of intangible asset</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(524,495)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>32,154</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(492,341)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Capitalization of borrowing costs</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(309,648)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(64,864)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(374,512)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Profit on supply to governmental entities</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(81,055)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(11,310)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(92,365)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Actuarial gain/loss &#8211; G1</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(33,726)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>33,726</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>-</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Construction margin</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(94,921)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>3,131</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(91,790)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Borrowing costs</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(11,855)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(3,208)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(15,063)</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(1,055,700)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(10,371)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(1,066,071)</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Deferred tax asset, net</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>128,242</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>58,103</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>186,345</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<a name="_bclFooter162"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>162</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_163"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader163"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<DIV align=left>

<TABLE style="WIDTH: 93%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Deferred income tax assets</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>December 31, </FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2014</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Net </FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>change </FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>December 31,</FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2015</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in 2.4pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Provisions</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>524,728</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(44,350)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%; TEXT-INDENT: -7.1pt" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>480,378</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in 2.4pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Pension obligations - G0</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>85,271</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(85,271)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>-</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in 2.4pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Pension obligations - G1</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>229,266</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>27,542</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>256,808</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in 2.4pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Donations of underlying asset on concession agreements</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>45,742</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>7,464</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>53,206</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in 2.4pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Credit losses</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>222,587</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(9,416)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>213,171</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in 2.4pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Tax losses</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>58,829</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>58,829</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in 2.4pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Other</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>112,566</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>8,984</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>121,550</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,220,160</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(36,218)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,183,942</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Deferred income tax liabilities</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in 2.4pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Temporary difference on concession of intangible asset</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(559,411)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>34,916</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(524,495)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in 2.4pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Capitalization of borrowing costs</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(253,581)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(56,067)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(309,648)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in 2.4pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Profit on supply to governmental entities</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(87,092)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>6,037</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(81,055)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in 2.4pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Actuarial gain/loss &#8211; G1</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(2,514)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(31,212)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(33,726)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in 2.4pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Construction margin</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(98,772)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>3,851</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(94,921)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in 2.4pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Borrowing costs</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(9,312)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(2,543)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(11,855)</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(1,010,682)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(45,018)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(1,055,700)</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">

   <P style="MARGIN: 2.4pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Deferred tax asset, net</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>209,478</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(81,236)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>128,242</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="22%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>December 31, </FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2016</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="22%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>December 31, </FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2015</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Opening balance </FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>128,242</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>209,478</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Net change in the year:</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>- corresponding entry to the income statement </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(60,667)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(50,024)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>- corresponding entry to valuation adjustments to equity (Note 20 (b))</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="22%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>118,770</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="22%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(31,212)</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total net change</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="22%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>58,103</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="22%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(81,236)</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="56%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Closing balance </FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>186,345</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>128,242</FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<a name="_bclFooter163"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>163</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_164"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader164"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reconciliation of the effective tax rate</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The amounts recorded as income tax and social contribution expenses in the financial statements are reconciled to the statutory rates, as shown below:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 16.45pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PAGE-BREAK-AFTER: avoid; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2016</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2015</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 16.45pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 2.4pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 16.45pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 2.4pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Profit before income taxes</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>4,129,054</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>587,529</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 16.45pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 2.4pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Statutory rate</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>34%</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>34%</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 16.45pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 2.4pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 16.45pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 2.4pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Estimated expense at statutory rate</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(1,403,878)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(199,760)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 16.45pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 1pt 2.85pt 2.4pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Tax benefit of interest on equity</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>245,637</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>56,172</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 16.45pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 2.4pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Permanent differences</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 16.45pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Provision &#8211; Law 4,819/58 (i)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(63,039)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(54,679)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 16.45pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Donations</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(10,987)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(3,153)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 16.45pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>GESP Agreement (note 10</FONT></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia> (vii)</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>151,465</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 16.45pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Other differences</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>50,311</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(1,295)</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 16.45pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 16.45pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Income tax and social contribution</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(1,181,956)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(51,250)</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 16.45pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 16.45pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Current income tax and social contribution</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(1,121,289)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(1,226)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 16.45pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Deferred income tax and social contribution</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(60,667)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(50,024)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 16.45pt; PAGE-BREAK-INSIDE: avoid">

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="48%" noWrap>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 2.4pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Effective rate</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>29%</FONT></FONT></P></TD>

   <TD style="HEIGHT: 16.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>9%</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0in 0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(i)&nbsp;&nbsp;&nbsp;&nbsp; Permanent difference related to the provision for actuarial liability (Note 20 b (iii)).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></B>&nbsp;</P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter164"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>164</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_165"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader165"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: baseline; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: -35.45pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>19&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-SIZE: 10pt" face=Georgia>19</FONT>&nbsp;&nbsp; Provisions</FONT></B></FONT></P>

<P style="VERTICAL-ALIGN: baseline; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: -35.45pt"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp; Lawsuits and proceedings that resulted in provisions</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></B></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: baseline; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(I) Balance sheet balances</FONT></B></FONT></P>

<P style="VERTICAL-ALIGN: baseline; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: baseline; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The Company is party to a number of claims and legal proceedings arising in the normal course of business, including civil, tax, labor and environmental matters. Management recognizes provisions in the financial statements consistently with the recognition and measurement criteria established in Note 3.15. The ultimate timing and amounts of the payments depends on the outcome of the court cases. The provisions, net of escrow deposits are as follows: </FONT></FONT></P>

<P style="VERTICAL-ALIGN: baseline; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: baseline; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Provisions</FONT></B></FONT></P></DIV></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Escrow deposits</FONT></B></FONT></P></DIV></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>December 31,</FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2016</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Provisions</FONT></B></FONT></P></DIV></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Escrow deposits</FONT></B></FONT></P></DIV></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>December </FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>31, </FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2015</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Customer claims (i)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>572,210</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(97,171)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>475,039</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>561,061</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(97,711)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>463,350</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Supplier claims (ii)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>332,667</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(251,510)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>81,157</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>296,660</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(217,625)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>79,035</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Other civil claims (iii)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>131,286</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(12,652)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>118,634</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>124,833</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(10,681)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>114,152</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Tax claims (iv)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>69,898</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(2,986)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>66,912</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>62,812</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(677)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>62,135</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Labor claims (v)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>285,413</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(3,202)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>282,211</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>283,991</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(3,073)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>280,918</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Environmental claims (vi)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>150,084</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(962)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>149,122</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>83,520</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(896)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>82,624</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,541,558</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(368,483)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,173,075</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,412,877</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(330,663)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,082,214</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Current</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>730,334</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>730,334</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>631,890</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>631,890</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Noncurrent</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>811,224</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(368,483)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>442,741</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>780,987</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(330,663)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>450,324</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="VERTICAL-ALIGN: baseline; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 110%" face=georgia></FONT>

<a name="_bclFooter165"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>165</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_166"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader166"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="VERTICAL-ALIGN: baseline; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: baseline; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(II) Changes</FONT></B></FONT></P>

<P style="VERTICAL-ALIGN: baseline; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></B></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%">

   <P style="VERTICAL-ALIGN: baseline; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>December 31, 2015</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Additional provisions</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Interest and inflation adjustment</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Use of the accrual</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts not used</FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(reversal)</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>December 31,</FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2016</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Customer claims (i)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>561,061</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>109,540</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>95,459</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(87,334)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(106,516)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>572,210</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Supplier claims (ii)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>296,660</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>12,885</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>43,679</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(20,018)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(539)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>332,667</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Other civil claims (iii)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>124,833</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>20,638</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>19,940</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(8,080)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(26,045)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>131,286</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Tax claims (iv)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>62,812</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>20,716</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>14,265</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(4,621)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(23,274)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>69,898</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Labor claims (v)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>283,991</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>51,408</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>29,419</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(37,072)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(42,333)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>285,413</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Environmental claims (vi)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>83,520</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>68,485</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>23,508</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>-</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(25,429)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>150,084</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Subtotal</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,412,877</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>283,672</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>226,270</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(157,125)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(224,136)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,541,558</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Escrow deposits</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(330,663)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(38,269)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(27,153)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>9,601</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>18,001</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(368,483)</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,082,214</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>245,403</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>199,117</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(147,524)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(206,135)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,173,075</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="VERTICAL-ALIGN: baseline; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></B></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%">

   <P style="VERTICAL-ALIGN: baseline; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>December 31, 2014</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Additional provisions</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Interest and inflation adjustment</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Use of the accrual</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts not used</FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(reversal)</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>December 31,</FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2015</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Customer claims (i)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>638,637</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>34,868</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>96,735</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(92,203)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(116,976)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>561,061</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Supplier claims (ii)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>260,854</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>7,062</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>39,143</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(5,837)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(4,562)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>296,660</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Other civil claims (iii)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>126,403</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>13,022</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>20,643</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(12,778)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(22,457)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>124,833</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Tax claims (iv)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>55,554</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,501</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>8,557</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(266)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(2,534)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>62,812</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Labor claims (v)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>235,466</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>114,499</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>27,231</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(23,431)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(69,774)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>283,991</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Environmental claims (vi)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>226,404</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>17,072</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>16,247</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(8,081)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(168,122)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>83,520</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Subtotal</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,543,318</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>188,024</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>208,556</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(142,596)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(384,425)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,412,877</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Escrow deposits</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(322,971)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(16,892)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(21,791)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>26,061</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>4,930</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(330,663)</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="23%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,220,347</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>171,132</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>186,765</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(116,535)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(379,495)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,082,214</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lawsuits deemed as contingent liabilities</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The Company is party to lawsuits and administrative proceedings relating to environmental, tax, civil and labor claims, which are assessed by Management as contingent liabilities and, therefore, no provision was recorded. They are represented as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<a name="_bclFooter166"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>166</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_167"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader167"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="53%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>December 31, 2016</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>December 31, 2015</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="53%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Customer claims (i)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>306,500</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>414,700</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="53%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Supplier claims (ii)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,422,000</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,606,100</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="53%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Other civil claims (iii)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>709,400</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>683,000</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="53%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Tax claims (iv)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,143,000</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>945,400</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="53%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Labor claims (v)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>533,600</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>483,700</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="53%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Environmental claims (vi)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>3,317,600</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,277,600</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="53%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>7,432,100</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>5,410,500</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Explanation on the nature of main classes of lawsuits</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 64.35pt; LINE-HEIGHT: 110%; TEXT-INDENT: -0.5in"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman"> </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer claims </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 38.25pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Approximately 1,140 lawsuits were filed by commercial customers, which claim that their tariffs should correspond to other consumer categories, and 710 lawsuits in which customers claim a reduction in the sewage tariff due to losses in the system, consequently requesting the refund of amounts charged by the Company and 50 lawsuits in which customers plead the reduction in tariff under the category as &#8220;Social Welfare Entity&#8221;.&nbsp; The Company was granted both favorable and unfavorable final decisions at several court levels and recognized provisions pursuant to item 3.15. The R$108,200 decrease in lawsuits deemed as contingent liabilities is mainly related to revision of expectations arising from court decisions in the period.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 64.35pt; LINE-HEIGHT: 110%; TEXT-INDENT: -0.5in"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(ii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Supplier claims</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>These claims include lawsuits filed by some suppliers alleging underpayment of monetary restatements, withholding of amounts related to the understated inflation rates deriving from Real economic plan, and the economic and financial imbalance of the agreements. These lawsuits are in progress at different courts and a provision is recognized pursuant to item 3.15. The R$184,100 decrease in lawsuits deemed as contingent liabilities is mainly related to the revision of expectation arising from decisions within the period. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 64.35pt; LINE-HEIGHT: 110%; TEXT-INDENT: -0.5in"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(iii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Other civil claims</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>These mainly refer to indemnities for property damage, pain and suffering, and loss of profits allegedly caused to third parties, filed at different court levels, dully accrued when classified pursuant to item 3.15. </FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" face=georgia></FONT>

<a name="_bclFooter167"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>167</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_168"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader168"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 64.35pt; LINE-HEIGHT: 110%; TEXT-INDENT: -0.5in"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(iv)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Tax claims</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Tax claims refer mainly to issues related to tax collections challenged due to differences in the interpretation of legislation by the Company's management, accrued pursuant to item 3.15.</FONT></FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The R$197,600 increase in lawsuits deemed as contingent liabilities is mainly related to update of lawsuits in progress.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(a) In 2006, the Federal Revenue Service, by means of a tax execution, verified the Company&#8217;s compliance with the tax obligations related to income tax and social contribution for calendar year 2001, and issued a tax assessment adjusted through December 31, 2016 in the amount of R$50,203 (R$47,597 as of December 31, 2015).&nbsp; The Company appealed this recognition and was granted a partial relief in the first administrative instance.&nbsp; In December 2015, it filed a Voluntary Appeal against the part of the decision that was unfavorable to it.&nbsp; Management considers that this administrative proceeding is deemed as a contingent liability </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(b) The municipality of S&#227;o Paulo through law revoked the services tax exemption which until them the company withheld and thereafter issued tax deficiency notices related to the sewage service and ancillary activities, in the updated amount of R$501,060 (R$430,268 as of December 31, 2015), which currently are subject-matter of Tax Foreclosures, deemed by the Management as contingent liabilities.&nbsp; SABESP filed a writ of mandamus against this revocation, which was rejected, and currently is under phase of appealability of Extraordinary Appeal filed.&nbsp; Writs of prevention and actions for annulment were also filed, aiming the suspension of enforceability of credits and the annulment of tax deficiency notices, as it understands that notwithstanding the exemption revocation, the sewage activities and ancillary activities are not included in the list of activities subject to taxation by municipality.&nbsp; Since there is no final court decision on the merits, the Company&#8217;s Management deemed the proceeding as contingent liability.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(c) The Federal Revenue Service rejected some offset requests made by the Company for the extinction of IRPJ/CSLL payable, using favorable amounts, arising from undue payments of IRPJ/CSLL, which were paid based on monthly estimates.&nbsp; The amount involved was adjusted through December 31, 2016 and is R$62,039 (R$57,612 as of December 31, 2015).&nbsp; Management assessed the lawsuit as a contingent liability. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(d) The Company&#8217;s request for an authorization to offset taxes was rejected, overdue in the periods of July, August and September 2002 against the amount of IRPJ paid in excess in 1997 and 1998, due to inflation adjustment over the financial statements (Law 8,200/91), which was anticipated in 1996 due to an injunction, after excluded due discontinuance of proceeding and application of Provisional Measure 38/02.&nbsp; The Administrative Council of Tax Appeals rejected the credit from 1997.&nbsp; The amount involved was adjusted through December 31, 2016 and is estimated at R$49,682 (R$47,470 as of December 31, 2015).&nbsp; Management assessed the lawsuit as a contingent liability.</FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" face=georgia></FONT>

<a name="_bclFooter168"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>168</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_169"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader169"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(e) On June 23, 2010, the Company and the municipality of S&#227;o Paulo signed an agreement to provide water supply and sewage services.&nbsp; The negotiation of this agreement led to the extinction of some judicial lawsuits,&nbsp; but others were not part of the referred agreement, and lawsuit proceeds as usual.&nbsp; The remaining judicial lawsuits deemed as contingent liabilities, classified pursuant to item 3.15, are mainly related to taxes and fines. As of December 31, 2016, the amounts of such judicial lawsuits were R$19,170 (R$17,772 as of December 31, 2015) and R$117,941 (R$87,650 as of December 31, 2015), respectively. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(f) In 2005, the Federal Revenue Service partially rejected the Company&#180;s request of offsetting tax credits related to the Corporate Income Tax (IRPJ) and the Social Contribution on Net Income (CSLL) in the amount of approximately R$56,118, and R$8,659, respectively, which relate to the period from January to April 2003, for which the Company offset prior year IRPJ and CSLL negative balances.&nbsp; The amounts not ratified by the authority of IRPJ and CSLL are R$11,164 and R$698, totaling R$11,862 million.&nbsp; As the company was granted a partial relief in this matter, it considered the updated amount of R$8,010 as of December 31, 2016 (R$7,636 as of December 31, 2016) as a contingent liability and accrued R$1,366 (R$1,302 as of December 31, 2015) pursuant to item 3.15. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(g) SABESP filed two writs of mandamus pleading the declaration of unconstitutional municipal laws that levy the collection of taxes deriving from the use of public areas in the water and&nbsp; sewage&nbsp; network&nbsp; installation for&nbsp; the rendering of basic sanitation public utilities.&nbsp; The first writ of mandamus was judged groundless at the lower court and the Court of Justice of S&#227;o Paulo, in the appeal's records, partially granted relief to recognize the impossibility of charging the monthly contribution, due to unconstitutionality, deeming as valid the need of security and other requirements to issue the Statement of Use Permit&#8211; TPU, however, this decision had no effect since the rules, subject-matter of the first writ of mandamus were revoked.&nbsp; The second writ of mandamus was granted partial relief to prohibit the enforceability of public price and the security for the use of public areas deriving from the municipal laws.&nbsp; The municipality&#8217;s appeal was rejected and is pending judgment at the higher court. Management considered it as a contingent liability, but was not able to estimate the amount involved, given the specificities of the lawsuit. &nbsp;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 64.35pt; LINE-HEIGHT: 110%; TEXT-INDENT: -0.5in"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(v)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Labor claims</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The Company is a party to labor lawsuits, involving issues such as overtime, shift schedule, health hazard premium and hazardous duty premium, prior notice, change of function, salary equalization, service outsourcing and other. Part of the amount involved is in provisional or final execution at various court levels, and thus is classified pursuant to item 3.15, and accordingly, accrued. The R$49,900 increase in lawsuits deemed as contingent liabilities is mainly due to the increase in the number of lawsuits filed, revision of expectations and updates on lawsuits in progress.</FONT></FONT></P><FONT style="LINE-HEIGHT: 115%" face=georgia></FONT>

<a name="_bclFooter169"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>169</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_170"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader170"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 64.35pt; LINE-HEIGHT: 110%; TEXT-INDENT: -0.5in"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(vi)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Environmental claims</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Environmental claims refer to several administrative proceedings and lawsuits filed by government entities, including Companhia de Tecnologia de Saneamento Ambiental &#8211; Cetesb and the Public Prosecution Office of the State of S&#227;o Paulo, that aim affirmative and negative covenants and penalty is estimated due to failure to comply in addition to the imposition of indemnity due to environmental damages allegedly caused by the Company.&nbsp; The amounts accrued represent the best estimate of the Company at this moment, however, may differ from the amount to be disbursed as indemnity to alleged damages, in view of the current stage of referred proceedings. The R$66,498 increase in accrued lawsuits, pursuant to item 3.15 (net of escrow deposits), is mainly related to two new claims, in addition to the updates on lawsuits in progress. The R$2,040,000 increase in lawsuits deemed as contingent liabilities was mainly due to the addition of a new proceeding in the amount of R$1,969,247. For disclosure purposes, this sum refers to the amount claimed by the opposing party. It has not yet been possible to estimate the amounts involved by the Company, given the initial stage of the lawsuit.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Among the main lawsuits the Company is involved, there are public civil actions the subject-matters of which are: a) sentence SABESP to restrain itself from discharging or releasing sewage without due treatment; b) invest in the water and sewage treatment system of the municipality, under the penalty of paying a fine; c) payment of indemnity due to environmental damages, amongst others. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other concession-related legal proceedings&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The Company is party in concessions-related proceedings, cases in which it can lose the right of operating water supply and sewage collection services in few municipalities, such as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(a) The municipality of Cajobi filed an action to recover possession against SABESP, which was granted relief to maintain the municipality in the possession of water and sewage assets. It is currently awaiting the decision on the internal Interlocutory Appeal filed against the decision that denied the Special Appeal. Meanwhile, SABESP has filed a motion for expedited discovery against the municipality of Cajobi aiming at the enumeration and appraisal of assets, rights and equipment inherent in reversible and non-reversible services, without prejudice to the verification of other amounts, in accordance with concession agreement 03/94, which is in the forensic accounting stage and will support the subsequent filing of an action for damages. This is considered as a contingent liability;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(b) The Company filed a repossession action against the municipality of &#193;lvares Florence, which was deemed groundless in an unappealable judgement on June 3, 2015, and the operation is not maintained.</FONT></FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>SABESP also filed an action for damages, distributed on February 3, 2016, claiming the payment of an amount corresponding to the&nbsp; sum of all assets reversed with the resumption of the services, in accordance with the terms in the agreement. After the defense and specification of evidence, the claim was partially granted on September 22, 2016 and SABESP filed an appeal. This is considered as a contingent asset;</FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" face=georgia></FONT>

<a name="_bclFooter170"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>170</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_171"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader171"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(c) The municipality of Macatuba filed an action to recover possession against SABESP, which was granted relief.&nbsp; SABESP does not operate in the municipality and the probability of it returning to operate in the municipality is remote. Meanwhile, SABESP has filed an ordinary proceeding requesting the payment by the municipality of indemnity for the portions of the investments related to non-amortized or depreciated reversible assets.&nbsp; The action is in the forensic accounting stage, and is deemed as a contingent liability.&nbsp; In this same action, the municipality of Macatuba counterclaimed because it believes that SABESP earned, through the collection of tariffs, more than the amount invested in the water and sewage system, requesting that the Company be sentenced to pay an indemnity to be calculated by forensic experts, which is deemed as a contingent liability; </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(d) The Company filed an action to maintain possession against the municipality of Iper&#243;, which was deemed groundless. In view of the formalization of a Program Agreement between SABESP and the municipality, on October 13, 2016, SABESP and the municipality filed a motion to dismiss the lawsuit and the agreement was ratified in court on December 6, 2016; </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(e) The municipality of Emba&#250;ba filed a repossession action against SABESP, which was granted relief to maintain the municipality in the possession of water and sewage assets and was issued a final and unappealable judgment on May 29, 2015.&nbsp; The indemnity action was judged groundless in first instance.&nbsp; The Company is currently awaiting the sentence on the appeal, which is deemed as a contingent liability; </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(f)&nbsp; The municipality of Ara&#231;oiaba da Serra filed a repossession action against SABESP, which was granted relief to maintain the municipality in the possession of water and sewage assets and was issued a final and unappealable judgment.&nbsp; SABESP filed an indemnity action against the municipality, which is in progress, in the forensic expert stage, which is deemed as a contingent liability;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(g) The municipality of Itapira filed a repossession action against SABESP, which was granted relief to maintain the municipality in the possession of water and sewage assets.&nbsp; SABESP filed an indemnity action against the municipality and, at the same time, requested a provisional relief, which was rejected in the lower court. SABESP filed an appeal and this decision was upheld in the other courts. While the relief was being litigated, the main lawsuit was pending. We are currently awaiting a decision from the court on the continuity of this lawsuit, which is deemed as a contingent liability; </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(h) The municipality of Tuiuti, through a declaratory judgment action, obtained the right to remain in charge of water and sewage services. x However, in a counter-claim, the municipality was sentenced to pay an indemnity, to be restated as of March 1996, as a final decision that became an execution object by SABESP.&nbsp; As of December 7, 2016, an official communication was issued requesting the payment of the award. SABESP no longer operates in the municipality.&nbsp; In the counter-claim, we consider it as a contingent liability. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The amount of the intangible assets related to the municipalities mentioned in the lawsuits mentioned above is R$28.273 as of December 31, 2016 (December 31, 2015 &#8211; R$33,502).&nbsp; If any of these municipalities is awarded a final and unappealable favorable sentence, allowing it to repossess sanitation service assets and operations, the Brazilian legislation provides for the indemnity of the Company&#8217;s investments.</FONT></FONT></P>

<a name="_bclFooter171"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>171</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_172"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader172"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: baseline; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guarantee insurance for escrow deposit</FONT></B></FONT></P>

<P style="VERTICAL-ALIGN: baseline; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>During the second quarter of 2015, the Company contracted guarantee insurance for escrow deposit totaling R$500 million. Such insurance will be used in legal claims where instead of making immediate cash disbursement by the Company, such insurance is used until the conclusion of these proceedings or up to three-year effectiveness term of the agreement.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>In 2016, the Company used R$134,377 of the total contracted amount (R$238,540 in 2015).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: -35.45pt"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employees benefits </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health benefit plan</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The health benefit plan is managed by Sabesprev and consists of optional, free choice, health plans sponsored by contributions of SABESP and the active participants, as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 110%; TEXT-INDENT: -14.2pt"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>.&nbsp;&nbsp;&nbsp;&nbsp; Company: 7.3% (December 31, 2015 &#8211; 7.4%) on average, of gross payroll;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 110%; TEXT-INDENT: -14.2pt"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>.&nbsp;&nbsp;&nbsp;&nbsp; Participating employees: 3.21% of base salary and premiums, equivalent to 2.6% of payroll, on average. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 110%; TEXT-INDENT: -14.2pt"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pension plan benefits</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>December 31,</FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>December 31,</FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Funded plan &#8211; G1 (i)</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Present value of defined benefit obligations</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,465,721</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,252,204</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Fair value of the plan assets</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(1,712,551)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(1,586,930)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Net liabilities recognized for defined benefit obligations</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>753,170</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>665,274</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Unfunded plan &#8211; G0 (iii)</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Present value of defined benefit obligations</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,512,080</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,166,942</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Net liabilities recognized for defined benefit obligations</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,512,080</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,166,942</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Liability as per statement of financial position &#8211; pension obligations (*)</FONT></B></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>3,265,250</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,832,216</FONT></B></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The increase of liabilities in 2016 is mainly due to the decrease in the discount rate to the G1 and G0 plans to 5.74% and 5.71% in 2016, versus 7.23% and 7.25% in 2015, respectively.</FONT></FONT></P>

<a name="_bclFooter172"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>172</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_173"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader173"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Pursuant to CPC33 (R1) and IAS19, the Company recognizes (gains)/losses, due to changes in assumptions under equity, as valuation adjustments to equity, as shown below:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="49%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 107%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 107%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>G1 Plan</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 107%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 107%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>G0 Plan</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 107%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 107%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>As at December 31, 2016</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%" align=right><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%" align=right><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%" align=right><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Actuarial gains/(losses) on obligations</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%" align=right><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(541,783)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%" align=right><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(241,711)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%" align=right><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(783,494)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Gains/(losses) on financial assets</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 107%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>192,458</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 107%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>-</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 107%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>192,458</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total gains/(losses)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%" align=right><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(349,325)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%" align=right><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(241,711)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%" align=right><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(591,036)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Deferred income tax and social contribution - G1 Plan</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 107%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>118,770</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 107%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>-</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 107%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>118,770</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Valuation adjustments to equity</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%" align=right><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(230,555)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%" align=right><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(241,711)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%" align=right><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(472,266)</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="49%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 107%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 107%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>G1 Plan</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 107%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 107%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>G0 Plan</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 107%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 107%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>As at December 31, 2015</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%" align=right><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%" align=right><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%" align=right><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Actuarial gains/(losses) on obligations</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%" align=right><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>228,191</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%" align=right><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(24,224)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%" align=right><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>203,967</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Gains/(losses) on financial assets</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 107%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(136,389)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 107%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>-</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 107%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(136,389)</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total gains/(losses)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%" align=right><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>91,802</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%" align=right><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(24,224)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%" align=right><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>67,578</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Deferred income tax and social contribution - G1 Plan</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 107%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(31,212)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 107%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>-</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 107%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(31,212)</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="49%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Valuation adjustments to equity</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%" align=right><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>60,590</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%" align=right><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(24,224)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%" align=right><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>36,366</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt; LINE-HEIGHT: 110%; TEXT-INDENT: -35.45pt"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; G1 Plan</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The Company sponsors a defined benefit pension plan for its employees ("G1 Plan"), which is managed by Sabesprev, receives similar contributions established in a plan of subsidy of actuarial study of Sabesprev, as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 3pt 35.7pt; LINE-HEIGHT: 110%; TEXT-INDENT: -17.85pt"><FONT style="LINE-HEIGHT: 110%" face=symbol><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; </FONT></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>1.21% of the portion of the salary of participation up to 20 salaries; and</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 3pt 35.7pt; LINE-HEIGHT: 110%; TEXT-INDENT: -17.85pt"><FONT style="LINE-HEIGHT: 110%" face=symbol><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; </FONT></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>10.24% of the surplus, if any, of the portion of the salary of participation over 20 salaries.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>As of December 31, 2016, SABESP had a net actuarial liability of R$753,170 (R$665,274 as of December 31, 2015) representing the difference between the present value of the Company's defined benefit obligations to the participating employees, retired employees, and pensioners; the fair value of the plan&#8217;s assets.</FONT></FONT></P><FONT style="LINE-HEIGHT: 107%" face=georgia></FONT>

<a name="_bclFooter173"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>173</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_174"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader174"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Defined benefit obligation, beginning of the year</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,252,204</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,249,794</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Current service cost</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>35,845</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>46,355</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Interest cost</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>285,227</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>286,735</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Actuarial (gains)/losses recorded as other comprehensive income</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>541,783</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(228,191)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Effect of the plan migration &#8211; early reduction/curtailment</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(525,992)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>-</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Benefits paid</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(123,346)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(102,489)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 10.4pt">

   <TD style="HEIGHT: 10.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Defined benefit obligation, end of the year</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,465,721</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,252,204</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Below, the change of fair value of the plan during the year:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Fair value of the plan&#8217;s assets, beginning of the year</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,586,930</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,573,723</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Expected return on the plan assets</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>201,779</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>205,981</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Expected Company&#8217;s contributions</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>23,046</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>23,052</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Expected participants&#8217; contributions</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>23,525</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>23,052</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Benefits paid</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(123,347)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(102,489)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Actuarial gains/(losses) recorded as other comprehensive income</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>192,458</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(136,389)</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Effect of the plan migration &#8211; early reduction/curtailment</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(191,840)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>-</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Fair value of the plan&#8217;s assets, end of the year</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,712,551</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,586,930</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(Deficit)/Surplus</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(753,170)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(665,274)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="68%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<a name="_bclFooter174"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>174</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_175"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader175"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The amounts recognized in the income statement are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="79%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2016</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="79%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Current service cost</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>13,562</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="79%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Interest cost rate</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>285,227</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="79%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Expected return on the plan assets</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(201,778)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="79%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 12pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total expenses</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 12pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>97,011</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>In 2016, the expenses related to defined pension plan amounting to R$60,263, R$7,982 and R$24,557, were recorded in operating costs, selling and administrative expenses.&nbsp; The amount of R$4,209 was capitalized in assets. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Early reduction (Curtailment)</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>In order to remedy the deficit referring to the G1 Defined Benefit Pension Plan (BD), as of August 2016, SABESP and Sabesprev continued with the migration process whereby 3,572 participants chose to change from a defined benefit plan to a Defined Contribution Pension Plan - &#8220;Sabesprev Mais&#8221;.&nbsp; The process was carried out based on the exact terms of the migration started in 2010, i.e. it resumed migrations without changing any clause and in compliance with the rules in the regulation. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The Company recorded a gain due to the migration process (&#8220;curtailment&#8221;), with the partial settlement of the present value of the defined benefit liabilities and the fair value of the plan&#8217;s assets, in the amount of R$334,152, and paid R$30,891 corresponding to non-recurring contribution and incentive to the participants who migrated in August 2016. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="77%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Estimated expenses </FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2017</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="77%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Current service cost</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>17,582</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="77%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Interest cost rates</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>260,409</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="77%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Participants contribution</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(52,675)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="77%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Net profitability on financial assets</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(183,689)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="77%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Expense to be recognized by the employer</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>41,627</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<a name="_bclFooter175"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>175</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_176"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader176"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Actuarial assumptions:</FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Discount rate &#8211; actual rate (NTN-B) </FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>5.74% p.a.</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>7.23% p.a.</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Inflation rate</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>4.87% p.a.</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>6.49% p.a.</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Expected rate of return on assets</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>10.89% p.a.</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>14.19% p.a.</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Future salary increase</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>6.97% p.a.</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>8.62% p.a.</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Mortality table</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>AT-2000</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>AT-2000</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The number of active participants as of December 31, 2016 was 4,547 (8,130 as of December 31, 2015), and of inactive participants was 6,896 (6,956 as of December 31, 2015).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The benefit to be paid of G1 pension plan, expected for 2017 is R$152,638.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The contributions of the Company and participants of Plan G1 in 2015 were R$24,288 (R$23,651 in 2015) and R$21,895 (R$24,216 in 2015), respectively. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>As of December 2016, the Company pays the actuarial deficit for the G1 pension plan with an initial contribution of R$2,963.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: -21.3pt"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Sensitivity analysis of the defined benefit pension plan as of December 31, 2016 regarding the changes in the main assumptions are</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>:</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>&nbsp;</FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Funded plan &#8211; G1</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Change in assumption</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Impact on present value of the defined benefit obligations </FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Discount rate</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Increase of 1.0% </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Decrease of R$248,941</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Decrease of 1.0% </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Increase of R$290,801</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Wage increase rate</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Increase of 1.0% </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Increase of R$40,775</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Decrease of 1.0% </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Decrease of R$35,314</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Life expectation</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Increase of 1 year </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Increase of R$31,478</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Decrease of 1 year </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Decrease of R$42,306</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 110%" face=georgia></FONT>

<a name="_bclFooter176"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>176</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_177"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader177"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Plan&#8217;s assets</FONT></B></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The plan investment policies and strategies are aim at getting consistent returns and reduce the risks associated to the utilization of financial assets available on the Capital Markets through diversification, considering factors, such as the liquidity needs and the long-term nature of the plan liability, types and availability of financial instruments in the local and international markets, general economic conditions and forecasts as well as requirements under the law.&nbsp; The plan's asset allocation management strategies are determined with the support of reports and analysis prepared by Sabesprev and independent financial advisors:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>December 31, 2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>December 31, 2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Fixed income</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>- NTNBs</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>997,027</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>834,535</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>- NTNCs</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>141,405</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>141,104</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>- NTNFs</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>5,803</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>6,201</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>- LTNs</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>23,537</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Government bonds in own portfolio</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(a)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,144,235</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,005,377</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 12pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Fixed income fund quotas </FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 12pt 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(b)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 12pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>95,854</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 12pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>99,664</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Private credit investment fund quotas </FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(c)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>139,665</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>129,317</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Debentures</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>3,940</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>4,330</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total fixed income</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,383,694</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,238,688</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Equities</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Stocks investment fund quotas</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(d)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>180,721</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>174,794</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Shares</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>15,467</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,121</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total equities</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>196,188</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>176,915</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Structured investments</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Equity investment fund quotas</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(e)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>76,680</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>89,165</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Real estate investment fund quotas</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(f)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>18,428</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>25,885</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Multimarket investment fund quotas</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(g)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>31,195</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>4,313</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total structured investments</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>126,303</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>119,363</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Other</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(h)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>6,366 </FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>51,964 </FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Fair value of the plan assets</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 1pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,712,551 </FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>1,586,930 </FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<a name="_bclFooter177"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>177</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_178"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader178"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(a) Fixed income: it is composed of government bonds issued by&nbsp; the&nbsp; National&nbsp; Treasury, between&nbsp; 2024 and 2055.&nbsp; These instruments are indexed by NTN-b indexed by IPCA (Extended Consumer&nbsp; Price&nbsp; Index),&nbsp; NTN-c indexed by IGPM (General Market Price Index) and NTN-f which has a fixed index.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(b) Fixed Income Fund Quotas: investment funds that seek return on fixed income assets and shall have&nbsp;&nbsp; at least, 80% of the portfolio in directly related assets, summed up via derivatives to the risk&nbsp; factor.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(c) Private Credit Investment Fund Quotas: funds that seek return by means of the acquisition of operations representing corporate debts or disseminated receivables portfolios (rights or&nbsp;&nbsp; bonds), originated and sold by several assignors who anticipate funds and have receivables from several business activities as guarantee.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equities: equity fund composed of Brazilian companies&#8217; stocks listed at&nbsp; BM&amp;FBovespa.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(e) Equity Investment Fund Quotas: it is composed of a closed-ended investment fund.&nbsp; The assets under its management are destined to the acquisition of stocks, debentures, warrants or other securities convertible&nbsp; or swappable into shares issued by publicly- or closely-held companies.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(f)&nbsp; Real Estate Investment Fund Quotas: Funds investing in real estate projects (commercial buildings, shopping centers, hospitals, etc.).&nbsp; The return on capital invested occurs by sharing the Fund&#8217;s&nbsp; proceeds or sale of its quotas in the Fund.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(g) Multimarket&nbsp; Investment&nbsp; Fund&nbsp; Quotas:&nbsp; they&nbsp; can&nbsp; be&nbsp; classified&nbsp; as&nbsp; Multimercados&nbsp; Referenciados DI or Multimercado Long &amp; Short, they seek a basic return of CDI or share arbitration, respectively.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(h) Other: Foreign investment (investment fund quotas in global companies&#8217; stocks, mostly US companies), borrowings, real estate, operational liabilities, contingent liabilities, etc.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: 28.35pt"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Restrictions with respect to asset portfolio investments, in the case of federal government securities:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 2.4pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>i) papers securitized by the National Treasury will not be permitted;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 2.4pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>ii) derivative instruments must be used for hedge.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 2.4pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 2.4pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Restrictions with respect to asset portfolio investments, in the case of variable-income securities for internal management, are as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 2.4pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 2.4pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>i) day-trade operations will not be permitted;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 2.4pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>ii) sale of uncovered share is prohibited;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 2.4pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>iii) swap operations without guarantee are&nbsp; prohibited</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 1pt 0in 2.4pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>iv) leverage will not be permitted, i.e., operations with derivatives representing leverage of&nbsp; asset or selling&nbsp; short, such operations cannot result in losses higher than&nbsp;&nbsp; invested amounts.</FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter178"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>178</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_179"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader179"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>At the end of 2016, Sabesprev had in its investment portfolio debentures issued by the Company in the amount of R$3,937 (R$4,330 as of December 31, 2015).&nbsp; The real estate held in the portfolio is not used by the Company.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Brazilian capital market was positively affected in 2016 by the expectation of structural macroeconomic adjustments. The assets&#8217; consolidated profitability came to 15.99% in 2016, exceeding its actuarial target, which stood at 12.44% in the same period. In 2015, profitability came to 12.82%.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Concerning Fixed Income, the strategies focused on government bonds prevailed, which had a appreciation given the above-mentioned expectation of approval of structural reforms.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Concerning Equities, following the same dynamics, shares of Brazilian companies traded on the BM&amp;FBovespa appreciated, anticipating expected profit growth arising from a possible economic recovery. In 2016, the return of main Brazilian stock index, the Ibovespa, recorded 38.94%, against -13.31% in 2015. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Structured Investments depreciated slightly due to investments in Private Equity Funds, which require initial investments before generating the expected returns from the sale of the investees after development and appreciation.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Investments Abroad fell 15.6% in 2016, due to the depreciation of the U.S. Dollar against the real. The same portfolio valued by 50.4% in 2015.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 63.8pt; LINE-HEIGHT: 110%; TEXT-INDENT: -35.45pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private pension plan benefits &#8211; Defined contribution</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>As of December 31, 2016, Sabesprev Mais plan, based on defined contribution, had 9,453 active and assisted participants (5,213 as of December 31, 2015).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>With respect to the Sabesprev Mais plan, the contributions from the sponsor represent 100% over the total basic contribution from the participants.&nbsp; In 2016, expenses related to the obligation of defined contribution, totaling R$5,954, R$814 and R$2,601, were allocated to operating costs, selling expenses and administrative expenses.&nbsp; The amount of R$1,381 was capitalized in assets. In August 2016, the Company concluded the migration process initiated in 2010 and paid R$30,891, corresponding to a non-recurring contribution and incentive to participants who migrated, and R$7,214, corresponding to the previous balance, related to the migration that began in 2010.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The Company has made contributions in the amount of R$10,750 in 2016 (R$9,472 as of December 31, 2015).</FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter179"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>179</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_180"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader180"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(iii)&nbsp;&nbsp;&nbsp; Plan G0</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Pursuant to Law 4,819/58, employees who started providing services prior to May 1974 and were retired as an employee of the Company acquired a legal right to receive supplemental pension payments, which rights are referred as "Plan G0". The Company pays these supplemental benefits on behalf of the State Government and makes claims for reimbursements from the State Government, which are recorded as accounts receivable from related parties, limited to the amounts considered virtually certain that will be reimbursed by the State Government. As of December 31, 2016, the Company recorded a defined benefit obligation for Plan G0 of R$2,512,080 (R$2,166,942 as of December 31, 2015).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 18.55pt">

   <TD style="HEIGHT: 18.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 18.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 18.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 18.55pt">

   <TD style="HEIGHT: 18.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Defined benefit obligation, beginning of the year</FONT></P></TD>

   <TD style="HEIGHT: 18.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,166,942</FONT></P></TD>

   <TD style="HEIGHT: 18.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,053,527</FONT></P></TD></TR>

<TR style="HEIGHT: 18.55pt">

   <TD style="HEIGHT: 18.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Current interest expense and service costs</FONT></P></TD>

   <TD style="HEIGHT: 18.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>282,117</FONT></P></TD>

   <TD style="HEIGHT: 18.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>248,054</FONT></P></TD></TR>

<TR style="HEIGHT: 18.55pt">

   <TD style="HEIGHT: 18.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Actuarial (gains)/losses recorded as other comprehensive income</FONT></P></TD>

   <TD style="HEIGHT: 18.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>241,711</FONT></P></TD>

   <TD style="HEIGHT: 18.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>24,224</FONT></P></TD></TR>

<TR style="HEIGHT: 18.55pt">

   <TD style="HEIGHT: 18.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 7.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Benefits paid</FONT></P></TD>

   <TD style="HEIGHT: 18.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(178,690)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 18.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(158,863)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 18.55pt">

   <TD style="HEIGHT: 18.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Defined benefit obligation, end of the year</FONT></P></TD>

   <TD style="HEIGHT: 18.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,512,080</FONT></P></DIV></TD>

   <TD style="HEIGHT: 18.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2,166,942</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The amounts recognized in the income statement are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="79%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2016</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 6.5pt">

   <TD style="HEIGHT: 6.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="79%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="79%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Current interest expense and service costs</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>282,117</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="79%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amount received from GESP (undisputed amount)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(96,709)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="79%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total expenses</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>185,408</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>In 2016, the expense related to the defined benefit obligation under Plan G0 was recorded in administrative expenses.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="77%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Estimated expenses</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2017</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 11.45pt">

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="77%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="77%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Interest cost rate</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>262,873</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="77%">

   <P style="MARGIN: 3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Expense to be recognized</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="23%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>262,873</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 110%" face=georgia></FONT>

<a name="_bclFooter180"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>180</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_181"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader181"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The main actuarial assumptions used:</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 10.9pt">

   <TD style="HEIGHT: 10.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Discount rate &#8211; actual rate (NTN-B) </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>5.71% p.a.</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>7.25% p.a.</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Inflation rate</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>4.87% p.a.</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>6.49% p.a.</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Future salary increase</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>6.97% p.a.</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>8.62% p.a.</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Mortality table</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>AT-2000</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>AT-2000</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The number of active participants of Plan - Go as of December 31, 2016 was 13 (15 as of December 31, 2015). The number of beneficiaries, retirees and survivors as of December 31, 2016 was 2,200 (2,186 as of December 31, 2015). </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The benefit payable from the Go pension plan expected for 2016 is R$186,997.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The sensitivity analysis of defined benefit pension plan as of December 31, 2016 to the changes in the main assumptions is:</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Plan &#8211; G0</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Changes in assumption</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Impact on present value of the defined benefit obligations</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Discount rate</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Increase of 1.0% </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Decrease of R$223,664</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Decrease of 1.0% </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Increase of R$263,501</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Wages growth rate</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Increase of 1.0% </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Increase of R$271,054</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Decrease of 1.0% </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Decrease of R$233,253</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Life expectation</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Increase of 1 year </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Increase of R$67,572</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Decrease of 1 year</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Decrease of R$68,100</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit sharing </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company has a profit sharing program in accordance with an agreement with labor union and SABESP. The period covered represents the Company fiscal year, commence in January to December. The limit of the profit sharing is one month salary for each employee, depending on performance goals reached.&nbsp; As of December 31, 2016, the Program&#8217;s balance payable was recorded under &#8220;salaries, payroll charges and social contributions&#8221; in the amount of R$83,687 (R$76,634 as at December 31, 2015</FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>).</FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter181"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>181</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_182"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader182"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.55pt; LINE-HEIGHT: 105%; TEXT-INDENT: -0.5in"><FONT style="LINE-HEIGHT: 105%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>21&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Services payable</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The services account records the balances payable, mainly from services received from third parties, such as supply of electric power, reading of hydrometers and delivery of water and sewage bills, cleaning, surveillance and security services, collection, legal counsel services, audit, marketing and advertising and consulting services, among others.&nbsp; This account also records the amounts payable from the percentage in the revenues of S&#227;o Paulo local government (Note 14 (d) (v)).&nbsp; The balances as of December 31, 2016 and 2015 were R$460,054 and R$387,279, respectively</FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.55pt; LINE-HEIGHT: 105%; TEXT-INDENT: -0.5in"><FONT style="LINE-HEIGHT: 105%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>22&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in; LINE-HEIGHT: 110%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Authorized capital </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company is authorized to increase capital by up to R$15,000,000 (R$15,000,000 as of December 31, 2015), based on a Board of Directors' resolution, after submission to the Fiscal Council.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>In the event of capital increase, issue of convertible debentures and/or warrants by means of private subscription, shareholders will have preemptive right in the proportion of number of shares held, pursuant to Article 171 of Law 6,404/76</FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in; LINE-HEIGHT: 110%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(b)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Subscribed and paid-in capital</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Subscribed and paid-in capital is represented by 683,509,869 registered, book-entry common shares without par value as of December 31, 2016 and 2015, held as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="44%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 8.5pt 2.4pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="28%" colSpan=2 noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="28%" colSpan=2 noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>December 31, 2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="44%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 8.5pt 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="17%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Number of shares</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>%&nbsp;</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="17%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Number of shares</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>%&nbsp;</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="44%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 8.5pt 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>State Department of Finance</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>343,524,285</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>50,26%</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>343,524,285</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>50.26%</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="44%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 8.5pt 2.4pt 0in"><FONT style="FONT-SIZE: 9pt" color=black face=georgia>Companhia Brasileira de Liquida&#231;&#227;o e Cust&#243;dia</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>206,955,305</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>30,28%</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>199,719,739</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>29.22%</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="44%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 8.5pt 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>The Bank of New York ADR Department (equivalent in shares) (*)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>132,401,813</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>19,37%</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>139,637,913</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>20.43%</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="44%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 8.5pt 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Other</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="17%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>628,466</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>0,09%</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="17%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>627,932</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>0.09%</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="44%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 8.5pt 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="44%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 8.5pt 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="17%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>683,509,869</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>100,00%</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="17%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>683,509,869</FONT></P></DIV></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="11%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>100.00%</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 107%; TEXT-INDENT: -14.2pt"><FONT style="LINE-HEIGHT: 107%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(*)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; each ADR corresponds to 1 share. </FONT></FONT></P><FONT style="LINE-HEIGHT: 107%" color=black face=georgia></FONT>

<a name="_bclFooter182"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>182</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_183"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader183"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 107%; TEXT-INDENT: -14.2pt"><FONT style="LINE-HEIGHT: 107%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in; LINE-HEIGHT: 107%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 107%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(c)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 107%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Distribution of earnings</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Shareholders are entitled to a minimum mandatory dividend of 25% of the adjusted net income under Brazilian GAAP, calculated according to the Brazilian corporate law.&nbsp; The dividends do not bear interest and the amounts not claimed within three years from the date of the Shareholders' Meeting that approved them mature in favor of the Company.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%"><FONT style="LINE-HEIGHT: 107%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="84%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="84%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Profit for the year</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,947,098</FONT></P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="84%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(-) Legal reserve - 5%</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(147,355)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="84%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="84%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,799,743</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="84%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.15pt">

   <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="84%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Minimum mandatory dividend &#8211; 25% (R$1.0240 per share)</FONT></P></TD>

   <TD style="HEIGHT: 14.15pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>699,936</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%"><FONT style="LINE-HEIGHT: 105%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%"><FONT style="LINE-HEIGHT: 105%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%"><FONT style="LINE-HEIGHT: 105%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>On April 29, 2016, the Shareholders&#8217; General Meeting approved the distribution of dividends as interest on capital amounting to R$149,893, for the 2015 fiscal year.&nbsp; Therefore, the amount of R$22,527 related to the surplus minimum mandatory dividends of 25%, set forth in the Bylaws, recorded in the 2014 equity under &#8220;Additional proposed dividends&#8221; was transferred to current liabilities.&nbsp; These amounts started being paid in June 2016. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%"><FONT style="LINE-HEIGHT: 105%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%"><FONT style="LINE-HEIGHT: 105%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The Company proposed dividends as interest on capital in the amount of R$699,936 and additional proposed dividends in the amount of R$123,557, totaling R$823,493, corresponding to R$1.2048 per common share, to be resolved on the Shareholders&#8217; Meeting to be held on April 29, 2017.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%"><FONT style="LINE-HEIGHT: 105%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%"><FONT style="LINE-HEIGHT: 105%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The Company declared dividends payable as interest on capital in the amount of R$699,936, which considers the minimum dividend amount set forth in the Bylaws.&nbsp; The amount exceeding the minimum mandatory dividend due in the year of R$123,557 was reclassified into equity to the &#8220;Additional proposed dividends&#8221; account, this amount includes the withholding income tax of R$60,838. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%"><FONT style="LINE-HEIGHT: 105%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%"><FONT style="LINE-HEIGHT: 105%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Pursuant to CVM Resolution n&#186; 207/1996, the Company imputed interest on capital to the minimum dividend by its net value of withholding income tax.&nbsp; The amount of R$60,838 referring to the withholding income tax was recognized in current liabilities, in order to comply with tax liabilities related to the credit of interest on capital.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%"><FONT style="LINE-HEIGHT: 105%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%"><FONT style="LINE-HEIGHT: 105%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The interest on capital balance payable as of December 31, 2016, totaling R$700,034, refers to the amount of R$699,936 declared in 2016, net of withholding income tax and R$98 declared in previous years.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%"><FONT style="LINE-HEIGHT: 105%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 105%" color=black face=georgia></FONT>

<a name="_bclFooter183"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>183</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_184"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader184"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%"><FONT style="LINE-HEIGHT: 105%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in; LINE-HEIGHT: 110%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(d)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Legal reserve</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%"><FONT style="LINE-HEIGHT: 105%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%"><FONT style="LINE-HEIGHT: 105%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Earnings reserve - legal reserve is a requirement for all Brazilian corporations and represents accrual of 5% of annual net income determined based on Brazilian law, up to 20% of capital.&nbsp; However, we are not required to make any allocations to our legal reserve in a year in which the legal reserve, when added to our other established capital and earnings reserves, exceeds 30% of our capital stock.&nbsp; The amounts allocated to such reserve may only be used to increase our capital stock or to offset losses and are not available for the payment of dividends</FONT></FONT><FONT style="LINE-HEIGHT: 105%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%"><FONT style="LINE-HEIGHT: 105%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in; LINE-HEIGHT: 110%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(e)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Investments reserve</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%"><FONT style="LINE-HEIGHT: 105%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Earnings reserve - investments reserve is specifically formed by the portion corresponding to own funds assigned to the expansion of the water supply and sewage treatment systems, based on capital budget approved by the Management.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%"><FONT style="LINE-HEIGHT: 105%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%"><FONT style="LINE-HEIGHT: 105%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>As of December 31, 2016 and 2015, the balance of investment reserve totaled R$5,249,830 and R$3,273,580, respectively.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%"><FONT style="LINE-HEIGHT: 105%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Pursuant to Paragraph four of Article 28 of the by-laws, the Board of Directors may propose to the Shareholders&#8217; Meeting that the remaining balance of profit for the year, after deducting the legal reserve and minimum mandatory dividends, be allocated to an investment reserve that will comply with the following criteria: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt 48.2pt; LINE-HEIGHT: 110%; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>I-&nbsp;&nbsp; its balance, jointly with the balance of the other earnings reserves, except for reserves for contingencies and realizable profits, may not exceed the&nbsp;&nbsp; capital stock;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt 48.2pt; LINE-HEIGHT: 110%; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>II- the reserve is intended to guarantee the investment plan and its balance may be used:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 3pt 56.7pt; LINE-HEIGHT: 110%; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>a) to absorb losses, whenever necessary; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 3pt 56.7pt; LINE-HEIGHT: 110%; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>b)&nbsp; to distribute dividends, at any moment; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 3pt 56.7pt; LINE-HEIGHT: 110%; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>c)&nbsp;&nbsp; in share redemption, reimbursement or purchase transactions authorized by&nbsp;&nbsp;&nbsp; law; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0in 3pt 56.7pt; LINE-HEIGHT: 110%; TEXT-INDENT: 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>d)&nbsp; in incorporation to the capital stock.</FONT></P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter184"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>184</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_185"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader185"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(f) Allocation of profit for the year</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="82%" colSpan=2>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%" align=left><FONT style="LINE-HEIGHT: 105%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%; TEXT-INDENT: 1.7pt" align=right><FONT style="LINE-HEIGHT: 105%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2016</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="82%" colSpan=2>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%" align=left><FONT style="LINE-HEIGHT: 105%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Profit</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%" align=right><FONT style="LINE-HEIGHT: 105%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%" align=left><FONT style="LINE-HEIGHT: 105%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(+)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="74%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%" align=left><FONT style="LINE-HEIGHT: 105%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Profit for the year</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%" align=right><FONT style="LINE-HEIGHT: 105%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,947,098</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%" align=left><FONT style="LINE-HEIGHT: 105%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(-)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="74%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%" align=left><FONT style="LINE-HEIGHT: 105%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Legal reserve &#8211; 5%</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%" align=right><FONT style="LINE-HEIGHT: 105%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>147,355</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%" align=left><FONT style="LINE-HEIGHT: 105%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(-)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="74%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%" align=left><FONT style="LINE-HEIGHT: 105%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Minimum mandatory dividends</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%" align=right><FONT style="LINE-HEIGHT: 105%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>699,936</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%" align=left><FONT style="LINE-HEIGHT: 105%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(-)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="74%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%" align=left><FONT style="LINE-HEIGHT: 105%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Additional proposed dividends</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%" align=right><FONT style="LINE-HEIGHT: 105%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>123,557</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="82%" colSpan=2>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%" align=left><FONT style="LINE-HEIGHT: 105%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Investment reserve recorded in 2016</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-BOTTOM: windowtext 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%" align=right><FONT style="LINE-HEIGHT: 105%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1.976.250</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Management will send for approval at the Shareholders&#8217; Meeting, a proposal to transfer the retained earnings balance, in the amount of R$1,976,250 to the Investment Reserve account, in order to meet the investment needs foreseen in the Capital Budget. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained earnings</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Retained earnings (accumulated losses): the statutory balance of this account is zero as all retained earnings must be distributed or allocated to an earnings reserve</FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>.</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(h) &nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive loss</FONT></B></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Gains and losses arising from changes in the actuarial assumptions are accounted for as equity valuation adjustments, net of income tax and social contribution effects.&nbsp; See Note 20 (b), the breakdown of amounts recorded in 2016 and 201</FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>5.</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>G1</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>G0</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Balance as of December 31, 2015</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>65,470</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(418,852)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(353,382)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Actuarial gains/(losses) for the year (Note 20 (b))</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(230,555)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(241,711)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(472,266)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="50%" noWrap>

   <P style="MARGIN: 0in 0in 1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Balance as of December 31, 2016</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(165,085)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(660,563)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>(825,648)</FONT></P></TD></TR></TABLE></DIV>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter185"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>185</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_186"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader186"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.55pt; LINE-HEIGHT: 105%; TEXT-INDENT: -0.5in"><FONT style="LINE-HEIGHT: 105%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>23&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Earnings per share</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Basic and diluted</FONT></B></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%"><FONT style="LINE-HEIGHT: 105%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Basic earnings per share is calculated by dividing the equity attributable to Company&#8217;s owners by the weighted average number of outstanding common shares during the year.&nbsp; The Company does not have potentially dilutive common shares outstanding or debts convertible into common shares.&nbsp; Accordingly, basic and diluted earnings per share are equal.</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%"><FONT style="LINE-HEIGHT: 105%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="62%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="62%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="62%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Equity attributable to Company&#8217;s owners</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,947,098</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>536,279</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="62%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Weighted average number of common shares issued</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>683,509,869</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>683,509,869</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="62%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="62%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Basic and diluted earnings per share (reais per share)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>4.31</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>0.78</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%"><FONT style="LINE-HEIGHT: 105%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 105%; TEXT-INDENT: -35.45pt"><FONT style="LINE-HEIGHT: 105%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>24&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Business segment information&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>In 2016, the Company started to provide water connections only to customers (residential, commercial and industrial) who also requested a connection to the sewage system. Prior to that, the Company offered water connections even if the customer did not request a sewage connection.</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="BACKGROUND: aqua; LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The objective of this measure, which has been applied to all municipalities operated by SABESP, is to reduce the pollution caused by the disposal of sewage in streams, rivers, beaches and phreatic zones, and to expand the benefits to the environment and the health of the population.</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="BACKGROUND: aqua; LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The decision to offer water connections only to customers who also connect to the sewage system was taken by the main operating decision maker, which in the case of SABESP is the Board of Executive Officers, since it believes that the Company must provide sanitation services rather than individual water and sewage services only.</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="BACKGROUND: aqua; LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>This structural change in the business has also changed the focus on decision making. In this way, the analysis of the activities was carried out on a consolidated basis, i.e., the Company has only one operating segment &#8211; sanitation &#8211; rather than the previously presented segments, water and sewage, as shown below:</FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter186"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>186</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_187"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader187"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Result</FONT></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="62%" colSpan=3 noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2016</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></I></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Sanitation</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Reconciliation to the financial statements</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Balance as per financial statements</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Gross operating income </FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>11,122,232</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>3,732,877</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>14,855,109</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Gross sales deductions</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(756,901)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(756,901)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Net operating income </FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>10,365,331</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>3,732,877</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>14,098,208</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Costs, selling and administrative expenses</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(7,026,699)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(3,651,364)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(10,678,063)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Income from operations before other operating expenses, net and equity accounting </FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>3,338,632</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>81,513</FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>3,420,145</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Other operating income / (expenses), net</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>4,722</FONT></P></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Equity accounting</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>4,740</FONT></P></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Financial result, net</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>699,447</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Income from operations before taxes</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>4,129,054</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Depreciation and amortization</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,146,626</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,146,626</FONT></P></TD></TR></TABLE></DIV>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter187"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>187</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_188"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader188"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><I><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></I></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="62%" colSpan=3 noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2015</FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(Restated)</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><I><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></I></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Sanitation</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Reconciliation to the financial statements</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Balance as per financial statements</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Gross operating income </FONT></FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>8,946,825</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>3,336,716</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>12,283,541</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Gross sales deductions</FONT></FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(571,972)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(571,972)</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Net operating income </FONT></FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>8,374,853</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>3,336,716</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>11,711,569</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Costs, selling and administrative expenses</FONT></FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(5,550,122)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(3,263,808)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(8,813,930)</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Income from operations before other operating expenses, net and equity accounting </FONT></FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2,824,731</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>72,908</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2,897,639</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Other operating income / (expenses), net</FONT></FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>143,755</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Equity accounting</FONT></FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>2,597</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Financial result, net</FONT></FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>(2,456,462)</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Income from operations before taxes</FONT></FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>587,529</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 28.35pt">

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>Depreciation and amortization</FONT></FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="22%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,074,032</FONT></FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 28.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=georgia>1,074,032</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter188"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>188</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_189"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader189"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Explanation on the reconciliation items for the Financial Statements.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The impacts on gross operating income and costs are as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="54%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2016</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2015</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="54%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="54%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Gross revenue from construction recognized under ICPC 1 (R1) (a)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>3,732,877</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>3,336,716</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="54%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Construction costs recognized under ICPC 1 (R1) (a)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(3,651,364)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(3,263,808)</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="54%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="54%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Construction margin</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>81,513</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="23%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>72,908</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; LINE-HEIGHT: 110%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt" color=black face=georgia>(a)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Revenue from concession construction contracts is recognized in accordance with CPC 17 (R1), Construction Contracts (IAS 11), using the percentage-of-completion method. See Notes 14 (c) and (f</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt" color=black face=georgia>).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: -35.45pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>25&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="BACKGROUND: lime; LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt" color=black face=georgia>The Company has insurance that covers fire and other damage to its assets and office buildings, and liabilities to third parties, among others. It also has civil liability insurance for the members of the Board of Directors and Board of Executive Officers (&#8220;D&amp;O insurance&#8221;) and guarantee insurance for escrow deposit (as described in Note 19 (e)) and traditional guarantee insurance. The Company contracts insurance through biddings processes with the participation of the main Brazilian and international insurance companies that operate in Brazil. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="BACKGROUND: lime; LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt" color=black face=georgia>As of December 31, 2016, the Company&#8217;s insurance coverage is as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="BACKGROUND: lime; LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt; LINE-HEIGHT: 110%"><FONT style="BACKGROUND: lime; LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Amount insured</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt; LINE-HEIGHT: 110%"><FONT style="BACKGROUND: lime; LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Specified risks &#8211; fire</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,007,040</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Engineering risk</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,814,000</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Guarantee insurance for escrow deposit</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>500,000</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Traditional guarantee insurance</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>100,000</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Civil liability&#8211; D&amp;O (Directors and Officers)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>100,000</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Civil liability &#8211; works</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>71,590</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Domestic and international transportation</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>55,040</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Civil liability &#8211; operations</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 1pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>3,000</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Other</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>29</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>4,650,699</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<a name="_bclFooter189"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>189</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_190"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader190"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: -35.45pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>26&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating revenue</FONT></B></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(a)&nbsp;&nbsp; Revenue from water and sewage services:</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2016</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2015</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Metropolitan region of S&#227;o Paulo</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>7,749,694</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>6,021,949</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Regional Systems (i) </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>3,372,538</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,924,876</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total (ii)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>11,122,232</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>8,946,825</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 110%; TEXT-INDENT: -14.2pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(i)&nbsp; Including the municipalities operated in countryside and at the coast of the State of S&#227;o Paulo.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 110%; TEXT-INDENT: -14.2pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 110%; TEXT-INDENT: -14.2pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The gross operating revenue from water and sewage, totaling R$11,122,232, not including construction revenue, increased by R$2,175,407, or 24.3%, when compared to the R$8,946,825 recorded in 2015</FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The main factors responsible for the increase were the 15.2% tariff adjustment (7.8% ordinary tariff adjustment and 6.9% extraordinary tariff revision) since June 2015, the 8.4% tariff adjustment since May 2016 and an increase of 4.4% in the Company&#8217;s total billed volume in 2016 compared to 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Revenue was also impacted by the Water Consumption Reduction Incentive Program (Bonus), decreasing from R$926,057 in 2015 to R$187,405 in 2016, and by the application of the Contingency Tariff, from R$499,730 in 2015 to R$224,724 in 2016. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>SABESP&#8217;s Water Consumption Reduction Incentive Program (Bonus) and Contingency Tariff (Tax)</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>ARSESP Resolution 469/2014 approved SABESP&#8217;s Water Consumption Reduction Incentive Program (&#8220;Bonus&#8221;), designed to offer an economic incentive to encourage the Greater S&#227;o Paulo population to reduce water consumption. The measure was adopted given the record high temperatures and the lack of rain that caused the water crisis in 2014 and 2015. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>On January 7, 2015, ARSESP published the Resolution n&#186; 545, through which it authorizes the contingency tariff to the users whose monthly consumption exceeds the average seen in the period between February 2013 and January 2014.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>As of March 30, 2016, ARSESP published Resolutions 640 and 641, which respectively cancelled the application of the Contingency Tariff (Tax) and SABESP&#8217;s Water Consumption Reduction Incentive Program (&#8220;Bonus&#8221;) as of May 1, 2016</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt" color=black face=georgia>.</FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter190"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>190</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_191"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader191"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>(b)&nbsp;&nbsp;&nbsp; Reconciliation between gross operating income and net operating income:</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2pt 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2pt 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Revenue from water and sewage services</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>11,122,232</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>8,946,825</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2pt 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Construction revenue (Note 14 (c))</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>3,732,877</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>3,336,716</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2pt 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Sales tax</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(756,901)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(571,972)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="50%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2pt 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Net revenue</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>14,098,208</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="25%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>11,711,569</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>27&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating costs and expenses </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Operating costs</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Salaries, payroll charges and benefits</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,718,199</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,503,383</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Pension obligations </FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(131,469)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>75,247</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Construction costs (Note 14 (c))</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>3,651,364</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>3,263,808</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>General supplies</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>173,224</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>172,561</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Treatment supplies</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>279,150</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>269,294</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Outside services</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>845,334</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>791,156</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Electricity</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>932,435</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>815,164</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>General expenses</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>471,965</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>369,213</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Depreciation and amortization</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,072,918</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,000,937</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>9,013,120</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>8,260,763</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Selling expenses</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Salaries, payroll charges and benefits</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>271,690</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>237,848</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Pension obligations</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(17,941)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>9,761</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>General supplies</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>3,585</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>3,692</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Outside services</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>278,565</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>247,687</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Electricity</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>751</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>770</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>General expenses</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>93,180</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>86,064</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Depreciation and amortization</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>9,729</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>9,883</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Bad debt expense,</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LETTER-SPACING: -0.65pt" face=georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>net</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LETTER-SPACING: -0.75pt" face=georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>of</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LETTER-SPACING: -0.7pt" face=georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>recoveries</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia> (Note 9 (c))</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>90,488</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,420</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>730,047</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>598,125</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Administrative revenue (expenses)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Salaries, payroll charges and benefits</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>194,357</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>182,215</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Pension obligations</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>136,358</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>185,206</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>GESP Reimbursement &#8211; benefits paid (Note 10</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia> (a) (vii)</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(696,283)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>General supplies</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,585</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,340</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Outside services</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>154,926</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>123,802</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Electricity</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,848</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,596</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>General expenses</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>289,862</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>11,467</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Depreciation and amortization</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>63,979</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>63,212</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Tax expenses</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>90,981</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>81,487</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>934,896</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(44,958)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Operating costs and expenses</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Salaries, payroll charges and benefits</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,184,246</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,923,446</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Pension obligations</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(13,052)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>270,214</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>GESP Reimbursement &#8211; benefits paid (Note 10</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia> (a) (vii)</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>)</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>-</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(696,283)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Construction costs (Note 14 (c))</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>3,651,364</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>3,263,808</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>General supplies</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>179,394</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>178,593</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Treatment supplies</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>279,150</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>269,294</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Outside services</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,278,825</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,162,645</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Electricity</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>935,034</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>817,530</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>General expenses</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>855,007</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>466,744</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Depreciation and amortization</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,146,626</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,074,032</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Tax expenses</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>90,981</FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>81,487</FONT></P></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Bad debt expense,</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LETTER-SPACING: -0.65pt" face=georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>net</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LETTER-SPACING: -0.75pt" face=georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>of</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LETTER-SPACING: -0.7pt" face=georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>recoveries</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia> (Note 9 (c)) </FONT></P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>90,488</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,420</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 15.6pt">

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>10,678,063</FONT></P></DIV></TD>

   <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>8,813,930</FONT></P></DIV></TD></TR></TABLE></DIV>

<a name="_bclFooter191"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>191</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_192"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader192"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; TEXT-INDENT: -14.2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: -35.45pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>28&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Income (Expenses)</FONT></B></FONT></P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="72%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2016</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2015</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="72%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Financial expenses</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="72%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Interest and charges on borrowings and financing &#8211; local currency </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(317,379)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(326,315)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="72%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Interest and charges on borrowings and financing &#8211; foreign currency</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(113,268)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(127,352)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="72%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Other financial expenses (i)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(86,372)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(149,902)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="72%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Income tax over international remittance</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(18,823)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(20,389)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="72%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Inflation adjustment on loans and financing (ii)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(121,036)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(171,735)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="72%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Inflation adjustment on Sabesprev Mais deficit </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(891)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(1,529)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="72%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Other inflation adjustments (iii)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(48,634)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(20,594)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="72%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Interest and inflation adjustments on provisions (iv)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(133,488)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(41,916)</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="72%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total financial expenses</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(839,891)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(859,732)</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="72%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="72%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Financial income</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="72%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Inflation adjustment gains </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>152,154</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>166,887</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="72%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Income on short-term investments (v)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>209,376</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>170,551</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="72%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Interest income (vi)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>99,068</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>44,358</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="72%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Cofins and Pasep </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(23,535)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(7,947)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="72%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Other </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>11,647</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>21,385</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="72%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total financial income</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>448,710</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>395,234</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="72%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="72%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Financial income (expenses), net before exchange rate changes</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(391,181)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(464,498)</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="72%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="72%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Net exchange gains (losses)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="72%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Exchange rate changes on borrowings and financing (vii)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,090,466</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(1,992,019)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="72%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Other exchange rate changes</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(209)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(720)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="72%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Exchange gains</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>371</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>775 </FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="72%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Exchange rate changes, net</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,090,628</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(1,991,964)</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="72%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="72%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Financial income (expenses), net</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>699,447</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(2,456,462)</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<a name="_bclFooter192"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>192</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_193"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader193"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 58.15pt; LINE-HEIGHT: 110%; TEXT-INDENT: -22.7pt"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other&nbsp; financial expenses decreased, especially due to the lower accounting of interest of the PPP agreement of Sistema Produtor Alto Tiet&#234; &#8211; CAB &#8211; SPAT. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 58.15pt; LINE-HEIGHT: 110%; TEXT-INDENT: -22.7pt"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(ii)&nbsp;&nbsp;&nbsp; The inflation adjustment derives mainly from the lower variation of the IPCA in 2016, versus 2015 (6.29% and 10.67%, respectively). The exposures to this rate are shown in Note 5.1 (e). </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 58.15pt; LINE-HEIGHT: 110%; TEXT-INDENT: -22.7pt"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(iii)&nbsp;&nbsp; The increase was essentially due to the restatement of liabilities related to the commitments required by public-private partnerships and leases</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia> </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 58.15pt; LINE-HEIGHT: 110%; TEXT-INDENT: -22.7pt"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(iv)&nbsp;&nbsp; The variation was mainly due to the recognition of higher interest and inflation adjustment on the 2016 lawsuits, due to the revision of the estimated probability of loss, arising from decisions that were unfavorable to the Company. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 58.15pt; LINE-HEIGHT: 110%; TEXT-INDENT: -22.7pt"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(v)&nbsp;&nbsp;&nbsp;&nbsp; The increase is due to the higher average balance of investments in 2016 compared to 2015.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 58.15pt; LINE-HEIGHT: 110%; TEXT-INDENT: -22.7pt"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(vi)&nbsp;&nbsp; The R$54,710 increase in interest income is essentially due to lower interest on installment agreements in 2015.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 58.15pt; LINE-HEIGHT: 110%; TEXT-INDENT: -22.7pt"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(vii)&nbsp; The change in expenses mainly reflects the depreciation of the U.S. dollar against the</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia> real in 2016 (16.5% and 13.9%, respectively), compared to the appreciation presented in 2015 (47.0% and 45.9%, respectively).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: -35.45pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>29</FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating income (expenses), net</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2016</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2015</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Other operating income, net </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>62,570</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>190,840</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Other operating expenses </FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(57,848)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(47,085)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Other operating income (expenses), net</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>4,722</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>143,755</FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter193"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>193</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_194"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader194"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Other operating income is comprised by sale of property, plant and equipment, sale of contracts awarded in public bids, right to sell electricity, indemnities and reimbursement of expenses, fines and collaterals, property leases, reuse water, PURA projects and services.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Other operating income decreased by R$128.3 million, mainly due to: (i) the decline in revenue from property sales (R$47.4 million); (ii) the decrease in the sale of surplus electricity (R$42.8 million); (iii) the lower amount received from the State Program to Support Water Recovery (R$22.6 million); and (iv) lower income from contractual fines charged from suppliers (R$16.8 million).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Other operating expenses consist mainly of derecognition of concessions assets due to obsolescence, discontinued construction works, unproductive wells, projects considered economically unfeasible, losses on property, plant and equipment and exceeding cost of electricity sold.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%; TEXT-INDENT: -35.45pt"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>30&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Commitments</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The Company has agreements to manage and maintain its activities, as well as agreements to build new projects aiming at achieving the objectives proposed in its target plan. Below, the main committed amounts as of December 31, 2016:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 19.85pt">

   <TD style="HEIGHT: 19.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 1pt 0in; LINE-HEIGHT: 110%" align=center><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1 year</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1-3 years</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>3-5 years</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>More than</FONT></B></FONT></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>5 years</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 19.85pt">

   <TD style="HEIGHT: 19.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="MARGIN: 1pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Contractual obligations &#8211; Expenses </FONT></FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,357,861</FONT></FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,582,538</FONT></FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>412,312</FONT></FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,299,950</FONT></FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 1pt 0in; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>4,652,661</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 19.85pt">

   <TD style="HEIGHT: 19.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="MARGIN: 1pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Contractual obligations &#8211; Investments</FONT></FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,328,780</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,298,758</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,012,006</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>6,305,057</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>10,944,601</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 19.85pt">

   <TD style="HEIGHT: 19.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" noWrap>

   <P style="MARGIN: 1pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Total</FONT></FONT></P></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,686,641</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>3,881,296</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,424,318</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>7,605,007</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 19.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 1pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>15,597,262</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>The main commitment refers to S&#227;o Louren&#231;o PPP. See Note 14 (h).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter194"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>194</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_195"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader195"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>31&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supplemental cash flow information</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 93%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2016</FONT></B></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2015</FONT></B></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total additions to intangible assets (Note 14 (b))</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>3,855,831</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>3,604,442</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Items not affecting cash (see breakdown below)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(1,747,664)</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(1,207,090)</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total additions to intangible assets as per statement of cash flows</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,108,167</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,397,352</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Investments and financing operations affecting intangible assets but not cash:</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Interest capitalized in the year (Note 14 (e))</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>700,743</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>466,544</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Contractors payable</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>57,431</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>(57,041)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Program contract commitments </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>4,262</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>136,543</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Public Private Partnership - S&#227;o Louren&#231;o PPP (Note 14 (h)) </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>893,181</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>548,978</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Leases </FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>10,534</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>36,877</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Construction margin (Notes 14 (f) and 24)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>81,513</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>72,908</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Other</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>-</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>2,281</FONT></FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="64%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>Total</FONT></FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,747,664</FONT></FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="18%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=georgia>1,207,090</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: -35.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>32&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Events after the reporting period</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<UL style="MARGIN-BOTTOM: 0in; MARGIN-TOP: 0in" type=disc>

<LI style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Tariff revision</FONT></B></FONT> </LI></UL>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="BACKGROUND: aqua; LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>As of January 19, 2017, the S&#227;o Paulo State Sanitation and Energy Regulatory Agency (ARSESP) published ARSESP Resolution 706 that addresses the beginning of SABESP&#8217;s second ordinary tariff revision. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<UL style="MARGIN-BOTTOM: 0in; MARGIN-TOP: 0in" type=disc>

<LI style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Santa Branca</FONT></B></FONT> </LI></UL>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="BACKGROUND: aqua; LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>Since February 6, 2017, SABESP started providing sanitations services in Santa Branca. The agreement, signed on November 9, 2016, is valid for 30 years.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 120%"><FONT style="LINE-HEIGHT: 120%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 120%" color=black face=arial,sans-serif></FONT>

<a name="_bclFooter195"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>195</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_196"></A>

<DIV style="PADDING-LEFT: 36pt; PADDING-RIGHT: 0%">

<a name="_bclHeader196"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Notes to the Financial Statements</FONT></B></FONT><FONT face=georgia></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=georgia>Years ended December 31, 2016 and 2015</FONT></B></FONT><FONT face=georgia></FONT></P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><FONT face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=georgia>Amounts in thousands of reais, unless otherwise indicated</FONT></B></FONT><B><FONT><FONT face=georgia></FONT></FONT></B></P></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Executive Officers&#8217; Statement on the Financial Statements </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>STATEMENT</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The executive officers of Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP, with Corporate Taxpayer&#8217;s ID (CNPJ/MF): 43.776.517/0001-80, with headquarters located at Rua Costa Carvalho, n&#186; 300, Pinheiros, S&#227;o Paulo, declare that, in compliance with Paragraph 1 of Article 25, items V and VI of CVM Rule 480 of December 7, 2009 that:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>They revised, discussed and agreed with the financial statements for the year ended December 31, 2016.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia>S&#227;o Paulo, March 27, 2017.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo &#8211; SABESP</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>/s/ Jerson Kelman</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Chief Executive Officer</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia>/s/ Rui de Britto &#193;lvares Affonso</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Chief Financial and Investor Relations Officer</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia>/s/ Manuelito Pereira Magalh&#227;es Junior</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia>Corporate Management Officer</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>/s/ Edison Airoldi</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Technology, Project and Environment Officer</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia>/s/ Paulo Massato Yoshimoto</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia>Metropolitan Officer</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia>/s/ Luiz Paulo de Almeida Neto</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Regional Systems Officer</FONT></P><FONT style="LINE-HEIGHT: 110%" face=georgia></FONT>

<a name="_bclFooter196"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>196</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_197"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader197"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><B><FONT><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Executive Officers&#8217; Statement on the Report of Independent Registered Public Accounting Firm</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>STATEMENT</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The executive officers of Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP, with Corporate Taxpayer&#8217;s ID (CNPJ/MF): 43.776.517/0001-80, with headquarters located at Rua Costa Carvalho, n&#186; 300, Pinheiros, S&#227;o Paulo, declare that, in compliance with Paragraph 1 of Article 25, items V and VI of CVM Rule 480 of December 7, 2009 that:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>They revised, discussed and agreed with the Report of Independent Registered Public Accounting Firm on the financial statements for the year ended December 31, 2016.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia>S&#227;o Paulo, March 27, 2017.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo &#8211; SABESP</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>/s/ Jerson Kelman</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Chief Executive Officer</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia>/s/ Rui de Britto &#193;lvares Affonso</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Chief Financial and Investor Relations Officer</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia>/s/ Manuelito Pereira Magalh&#227;es Junior</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia>Corporate Management Officer</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>/s/ Edison Airoldi</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Technology, Project and Environment Officer</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia>/s/ Paulo Massato Yoshimoto</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia>Metropolitan Officer</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia>/s/ Luiz Paulo de Almeida Neto</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Regional Systems Officer</FONT></P><FONT style="LINE-HEIGHT: 110%" face=georgia></FONT>

<a name="_bclFooter197"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>197</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_198"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader198"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><B><FONT><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=center><FONT style="LINE-HEIGHT: 110%" face=georgia><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>FISCAL COUNCIL REPORT</FONT></U></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The members of the Fiscal Council of </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>COMPANHIA DE SANEAMENTO B&#193;SICO DO ESTADO DE S&#195;O PAULO &#8211; SABESP</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>, undersigned hereinbelow, within their duties and legal responsibilities, analyzed the Financial Statements, the Annual Management Report and the Management Proposal for the Allocation of Income, for the fiscal year ended December 31, 2016 and based on analysis conducted by Management and the Audit Committee, also considering the Report of Independent Registered Public Accounting firm of KPMG Auditores Independentes, dated March 27, 2017, concluded that these are fairly presented, reason that they recommend to be sent for approval at the Shareholders&#8217; Meeting.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia>S&#227;o Paulo, March 27, 2017.</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia>HUMBERTO MACEDO PUCCINELLI</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia>JOALDIR REYNALDO MACHADO</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia>JOS&#201; ALEXANDRE PEREIRA DE ARA&#218;JO</FONT></FONT></P>

<P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia>MARIA ELVIRA LOPES GIMENEZ</FONT></FONT></P>

<P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia>RUI BRASIL ASSIS</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 110%" color=black face=georgia></FONT>

<a name="_bclFooter198"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>198</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_199"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader199"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><B><FONT><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0in; LINE-HEIGHT: 110%" align=center><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>AUDIT COMMITTEE&#8217;S SUMMARIZED ANNUAL REPORT - 2016</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>To the Board of Directors of </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; MARGIN: 6.5pt 0in 0in 0.5in; LINE-HEIGHT: 110%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>1.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>PRESENTATION</FONT></B></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The Audit Committee (Committee) of Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo &#8211; SABESP is a statutory body created at the Board of Directors&#8217; Meeting of June 26, 2006 and is composed of three independent members of the Board of Directors. Pursuant to the U.S. Securities and Exchange Commission &#8211; SEC, the Committee performs its duty as SABESP&#8217;s Audit Committee, in conformity with provisions of the Sarbanes-Oxley Act.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The Committee reports to the Board of Directors and acts independently in the performance of its duties, working as an auxiliary and advisory body, without decision-making power or executive responsibilities. The Committee&#8217;s duties and responsibilities are performed in compliance with the applicable legal, statutory duties and defined in its Charter. The Committee&#8217;s responsibility is related to the review and monitoring, within its capacity of supervising the preparation processes and the publication of financial and audit reports.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The Committee&#8217;s assessments are based on information received from Management, from independent auditors, internal audit, those in charge of risk management and internal controls and its own analyses deriving from its oversight and monitoring duties.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>At the Annual Shareholders&#8217; Meeting held on April 29, 2016, Messrs. Jer&#244;nimo Antunes, Reinaldo Guerreiro and Francisco Vidal Luna were re-elected as members of the Board of Directors and at the Board of Directors&#8217; Meeting of May 12, 2016 they were reallocated as members of the Committee, and Mr. Jer&#244;nimo Antunes was also reallocated as expert member, as the Committee&#8217;s coordinator.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>At the Board of Directors&#8217; Meeting held on September 30, 2016, the Independent Board Member Mr. Francisco Vidal Luna resigned from the position of member of the Audit Committee, and Mr. Luis Eduardo Alves de Assis was appointed as Independent Board Member to replace Mr. Luna. </FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" face=georgia></FONT>

<a name="_bclFooter199"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>199</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_200"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader200"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><B><FONT><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; MARGIN: 6.5pt 0in 0in 0.5in; LINE-HEIGHT: 110%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>2.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman"> </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>ACTIVITIES PERFORMED IN THE PERIOD</FONT></B></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>In the period between March 25, 2016 and March 27, 2017, the Committee held 26 meetings. These meetings involved SABESP&#8217;s officers, superintendents and managers. The minutes of the Committee&#8217;s meetings are handed over at the Board of Directors&#8217; meetings, when the Committee&#8217;s Coordinator reports and points out to other Board members, when appropriate, the relevant issues identified in the Committee&#8217;s activities. The main activities performed were:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt 28.35pt; LINE-HEIGHT: 110%; TEXT-INDENT: -11.35pt"><FONT style="LINE-HEIGHT: 110%" face=symbol><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; </FONT></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Review, approval and supervision of the Internal Audit&#8217;s work plan;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt 28.35pt; LINE-HEIGHT: 110%; TEXT-INDENT: -11.35pt"><FONT style="LINE-HEIGHT: 110%" face=symbol><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; </FONT></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Approval of the Fraud Risk Assessment work plan;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt 28.35pt; LINE-HEIGHT: 110%; TEXT-INDENT: -11.35pt"><FONT style="LINE-HEIGHT: 110%" face=symbol><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; </FONT></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Monitoring of the provisions and legal contingencies;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt 28.35pt; LINE-HEIGHT: 110%; TEXT-INDENT: -11.35pt"><FONT style="LINE-HEIGHT: 110%" face=symbol><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; </FONT></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Monitoring of corporate risk management activities;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt 28.35pt; LINE-HEIGHT: 110%; TEXT-INDENT: -11.35pt"><FONT style="LINE-HEIGHT: 110%" face=symbol><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; </FONT></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Monitoring of compliance activities;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt 28.35pt; LINE-HEIGHT: 110%; TEXT-INDENT: -11.35pt"><FONT style="LINE-HEIGHT: 110%" face=symbol><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; </FONT></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Assessment and monitoring of Internal Controls efficacy;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt 28.35pt; LINE-HEIGHT: 110%; TEXT-INDENT: -11.35pt"><FONT style="LINE-HEIGHT: 110%" face=symbol><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; </FONT></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Monitoring of Ombudsman activities;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt 28.35pt; LINE-HEIGHT: 110%; TEXT-INDENT: -11.35pt"><FONT style="LINE-HEIGHT: 110%" face=symbol><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; </FONT></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Monitoring of verifications and complaints received via the Complaints Channel;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt 28.35pt; LINE-HEIGHT: 110%; TEXT-INDENT: -11.35pt"><FONT style="LINE-HEIGHT: 110%" face=symbol><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; </FONT></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Supervision of independent auditor&#8217;s performance;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt 28.35pt; LINE-HEIGHT: 110%; TEXT-INDENT: -11.35pt"><FONT style="LINE-HEIGHT: 110%" face=symbol><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; </FONT></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Monitoring of implementation of action plans, deriving from recommendations of Internal and Independent Auditors;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt 28.35pt; LINE-HEIGHT: 110%; TEXT-INDENT: -11.35pt"><FONT style="LINE-HEIGHT: 110%" face=symbol><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; </FONT></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Identification and recommendation on processes improvement, during discussions with several areas involved, as well as the monitoring of these recommendations implementations;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt 28.35pt; LINE-HEIGHT: 110%; TEXT-INDENT: -11.35pt"><FONT style="LINE-HEIGHT: 110%" face=symbol><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; </FONT></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Monitoring of the preparation process of financial statements, in conformity with the accounting practices adopted in Brazil and the International Financial Reporting Standards &#8211; IFRS issued by the International Accounting Standards Board - IASB; and</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt 28.35pt; LINE-HEIGHT: 110%; TEXT-INDENT: -11.35pt"><FONT style="LINE-HEIGHT: 110%" face=symbol><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; </FONT></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Review of the Quarterly Financial Information - ITR, the Annual Management Report, the Financial Statements, the Reference Form and the 20-F Form.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The Committee held three meetings jointly with SABESP&#8217;s Fiscal Council to review the Quarterly Financial Information for the quarters ended June 30 and September 30, 2016 and the Financial Statements for the fiscal year ended December 31, 2016.</FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" face=georgia></FONT>

<a name="_bclFooter200"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>200</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_201"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader201"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><B><FONT><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; MARGIN: 6.5pt 0in 0in 0.5in; LINE-HEIGHT: 110%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>3.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman"> </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>RECOMMENDATIONS TO IMPROVE BUSINESS PROCESSES</FONT></B></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>At the meetings held in the aforementioned periods with managers of the Company&#8217;s areas, several recommendations were given for corrective actions in control processes and business management. The pending issues and related replies to corrective actions are duly recorded in the minutes. The Committee periodically monitors the implementation of these improvements and the adjustments suggested.</FONT></FONT></P>

<H1 style="PAGE-BREAK-AFTER: avoid; MARGIN: 6.5pt 0in 0in 0.5in; LINE-HEIGHT: 110%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>4.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman"> </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>ASSESSMENT OF EFFECTIVE INTERNAL CONTROL SYSTEMS</FONT></B></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The methodology adopted by SABESP to analyze the internal controls is in conformity with the Internal Control - Integrated Framework, defined by The Committee of Sponsoring Organizations of the Treadway Commission (COSO) and the Sarbanes-Oxley Act.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>SABESP&#8217;s Management is liable for designing and implementing internal control policies, processes and practices to enable the safeguarding of assets, the appropriate recognition of liabilities, the adhesion to the rules, integrity and accuracy of information.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The Internal Audit is liable for assessing the level of service or observance by all SABESP&#8217;s areas, internal control procedures and practices and if they have been effectively applied.</FONT></FONT></P>

<H1 style="PAGE-BREAK-AFTER: avoid; MARGIN: 6.5pt 0in 0in 0.5in; LINE-HEIGHT: 110%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>5.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman"> </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>ASSESSMENT OF EFFECTIVE INDEPENDENT AND INTERNAL AUDITS</FONT></B></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="BACKGROUND: white; LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white" face=georgia>The Committee also maintains a regular channel of communication with internal and independent auditors, allowing a broad discussion on their work results, the accounting aspects and relevant internal controls, and as a result, it assesses as fully satisfactory the volume and the quality of information provided by these professionals, who support their opinion on the adequacy and integrity of internal controls systems and the financial statements. Furthermore, the Committee did not identify situations which could affect the objectivity and independence of independent auditors and/or the autonomy of internal auditor.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The agreement to render independent audit services of the financial statements entered into with Deloitte Touche Tohmatsu &#8211; DTT ended with the works of the quarterly information - ITR referring to the first quarter of 2016. As of the second quarter of 2016, KPMG Auditores Independentes is the audit firm in charge of analyzing the financial statements and issuing an opinion as to their preparation in conformity with the accounting practices adopted in Brazil and the International Financial Reporting Standards &#8211; IFRS issued by the International Accounting Standards Board - IASB. </FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" face=georgia></FONT>

<a name="_bclFooter201"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>201</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_202"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader202"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><B><FONT><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The Committee supported and encouraged SABESP&#8217;s Internal Audit to obtain the Quality Assessment</FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia> </FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>certification granted by The Institute of Internal Auditors &#8211; IIA in 2016. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="BACKGROUND: white; LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white" face=georgia>The Audit Committee monitored the activities carried out by Internal and Independent Auditors, whether by means of periodic meetings, or review of reports issued. Accordingly, the Audit Committee positively assesses the coverage and the quality of works performed by Internal and Independent Auditors, concerning the financial statements for the fiscal year ended December 31, 2016.</FONT></FONT></P>

<H1 style="PAGE-BREAK-AFTER: avoid; MARGIN: 6.5pt 0in 0in 0.5in; LINE-HEIGHT: 110%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>6.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman"> </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>&nbsp;EVALUATION AND QUALITY OF FINANCIAL STATEMENTS</FONT></B></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Management is liable for defining and implementing the information systems which produce SABESP&#8217;s financial statements, in compliance with the Brazilian corporation law, the accounting practices, the standards issued by the Brazilian Securities Exchange Commission &#8211; CVM and the international financial reporting standards (IFRS), issued by the International Accounting Standards Board &#8211; IASB, and as listed at the New York Stock Exchange - NYSE, the compliance with the standards issued by the U.S. Securities and Exchange Commission - SEC and the Sarbanes-Oxley Act.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The Audit Committee held meetings in several occasions with those in charge of the accounting department to analyze the procedures, which involved the process of drawing up the financial statements for the fiscal year ended December 31, 2016.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Finally, it discussed with independent auditors the results of works, the Key Audit Matters described in its report and their conclusions on the auditing of referred financial statements, whose opinion is unqualified. The main issues discussed also referred to the accounting practices adopted in Brazil, as well as included recommendations and other notes to internal controls and presentation of the financial statements.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The Audit Committee verified that the financial statements are appropriate in relation to the accounting practices and the Brazilian Corporation laws, as well as in relation to the standards issued by the Brazilian Securities and Exchange Commission (CVM) and the international financial reporting standards (IFRS), issued by the International Accounting Standards Board &#8211; IASB and the standards issued by SEC and the Sarbanes-Oxley Act. </FONT></FONT></P><FONT style="LINE-HEIGHT: 110%" face=georgia></FONT>

<a name="_bclFooter202"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>202</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_203"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader203"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=X-NONE style="FONT-SIZE: 13pt" face=georgia>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=left><B><FONT><FONT face=georgia><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></FONT></B>&nbsp;</P>

<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: left; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: normal; PADDING-RIGHT: 0in" align=left><B><FONT><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=georgia></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 12pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT><B><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; MARGIN: 6.5pt 0in 0in 0.5in; LINE-HEIGHT: 110%; TEXT-INDENT: -0.25in"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>7.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>CONCLUSIONS</FONT></B></FONT></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>During conduction of works, the Committee has not identified any situation, which could affect the objectivity and independence of KPMG in relation to SABESP. Therefore, pursuant to the Audit Committee&#8217;s charter, the Committee informs the Board of Directors and that it is not aware of any type of relationship between KPMG and SABESP that may have affected its independence when executing the independent auditing of the financial statements for the fiscal year ended December 31, 2016.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The Committee also states that it did not identify any relevant divergence between SABESP&#8217;s Management, the Independent Registered Public Accounting Firm, KPMG and the Audit Committee itself in relation to the financial statements for the fiscal year ended December 31, 2016.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>The Committee&#8217;s opinions and judgments rely on information provided by SABESP, particularly from Management, the Accounting and Legal Superintendence, Internal Audit, Risk and Compliance Management and other oversight boards, besides its Independent Registered Public Accounting Firm. In this regard, the Committee considers that all relevant issues it took cognizance were fairly reported in the Financial Statements for the year ended December 31, 2016 accompanied by the Independent Auditor&#8217;s Report with unqualified opinion. As a result, the Audit Committee advises the Board of Directors to approve referred audited financial statements.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>S&#227;o Paulo, March 27, 2017.</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia></FONT></B></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 473.499pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 24.55pt">

   <TD style="HEIGHT: 24.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="31%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=center><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Jer&#244;nimo Antunes</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=center><FONT style="LINE-HEIGHT: 110%" face=georgia><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Coordinator and Financial Expert</FONT></I></FONT></P></TD>

   <TD style="HEIGHT: 24.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="34%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=center><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Reinaldo Guerreiro</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=center><FONT style="LINE-HEIGHT: 110%" face=georgia><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>Member</FONT></I></FONT></P></TD>

   <TD style="HEIGHT: 24.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="35%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=center><FONT style="LINE-HEIGHT: 110%" face=georgia><B><FONT style="FONT-SIZE: 10pt" face=georgia>Luis Eduardo A. de Assis</FONT></B></FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=center><FONT style="LINE-HEIGHT: 110%" face=georgia><I><FONT style="FONT-SIZE: 10pt" face=georgia>Member</FONT></I></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><I><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia></FONT></I></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=georgia><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>

<DIV><FONT lang=PT-BR><BR clear=all></FONT></DIV></DIV>

<a name="_bclFooter203"></a><DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=X-NONE style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>F-</FONT><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT><FONT face=georgia><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia>203</FONT></FONT><FONT face=georgia><FONT style="DISPLAY: none"><FONT lang=X-NONE style="FONT-SIZE: 11pt" face=georgia></FONT></FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=X-NONE style="FONT-SIZE: 7pt" face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<HR align=left color=#000000 SIZE=2 noShade>



<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;April 11, 2017</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>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>fp01a.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 fp01a.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" $V ;0# 2(  A$! Q$!_\0
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M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
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M5"$IRY8*[)E*,5S2=D>D_M\^?_PM/X??\)3_ ,+?_P"%.?V5K7]L_P#"N/\
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M^7ZCJ***^?/8"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
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MMMZ_ETK[WA7_ '67^+]$?(\0?QX^GZL*BO\ _CPG_P"N;?R-2U%?_P#'A/\
M]<V_D:^F>QX<=T<9X0_Y&G3/^OJ+_P!"%?VW1_ZM?I7\2/A#_D:=,_Z^HO\
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M\%PO^45'QC_[!=O_ .EMO7\NE?>\*_[K+_%^B/D>(/X\?3]6%17_ /QX3_\
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M,_BK_P G#?"K_KMJG_I&:],KS/XJ_P#)PWPJ_P"NVJ?^D9H ],HHHH ^4O\
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ML?3Y?7G5I<\][A1117FG<?#7[<'_ "7_ %3_ '(?_1$5>05Z_P#MP?\ )?\
M5/\ <A_]$15Y!7[/E/\ N-'_  Q_(_+<R_WNI_B?YA7S7^VO_P E T;_ +!I
M_P#1K5]*5\U_MK_\E T;_L&G_P!&M5YA_!?R(P?\5'V7_P $!?\ D5OB9_U\
M:=_*ZK]#:_/+_@@+_P BM\3/^OC3OY75?H;7Y/G'^^3^7Y(_1\M_W:/S_-A1
M117FG<?F]\7_ /DJOB3_ +"ES_Z.>N<KH_B__P E5\2?]A2Y_P#1SUSE?N6'
M_A1]$?DE;^)+U85\@_M+_P#)<M?_ .ND?_HI*^OJ^0?VE_\ DN6O_P#72/\
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MI>C_ #9^:9W_ +]4^7Y(*\6_;<_Y$K0?^P@__HHU[37BW[;G_(E:#_V$'_\
M11KT,;_!D<6%_BH[K_@AO_R>/??]BU=_^CK>OUSK\C/^"&__ ">/??\ 8M7?
M_HZWK]<Z_*L]_P!Z^2/T3*/X'S"BBBO&/4/AK]N#_DO^J?[D/_HB*O(*]?\
MVX/^2_ZI_N0_^B(J\@K]GRG_ '&C_AC^1^6YE_O=3_$_S"OFO]M?_DH&C?\
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M\7_^2J^)/^PI<_\ HYZYROW+#_PH^B/R2M_$EZL*^0?VE_\ DN6O_P#72/\
M]%)7U]7R#^TO_P ERU__ *Z1_P#HI*Y,R_AKU.G ?&_0_5?_ ((T?\F.Z3_V
M$KS_ -#%?5=?*G_!&C_DQW2?^PE>?^ABOJNOR3,/]YJ>K/TG!?[O#T04445Q
MG2%%%% !1110 4444 %%%% !1110 4444 %>9_%7_DX;X5?]=M4_](S7IE>9
M_%7_ ).&^%7_ %VU3_TC- 'IE9_BGQ5IO@G0+G5-7O;?3]/LTWS3SOM1!_B3
M@ #DD@#DUB_$;XLV7@"6VL4@N-8\0:B#_9^D6>&N;O'!8Y(6.(?Q2.0J^N<
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MCEK6LZ%^U9>SZ'H:^(+S_A'KE3;-?)9A4,UOEM[ @XX&,=_:OU!_X69\2/\
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MW[,YW8^]VSFO6ZJ_V):?VU_:/V>+[=Y'V;S]OS^5NW;,^F>:0S@/^%J^/?\
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MS[*Z"XCO$N%DCF@DC62V-O<><L0@E*/F:V%9$?\ PG'B_P#Z(_+_ .#G3_\
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M##X8\;0Z2=:OK>>2WAO+F_UJ:-Y/-6V\V>VM(&N&A^UW>A\>O^$6^./[ /\
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M(^*7PX_8<C_:_P#$GB2^\/\ P[^&7P[^(&FJ[K"MM8:39Q>!O"44-O!#$O\
MUSBB@B0LS-''&A9E4_7]% 'R_P#L#?%_P3^U3\4_B#\6]#\>> /$7B;Q#I6B
MZ)>>'/"OBBPU[_A$-)LYM3GTZ*_FM)IHSJ$TE_J#RM&_V==J00F<6SWEU]04
M44 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !111
M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 ?
"_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>fp01b.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 fp01b.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" $( A,# 2(  A$! Q$!_\0
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M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
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M1=2M;/0=/T_PZ;?3?LNM0/&VNK<6ES-'M22R\K58, @M*]G:-(%:S22?R_\
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M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
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MV]IU.K#XNG7OR=#3HHHKC.D**** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ;(6$9V@%L< G
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MV$>+-%;^V/-L_L1/VR$XV^?Y^<_+_JL9'7'- 'L%%%% 'D_[>?\ R8W\9O\
ML1=;_P#2">OY('^^?K7];_[>?_)C?QF_[$76_P#T@GK^2!_OGZU]QPG_  JG
MJCY7B'^)#T8E))_JF_W32TDG^J;_ '37UA\Z><)VK^V/X8?\DU\/?]@RV_\
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M\'./T/9RO]3]_****_)3]'"BBB@ HHHH **** "BBB@ HHHH **** "BBB@
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M+DW^XTO\*_(_+LT_WRIZL*^:_P!M?_DH.C_]@T_^C7KZ4KYK_;7_ .2@Z/\
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M_L&G_P!&O6N8?P7\C/!_Q4?:_P#P0-_Y)S\0O^OZS_\ 0)J_0&OS^_X(&_\
M).?B%_U_6?\ Z!-7Z U^39M_O<_E^2/T?+?]VC_74****\X[C\R_%7_(PW?^
M_6?6AXJ_Y&&[_P!^L^OW:'PH_('N*GWQ]:^(?B9_R4GQ#_V$[C_T8U?;R??'
MUKXA^)G_ "4GQ#_V$[C_ -&-7FYG\,3OP'Q,_</]@;_DS+X;?]@.#^5>O5Y#
M^P-_R9E\-O\ L!P?RKUZOR'$_P :7J_S/TNA_"CZ(*\K_;1_Y-TUS_KI;?\
MI1'7JE>5_MH_\FZ:Y_UTMO\ THCKIRK_ 'VC_BC^:,,P_P!UJ?X7^1\'T445
M^TGY6<I\=/\ DC'B?_L'R?TKYR_9._Y.C^&__8T:9_Z5Q5]&_'3_ )(QXG_[
M!\G]*^<OV3O^3H_AO_V-&F?^E<5>#G'Z'LY7^I^_E%%%?DI^CA1110 4444
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ML"?L,P9T:65&D1><O&K*<':6(K^5MCEC7W'"?\*IZH^5XA_B0]&)22?ZIO\
M=-+22?ZIO]TU]8?.GG"=J_MC^&'_ "37P]_V#+;_ -%+7\3BG %?V2_#CXSZ
MU#\/-!0?#3QS(%TVW 97T[#?NEY&;L&OSS/=H?/]#[/*MY?(];HKSW_A=FM_
M]$Q\=_\ ?>F__)='_"[-;_Z)CX[_ .^]-_\ DNOGCV3@O^"A_P#R2K2/^PH/
M_1,E?'5?3O[:_P 0=0\7?#K38;OPAXD\/QQZ@'$^HM:&.0^7(-@\F>1L\YY
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M];1?#[QEJ$<.C0*MS;M8>5,,?>7?<JV/JH/M7J7_  NS6_\ HF/CO_OO3?\
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MN3/8X)&?H: 'T444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !117CO[;7C?Q)X3^&6@6'A77Y/"6I^+_%>D>'&UZ*S@NYM(@NK
MI$EEBCN%:'SF3,41E21%DEC9HY -C 'L5>=?M)_\BYX8_P"QNT7_ -+HJY3_
M ()X?%CQ5\8_V9H]0\9W4FIZYI'B7Q%X<.J2VL=M)K-OINM7NGVU[)'&J1"2
M:"VBD<Q(D1=G*(B%45?VOO&7B/3-)TJWTGP9J&L-;^(-+N+2<7]K##>3)<)(
M(OF?>N2NW<4P#[<T >K^./'NE?#C06U+6+M;6V#K$@"EY+B1ONQQHH+22,>B
MJ"3Z5Q47@O6?CG(MSXN@ET?PMG?;^&PX\Z^'9K]U."._V=25_OE_NCDO!>H>
M(K'Q OB/Q+\.O&_B#Q3M98Y_,TQ+32U;[T5I$;P^6N."YS(_\38PH[7_ (79
MX@_Z)9XY_P"_^F?_ "70!D?MV0Q6'["/QCCC2.&&'P'K2JJ@*L:C3YP !T
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M .$SGR84'RP0@]$7KU8LWS5U]%% !1110 4444 %%%% !1110 4444 %%%%
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MI^M:)K5I%?Z?J%A<)<VM_;RH'BFBE0E)(W1E964D,"""0:^(/VJO&-A\*?\
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MN!=7;KUGE$4<(<^_EQ1K]$%7*** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
%HH __]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>fp01c.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 fp01c.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  (! 0(! 0(" @(" @(" P4# P,#
M P8$! ,%!P8'!P<&!P<("0L)" @*" <'"@T*"@L,# P,!PD.#PT,#@L,# S_
MVP!# 0(" @,# P8# P8," <(# P,# P,# P,# P,# P,# P,# P,# P,# P,
M# P,# P,# P,# P,# P,# P,# P,# S_P  1" %N F@# 2(  A$! Q$!_\0
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M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B
MBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ***
M* "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B
MBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ***
M* "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
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M7ERVN0QM(]U'#%<-)+9;5.THIN&. +<D@5?_ ."@_P"P1\5/C-\7?V=?BO\
M"'QAX/@^)_[/UQJD-N?'-I/-I6MVVJV45E>RSK9[)//6.,NBH40LQ!*C!'SA
M\/O^"(7QNTWX>Z)9^*/&'PQUKQ%;_MB0?M$:O?V;7EI;7^D"-1-%' 8',5X\
M@9EMR[1*"!]H;&2 >_\ B#_@N9X(\,?&'P/\/+OX._M%#Q_X]\(6GC2Q\.1>
M#HY=3L;2?4Y-/,=Y"MR3:RQ&*6>4R[8HX4.9/,*Q'J_B+_P6/^$WPS_:8NOA
MO>Z7\2KN#2-:MO#&N>,[#PG=7/A#PYK%RULMOIUYJ*C9%.[7=N. 40R .R'B
MKI_8G\4-_P %H1^T8;[P\?!*_!7_ (5R++SIO[5&H_VY_:'F^7Y7E?9_)^7=
MYN_?QLQ\U?$OQN_X-C[;XA?\%"?%OQ$M]'^"_B+P+\0O%<WB[5+KQ+<>*HO$
M^A37#QRW-O9#3=4M;61&G^T3))*%>,RA<.JJ  ?0WB#_ (.*/@?X1\<>,=*U
M;PO\9=/TOX=_$"\^'?BGQ._A%I?#GAZ[MYQ;B[NM0CD:&*VEF8)'N;S\X+PH
MI5C=^)W_  6>O/AM_P %A[+]EM?@=\5M>L)]$L+V3Q/H^CM=HDM[=VT*WY3<
MH71;=9G2XOMQ*7$<D7E_NRS>4?&#_@BI\4_B!_P39_;,^#MGK_@"/Q-^T3\:
MM0^(_ANZFOKL6%EIUQJFEWB17CBV,B7 CL905CCD3<R .025^B?BS^Q'\1Q_
MP5Y\"_M(>!=9\$G0CX";X:^,](UY+H7:Z9_:+ZBMSIS0C8;GSMB$3$)L#=20
M0 >+?\%P/VN/B9\#OVL?V6_A[X*_:'\/_LS^&?BI_P )9_PDOC#6]$TG4["T
M_L^SLKBT\P:CMC3=([PC;+'EKE<[R%6LK]@[]OWXNR?''XQ?#2'XL^"_VV+7
MP-\,AXYT?QGX/TO3M)$FL//=1Q>'IQ9W$EJ9IA$K1LI7:JG><FO=?V^_^":/
M_#<?[=G[,'CK7])\ >*/AE\'_P#A*O\ A*_#WB>U^V_VO_:6GP06?DVSP203
M>7<0K(WFLFW:C+N88!\$/^";>K?LF?M!>--,^%6IZ+X2_9S^)>@7)U+PK8S7
M%GJ7A+Q W[L7^CR1@B*"6)F+PAXQ%+&DD7WF6@#YC_X(,_MJ?'3]K7X^?$"^
M\:_&7X;^--,FO5F\2^"+FRN-(\1^"[\Z)HSB*PM'9V6S@NWOK"9)!&/M%E-.
MK.\\@'T)_P %N?VV_%O["7@']GSQ)X8UJ^T?3O$?QP\.>&_%:V6CIJMSJ6A3
MQWLEY:Q0&*60O(L"[?(439 "'+8/CO\ P3F_X)$?&[X4_MYM\5/C?X\T+Q+_
M ,*WGNK+P[JVG07":KX\^T^&] TAM0U&5[F1BB1:6 89@7:\%S/G8\+'Z!_X
M*]_L,_$/]NCP!\%[7X9Z]X0\-^(?AA\6M#^(3WOB.*>>U2&PCNP=L,*DSR!Y
MXV$3/$KA6!ECX- 'EW[8O_!8+P[XN_X)9_&KXG^ O$WQ/^#'B;X6ZGIFCZU_
M:'P^M[OQ3X5N9]0L557T?4IH()!/#<@ O* J2LZYDCV5D^/OV]?BQHGQH_X*
M@:3;>*_+T_\ 9W^'^C:W\/8O[,LS_P (_>7'A6]OYI<F+-QNNH8Y-MP9%&W:
M %)4\I\?O^"(WQ?_ &B/V)/VK[3Q'XN^&-U^T'^U+JOANZU"[T^*_P!-\+:7
M::)<V?V6W3>+BXSY$-P2^PEGF53PN^O6_&G_  2_\?>(_BM_P4+UV#5_!ZVG
M[67@K2O#?A%'NKD2:=<6OAR[TN1[\" B.,SSHRF$S$H&)4-A2 8G["?_  4
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M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
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M%R?M;?LA?#CXI'1&T&7Q_P"&K+7SI;7'G?8VN(%E\H2E5WJ"V ^U<C!P,XH
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M_P!J_P!G>=Y'VS[-N\W[/YW[OS=NS?\ +G/% '04444 %%%% !1110 4444
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M=\(6FFW?BW7?$&B^$]%.HQO)9VMWJFI6]A'<2QHRM(D7V@R&,,I?8%W+NW
MZW]FC]DKP)^R+X7U+2_ ^E7=F-;O3J6JWVH:G=:MJ6K7)14\VYO+J26XF8(B
M(N]SM555< 8KTFOEK]A?]H7XF:K^TM\:/@K\6=:\+>+/$GPPBT/6-.\1:#HD
MFC0ZKIVJ03E5EM7N+CRYXI[2X4[9"K(\1'.X#Z8\0^(K'PGHT^HZE=0V5C:J
M&EGF;:D8) Y/U(_.@#S)O^3ZU_[$,_\ IP%>M5X;X.^(&B_$3]MMKK0]3L]5
MMH? [1226T@=4?[>IVD^N"/SKW*@ JKK7_(&N_\ KB__ *":M55UK_D#7?\
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M>R^P*<1M=!FD8>IVN /IS]3UK._X>)>(?^@1HW_?J7_XY6Q_PS1X-_Z!L_\
MX%R?XT?\,T>#?^@;/_X%R?XUW?55V./V\NYC_P##Q+Q#_P! C1O^_4G_ ,<K
M8^ '[?\ ?_&?XZ:3X1_L[2_)O?.\^XA5QY>R"20!27()R@!XQ@FO$OVY_AKI
M'PQ^'VBRZ)#-9OJ&H-;W!\]W\Q!$6V\GU%<E_P $W/\ D[CPW_NW7_I)-652
MC&*>A=.I)M:GZ?4445P':%%%9WBGQ39^#=#GU"_D:.W@4D[$+NW?"J 23]*-
M]$!HT5\8_'W]J7Q3\2;UK/1;+5])T9#PJV[B6<CNY _0<#WP#7F'_"4>,/\
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MK\JECD[CV4UV]8T,32KQYZ,KKR$I)[!17YM_\%#O^"A/Q!_9B_;2U?PWX_\
M%_B_X!_!Z[T[36\ _$71O"5KXA\.WNIOO6ZM_$+7%O))#'YSPJD=M);,8HW8
MW"%P8^F_:8_X+X_#G]DCX\3^ ]>U+P5K47@FT\//XTUD^)X-)NW;6"BP3:/I
MCB5M0CBC=+JY N$%O;31N&G)VUL,^_J*^(O&7_!;+PM\.OVC_#OPRUKPT;?6
M]2^)FI^ =7EBU"5X/#MK;I9-::K.[6RJ([E]6T>+8Q1%EOBJS3&([N(^)O\
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MF1X[U&+2O"UQ<3MLBC:,LV"<?O%%>)?\+'T?_GZ;_OT_^%>M?&K_ ))EJ?\
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MYQ22Y?>;O??HGW/'S'&PHU%&2>QZM0.M>4_\+$UK_G_D_P"^%_PH'Q$UK/\
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M&8);:9X)#J*+N0\X\J;BLZV GCH/"4VDYZ)O8PQ-10I2F^AXC17D?_";ZO\
M]!&Y_P"^J/\ A-]7_P"@C<_]]5Y/_$*<P_Y_0_\ )O\ Y$^=_M:GV9ZX.M?F
MCXF\0PZ)<S[OGF,C[8P>>IZ^@K[3'C?5\_\ (1N?^^A7YZ:A(TVH7#N2S-*Q
M+$Y).37I9;X=U,)5YL;44HOI&^MN[:7X?@:T\Q4T^1'[O_L'W;7W['?P[F?
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M_9_3XA?!?Q/J%_J7C71HFU1$@;2]9N=.AN (_F.(V <@XYYQFOL?_AD72?\
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MG_!+;]F>#Q9^Q[HNHZCK'C_1I;JZN72&QU^[L+=TW_*ZQHP7!]0.<5\9G?\
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M#_A4_P 5_P#HKEC_ .$A!_\ 'J\4]4]9HKR;_A4_Q7_Z*Y8_^$A!_P#'J/\
MA4_Q7_Z*Y8_^$A!_\>H X+]K;]G'Q7\5_B7'J.C:>+FU6T2(N;B)/F!.>&<'
MOZ5Y9_PQ'\0O^@.O_@9;_P#QROI#_A4_Q7_Z*Y8_^$A!_P#'J/\ A4_Q7_Z*
MY8_^$A!_\>KW*&?XFC35**5EY/\ S/)K9-0J3=23=WZ?Y'S?_P ,1_$+_H#K
M_P"!EO\ _'*YSXK?\$W/B+\6?"']@K:V>F+=WEN9;JXNHF2"-7!=L(S,2!T
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ML]9KS#]K/X:ZO\5/AC#INBVXN;I;Y)F0R)'A!'*N<L0.K+W[U5_X5/\ %?\
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M 5XM\$_@?X8\=?#R#5M7T^2^U&]O+UYYY+R?=(1=S 9P^.@ _"O::X+]F?\
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MOP*D6C[%N_$:0RC[7.=Z?9+IL??_ +RJ?PKW*N#^-7_(P?#W_L:$_P#2*\H
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M>VGC1'CA_>7DC7,QNKB02WUW(ADBCM;., ^XO^&8_ __ $!/_)RX_P#BZ/\
MAF/P/_T!/_)RX_\ BZ[VB@#R!?A/X?\ A_\ M&>#'TBP^R--IFJL_P"_DDR5
M-H <,QP0'8<?WC7K]<'XP_Y.&\#_ /8+U?\ ]"LJ[R@ HHHH **** "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH *\2^ W[0_@#PI\,K;3]4\<^
M#]-O[6[O5FMKK6;:&:$_:YCAD9P0<$=1WKVVN"_9G_Y(UI__ %]7W_I9/0 ?
M\-4?##_HH_@/_P *"T_^.4?\-4?##_HH_@/_ ,*"T_\ CE=[7S?IOQ9^-'[3
MOBKQ;/\ "[4?AAX$\">$_$%YX;L-=\2:'?>*+KQ?<6;BUU!ULX;S3?[.CM-0
MAO;0&26Y-T8&E588A$]P >I_\-4?##_HH_@/_P *"T_^.4?\-4?##_HH_@/_
M ,*"T_\ CE9FL_M,V_PF^#6D^(_B;H^H>$-;O[MM+.@:5#/XGO;Z]4RY33H;
M"*2ZOHWB@ENDV6ZS"U1I9X+8QSI%S^L_\%&_@]X:^'ND^)=5\3:AI%IK?B!O
M"=K8ZCX=U.SUG^V?L4M]'IDFFRVZWL5Y/;0^9!!)"LER)[40K(UU;B4 [/\
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M %%%% !1110 4444 %%%% !1110 4444 %%%% !7!?LS_P#)&M/_ .OJ^_\
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M_P +JU#_ *)[X\_[\V7_ ,DT?\+JU#_HGOCS_OS9?_)- '>45P?_  NK4/\
MHGOCS_OS9?\ R31_PNK4/^B>^//^_-E_\DT )^SC_P D^U#_ +&CQ%_Z>KZN
M]KP[X!?%V^L/ =XJ>!?&ETLOB'7)Q)#%:;1YFK7<FT[K@'<N[:W&-RG!(P3V
MO_"ZM0_Z)[X\_P"_-E_\DT =Y7R!X_\ VC])^/W[9.B^#-?\+?%_2/!_PV\5
MP-9B3X6^)I].\;ZXJM%;W$MV+!M/CT>QFF6>.>63,E]:072O;P6,4U]]!_\
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M'1++P_K$WC">_;0+BZ\ :S97VG6]G82MHUG:+:R727.JEH;Q'D<Z6?*\L0W
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MX/$=QJR^._'0U&ZMHK.6;S[/+Q1M(Z+C[-CAI9#TS\WTJ]_PI74/^BA>//\
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M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
6HHHH **** "BBB@ HHHH **** /_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>fp01d.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 fp01d.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  (! 0(! 0(" @(" @(" P4# P,#
M P8$! ,%!P8'!P<&!P<("0L)" @*" <'"@T*"@L,# P,!PD.#PT,#@L,# S_
MVP!# 0(" @,# P8# P8," <(# P,# P,# P,# P,# P,# P,# P,# P,# P,
M# P,# P,# P,# P,# P,# P,# P,# S_P  1" %Y < # 2(  A$! Q$!_\0
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M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B
MBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ***
M* "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
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MR?$#2/V@3J5G9>)_ 6G3:E:WTNGQ0"W-[)<(4N421)A&PE;)0;0 #]L:***
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M+KV,OR/$XVFZM&UD[:O^NYYN,S6AA9J%6]VKGVK17Q5_PW_XZ_YXZ#_X"/\
M_%T?\-_^.O\ GCH/_@(__P 77?\ ZHX_^[]__ ./_6/!^?W'VK17Q5_PW_XZ
M_P">.@_^ C__ !='_#?_ (Z_YXZ#_P" C_\ Q='^J./_ +OW_P# #_6/!^?W
M'VK1570[Q]1T2SN),;YX$D; XR5!-6J^9:L['NIW5PHHHI#"OF__ (*M_!"]
M^/O[&VLZ)I_PTUWXS3K=V\K^!=-\='P6OBB)F,,L%QJ 9=L"QS/,T98"0P(O
M.<'Z0KRK]KS]DC1_VQOAI#X=U/Q/\0O!5S8W7V[3M>\$^)+C0=8TR?RI(M\<
M\)PPV2N"DJO&>"4)4$ 'QC_P;463_#_]G?XN^ -1E\2Z'XA\&?$6^2[\ ZO=
M/?+\-+>6*(VND6UVTTWVJW2--RS J'+L2@;<S?+W_!2CX@77Q_\ ^"@G[25W
M\0_@;XQ_:#^&'[,/]@7<.GZ+\2!X1M_AW8_V2VHWNM^5'=QW%]?N7E\I1$JB
M.U91)NS7Z$Z+_P $4_A!H/[#_P 1O@7#J?Q&ETKXMRB\\7^*+GQ))<^*-<O!
MY.;J6\D5E+MY";D$8A8&0&,AW!@_:;_X(B?!_P#:D^*M_P"+-2UCXH>%[GQ-
MIEIHWC*P\*^++C2+#X@6=K"T$$.KQQ\W(2)M@8%&VJ%W;>* /I/]GWXGZ)\;
M?@+X(\9^&9+F7PYXNT"PUK2I+D,)GM+FWCFA+AOFW&-USNYSG/-=?5#PMX8T
M_P $^&=.T;2+.#3M*TBUBLK*T@39%;01H$CC0=E55  ]!5^@ HHHH **** "
MBBB@ HHHH **** "BBB@#\[OVB?^2Z^+/^PI/_Z&:XRNS_:)_P"2Z^+/^PI/
M_P"AFN,K]NP7^[T_\*_(_*L3_&GZO\PHHHKJ, KZQ_X)Q?\ (K>)_P#KZA_]
M :ODZOK'_@G%_P BMXG_ .OJ'_T!J^>XH_Y%L_E^:/:R#_?8_/\ (^DZ***_
M*#]""O&?V\/^2 7'_7]!_,U[-7C/[>'_ "0"X_Z_H/YFO2R;_?J7^)?F<.9_
M[I4]&?$-%%%?LQ^8A1110!+8?\?T/_71?YU^G]?F!8?\?T/_ %T7^=?I_7P7
M&V]'_M[_ -M/K^%MJOR_4****^$/K0HHHH **** "BBB@ HHHH **** /,_V
MP_\ DV_Q-_US@_\ 2B*O@>OOC]L/_DV_Q-_US@_]*(J^!Z_2N#?]SG_B?Y(^
M'XG_ -YC_A_5A1117UQ\V%%%% 'Z:>%/^16TW_KUB_\ 0!6A6?X4_P"16TW_
M *]8O_0!6A7X3/XF?K4/A04445)045\U?M,?M9^*?A)\5[K1=*CTIK.&"*13
M/ SOEER>0P_E7G__  W_ ..O^>.@_P#@(_\ \77T6'X8QM:E&K"UI*^YXU;/
M<+2J.G*]UIL?:M%?%7_#?_CK_GCH/_@(_P#\71_PW_XZ_P">.@_^ C__ !=:
M_P"J./\ [OW_ / ,O]8\'Y_<?:M%?%7_  W_ ..O^>.@_P#@(_\ \77K7[)'
M[2?B'XW>*]5LM933EAL[03Q_9H60[BX7G+'C!KGQ?#>,P]&5:I:R\S?#YWAJ
MU14H7N_(][HHHKP#UPHHHH **** "BBB@ HHHH **** /SN_:)_Y+KXL_P"P
MI/\ ^AFN,KL_VB?^2Z^+/^PI/_Z&:XROV[!?[O3_ ,*_(_*L3_&GZO\ ,***
M*ZC *^L?^"<7_(K>)_\ KZA_] :ODZOK'_@G%_R*WB?_ *^H?_0&KY[BC_D6
MS^7YH]K(/]]C\_R/I.BBBOR@_0@KQG]O#_D@%Q_U_0?S->S5XS^WA_R0"X_Z
M_H/YFO2R;_?J7^)?F<.9_P"Z5/1GQ#1117[,?F(4444 2V'_ !_0_P#71?YU
M^G]?F!8?\?T/_71?YU^G]?!<;;T?^WO_ &T^OX6VJ_+]0HHHKX0^M"BBB@#\
MUO\ @X!_;\\:?L-6'AZX\-?M%>&?@K>ZAI-UJ'AS0+CX?/XBO/'^I6I_>6$M
MY)_HNFVC>=:*9GPX,CMN"H0?M?\ 9D^*OB;Q7^QKX&\:_$&VTBU\77WA*SUC
MQ#;Z/.D]E%>-:++<) Z/(C('W!2LCKC&'8?,?)/^"B7P4_:@^,\-WX?^#7BK
MX&VO@7Q?I?\ 8GB&Q\=:#?7%[IB2>:D]Y92VTOES.8WC"P3Q!0T6?, ; I?!
MK]A;XI?LP_!O]F?X4^!_B%H4_P ,_AOI]UH_Q+CU+3B+_P 6VS6+QP?8V(E^
MSA;IRYCWJ0A0"4B,QR@'R3\'O^"E'[2WAO2OV9?VA/B#XT\':C\(OVI/']CX
M*C^'&F^&D27P7#J)O!I]Q'JAD6:YD'DQM/YD87"L$7G-?KA7YC?L_?\ !&/X
MV:!KOP6^&OQ)^(GPW\2?LY_LT>,(?&/@9+#3+V'Q;KL]LMR;"/4GWK:Q+:O<
M#!A5_.6/#@;C7Z<T %%%% !1110!YG^V'_R;?XF_ZYP?^E$5? ]??'[8?_)M
M_B;_ *YP?^E$5? ]?I7!O^YS_P 3_)'P_$_^\Q_P_JPHHHKZX^;"BBB@#]-/
M"G_(K:;_ ->L7_H K0K/\*?\BMIO_7K%_P"@"M"OPF?Q,_6H?"@HHHJ2CX;_
M &Z/^3A;_P#Z];?_ - %>/U[!^W1_P G"W__ %ZV_P#Z *\?K]FRC_<:/^%?
MD?F.9_[W4]6%%%%>D<(5]$_\$Y_^2@^(/^P<O_HQ:^=J^B?^"<__ "4'Q!_V
M#E_]&+7B\0_\BZKZ?JCU,F_WVGZ_H?7=%%%?D)^D!1110 4444 %%%% !111
M0 4444 ?G=^T3_R77Q9_V%)__0S7&5V?[1/_ "77Q9_V%)__ $,UYOK7C?2?
M#WB'1])O+Z"#4_$$LL6G6Q.9+IHHFED*@?PJBDEC@ E1G+*#^WX%-X>FE_*O
MR/RO$INM.W=FK17.>$?BOH7CK4GM=-NIY91$9X6ELY[>.^A! ,UM)(BI<1#<
MG[R$NF)(SG#ID\7?%?0O NI):ZE=3Q2F(3S-%9SW$=C"20)KF2-&2WB.U_WD
MQ1,1R'.$?'9[.=^6SN9<DKVMJ='7UC_P3B_Y%;Q/_P!?4/\ Z U?%>I_%KP[
MHGB&XTR\U2"TN+2)I)Y9E:.UA*Q&9HVN"/*640@S&(OY@B'F;=GS5]F_\$S]
M035_ FOW42SK%<S6TJ+-"\$@5HV(#1N Z-SRK $'@@&OG>*8R66S;7;\T>QD
M,6L;%M=_R/IJBBBOR8_00KQG]O#_ )(!<?\ 7]!_,U[-7C/[>'_) +C_ *_H
M/YFO2R;_ 'ZE_B7YG#F?^Z5/1GQ#15'Q-K?_  C/AO4-2^R7VH?V?;27/V6R
MB\VYN=BEO+B3(W.V,*,\D@5\S>$M:U"]^$_Q"MY/MVHZUJ'CC1'U"+4[:]L;
M6Z:\.D)/9[KB$2"U),L(C9&9;8Q[E977?^W4,.ZBOZ?B['YQ2HN:OZ'U/17
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M_P :?J_S/RZ_X*"S>()/VI/$2Z]Y^U'4:<&SY8M,?N]G;')SC^+?GG->X?\
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MJX:IR:JN$K.R].NOR]3PG]F'_@J/\"_VN]0M-.\'>/=-?7KW(BT;45:PU!V
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MG2==F\??''Q)\5;;7[:V.G6NI>=(-(*ABS(\\TK?,&4;5VK\F2"2,?/6K_\
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M'J0K2FG[K_K^O)=>D5*T)TE&VJ_K^OZO^JOA3_D5M-_Z]8O_ $ 5H5G^%/\
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M_P!YC_A_5A1117UQ\V%%%% 'Z:>%/^16TW_KUB_] %:%9_A3_D5M-_Z]8O\
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M&R&SL=0N+B*[>2\>X^SZ "D(R?IT]J6B@ HHHH **** "BBB@ HHHH ****
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MF_\ "9?9O$-I+_PB7E>=YG]H[9#]DV?9[C=YVS'D2Y^XV/ /!O\ P31_L?\
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M_ABC]D[3_P#A,OV0/^%9?\+5OO\ B?\ _"&VG_"I_P#D >*V_P"07_:GD?\
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MT^X03.#%OM[A(?3_ /AX1H__  AV[_A _B!_PG__  E?_"$_\*^QI?\ ;O\
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M"DM)+W2S_;MCIMP)].24BQ'V*XM<*L=]I?V*^_=P2/<O-;V\T7U!10 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !11
M10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
&444 ?__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>fp01f.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 fp01f.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  (! 0(! 0(" @(" @(" P4# P,#
M P8$! ,%!P8'!P<&!P<("0L)" @*" <'"@T*"@L,# P,!PD.#PT,#@L,# S_
MVP!# 0(" @,# P8# P8," <(# P,# P,# P,# P,# P,# P,# P,# P,# P,
M# P,# P,# P,# P,# P,# P,# P,# S_P  1" #A > # 2(  A$! Q$!_\0
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M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B
MBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ***
M* "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
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M&3=IV@_;_L<K>7$G^D/_ &C/YK#"-MCVHF&W 'L%%%% !1110 4444 %%%%
M!7B'_!0[X-6W[0'[+FL>$KGP1JGCU=5N;4)8:?8:!?30,DRN)S'KG^A>6-I5
MSM:94=C"!(%9?;Z* /@#]M+]@#4?VD/AU\$X;KP WB[XD?"KPY+H%JFJ:9H>
MN^!8;N[M-/:>34HM:WWMQ:K+80J)K _:\/(N_+.1@_&C]ACQIXA^-T6K:O\
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MO(Y+@E59]N!@$\X/M1]3K<O-;0/K%._+?4[6BBBN8V"BBB@ KQC]H[XJ>//
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M:=,GU2#[0HMCS);6TFU83*Q?:F,G%>V_\'//_)^_A'_L0+/_ -..I5X)X/\
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M37QM_P $"/\ E%?\._\ KXU7_P!.=U7V37XQG'^_UO\ '+\V?IV6_P"Z4O\
M"OR"BBBO..T*_!K_ (.9O^4@FA?]B18_^EE]7[RU^%?_  <<^%=0\=_\%+_!
M^B:3;->:IK/A/3+&SMU8*9YI;^]2- 20!EF Y('-?5<'-+,+O^5G@<2W>#LN
MZ/S?HKT]/V._'Z_M!:C\++G3M&TWQUI4PMKC3M2\1:;8(9B4588YYIT@EE8R
M)M2.1F;)P#@X[[6_^"3'[0'AK6='T_4/ 2V5WKEW-8VJ3Z]IB;9HK6>\=92;
MC$ ^SVT\@,I0,L9VDY&?U"6-P\;<U2*NK[K;OZ'P,<+6E\,'VV>YTG_!#?\
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M?^)?F88K^!/T?Y'X54445_1Y^'!7[ _\$C?^3&O#?_7W??\ I5)7X_5^P/\
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M?W$58<\'#NK'X+^4W]UORH\IO[K?E7[R_P##._P__P"A&\'?^"6V_P#B*/\
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MB_\ P2EUVRT_]ACPA%/>6L,JS7^4DE56'^FSGH37T5_PE6F?]!&P_P# A/\
M&L!/V?\ P'&N!X)\(@>@T>W_ /B*7_A07@7_ *$KPE_X)[?_ .(K\_QN)^L8
MB>(M;F;=O5W/LL+0]A0A1O?E27W(WO\ A*M+'_,2L/\ P(3_ !H_X2K3/^@C
M8?\ @0G^-<;XO_9>\#^*])BM5\+^'+ Q7MI>>;;Z3;J[""YBG,9^3[L@CV,.
MZNPK4_X4%X%_Z$KPE_X)[?\ ^(KE.@WO^$JTS_H(V'_@0G^-?EE_P6FO(M3_
M &LM+DMI8[B,>&;92T3!P#]HNN,BOTO_ .%!>!?^A*\)?^">W_\ B*8_[/?@
M&4Y;P/X08^IT:V/_ +)7L9'FW]G8KZSR\VC5KVW^\\S-LN^O8?V'-RZIWM<_
M!GRF_NM^5'E-_=;\J_>7_AG?X?\ _0C>#O\ P2VW_P 11_PSO\/_ /H1O!W_
M ();;_XBOLO^(B/_ )\?^3?_ &I\Q_J4O^?W_DO_  3\D_\ @F-,MC^W/X#E
MF988EFN]SN=JK_H5P.2:_8[_ (2K3/\ H(V'_@0G^-<\O[/7@%&R/ _@\'U&
MC6W_ ,13_P#A07@7_H2O"7_@GM__ (BOD<_SIYGB(UW#ELK6O?JWV7<^DR?*
M_J%%TN;FN[[6Z)?H;W_"5:9_T$;#_P "$_QH_P"$JTO_ *"5A_X$)_C6#_PH
M+P+_ -"5X2_\$]O_ /$5E^'_ -E[P/H6K:Y='POX<NAK-ZMXL4NDVY2S MH(
M/+C^3A282^/[TCGO7AGK'9?\)5IG_01L/_ A/\:\V_;'\1Z?<_LF_$J.._LY
M)'\,Z@JJLZDL3;OP!FNK_P"%!>!?^A*\)?\ @GM__B*1O@#X$88/@KPD0>QT
M>W_^(K6A5]E5C4[-/[C.K#VE.4.ZL?@OY3?W6_*CRF_NM^5?O+_PSO\ #_\
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%** /_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>fp01g.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 fp01g.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  (! 0(! 0(" @(" @(" P4# P,#
M P8$! ,%!P8'!P<&!P<("0L)" @*" <'"@T*"@L,# P,!PD.#PT,#@L,# S_
MVP!# 0(" @,# P8# P8," <(# P,# P,# P,# P,# P,# P,# P,# P,# P,
M# P,# P,# P,# P,# P,# P,# P,# S_P  1" &Y JX# 2(  A$! Q$!_\0
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M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B
MBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ***
M* "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
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M*RNI;"X>SN4G6WN(F*2PN5)"R(P*LIY4C! K2H **** "BBB@ HHHH ****
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M0_X*?>'3XJ/A/_A7WQ)_X6.+/^VO^$)\O2O[<_L7./[8V_;O(^R=L>=Y^_\
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M*=*;IU%9KHS:G4C4CSP=T?$_[<^J7-I\?+A(KB>-?L4!VI(0/NFO'?[=OO\
MG\NO^_K?XUZW^W?_ ,G 7'_7E;_^@FO&J_8,GBOJ-+3[*_(_-LSD_K=3U9]]
M_LA3O<_LZ>&WD9G<I/EF.2?](E[UD?L'_P#)L.B_]A#5O_3G=UJ?L>?\FW^&
M?^N<_P#Z42UE_L'_ /)L.B_]A#5O_3G=U^4YG_OE7_%+\V?H. _W:G_A7Y'L
M%%%%<)UA1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !117Q
MOH?_  51MM7^-W[5FE:<_A?QAHO[/7A"WU^STOP[<?:=>O+V%]:BU.PN$$A
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M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
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M[Y5_Q2_-GZ%@/]UI_P"%?D?05%?+G[+_ .T1\9/$/[8OC/P)\6;#0/#%BO\
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M=W6I^QY_R;?X9_ZYS_\ I1+67^P?_P FPZ+_ -A#5O\ TYW=?E&9_P"^5?\
M%+\V?H6 _P!UI_X5^1V>D_ /P+H%[XIN;'P5X2LKCQRS/XDE@T>WC?Q S)Y;
M&\(0&X)3Y3YF[(XZ5F^+_P!E'X6_$'6?$.HZ]\-? &MZAXMLDTW7;K4/#UI<
MS:U:HP9+>Y=XR9HE8 A)"5! (%=_17"=94T+0;'PMHMKINF65IIVG6$2P6UK
M:PK##;QJ,*B(H"JH    P *MT44 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !7C_P"P?_R;#HO_ &$-6_\ 3G=U[!7C_P"P?_R;
M#HO_ &$-6_\ 3G=T >"^*/VTOB#IGB74;:'5+58K>ZDB0&RB.%5B!_#Z"JEI
M^VY\1);J-3JMKAG /^@P^O\ NUYIXW_Y'35_^OV;_P!&-5"P_P"/Z'_KHO\
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MVNW@S_=)_P"+]$<O$_\ O$?3]6>K?L3_ /)R&A?]<[G_ -)Y*^[J^$?V)_\
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MKYL_X*._\BMX8_Z^IO\ T!:_,N'/^1C2^?Y,^[SO_<JGR_-'R=7U9_P3?_Y
MGBO_ *[VW_H,E?*=?5G_  3?_P"0)XK_ .N]M_Z#)7WO%'_(MG\OS1\CD/\
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M/^3;_#/_ %SG_P#2B6LO]@__ )-AT7_L(:M_Z<[NM3]CS_DV_P ,_P#7.?\
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M?Y,^F*^(/V[_ /DX"X_Z\K?_ -!-?;]?$'[=_P#R<!<?]>5O_P"@FOD.$/\
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M_G7Z?U^8%A_Q_0_]=%_G7Z?U?&V]'_M[_P!M)X6VJ_+]3SW]JO\ Y-Z\4?\
M7J/_ $-:_/VOT"_:K_Y-Z\4?]>H_]#6OS]KMX,_W2?\ B_1'+Q/_ +Q'T_5G
MK?[#_P#R<5I/_7"Y_P#1+5]TU\+?L/\ _)Q6D_\ 7"Y_]$M7W37A<8?[\O\
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M_AG_ *YS_P#I1+67^P?_ ,FPZ+_V$-6_].=W7X;F?^^5?\4OS9^EX#_=:?\
MA7Y'L%%%%<)UA1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M!7GUE^U)X(N?B;KO@^?5+W2O$'AVQGU2ZM]6TF\TR.>S@\D3W=M-<11Q7=O$
M;B!9)K=Y(T:5%9@2!7H-?-'C#]C'QY\7/$OQ5L?'WC7P-XJ\!?%/2-0\+M86
MWA.\TS6="T:Z5H_LL5]_:4T4F(F<.5M86EED64L%AC@H Z8?\%&_A&?#AU+^
MW/$&!<_9C9?\(CK']IA=N_[3]B^R_:?LGE@R?:O*^S^7\_F;/FKIO _[8'P[
M^)/Q,_X1+0_$#ZAJKQ&6WF33KH:=?E4$CQVU\8A:W$J(0SQ0RO)&I!95!S7A
MC?\ !-#Q6?CR?C)_PLOP\/C,?#Q\#?VX/!\W]F#PYYHE^R_8/[1_X^_,_>?:
MO.V^8?\ 4^7^ZJ[^RE_P2KT;]DB;X=>'M!\01S?"_P"#VH7VN>"] ?3Y?[1T
M[4KZVO+:ZEN+]KEA<Q>7J%YLB\A"AG)+OM0* ?6->/\ [!__ ";#HO\ V$-6
M_P#3G=U[!7C_ .P?_P FPZ+_ -A#5O\ TYW= 'Q?XW_Y'35_^OV;_P!&-5"P
M_P"/Z'_KHO\ .K_C?_D=-7_Z_9O_ $8U4+#_ (_H?^NB_P Z_<Z?\->A^3S^
M-^I^G]<%^U#_ ,F_^*O^O(_^A"N]K@OVH?\ DW_Q5_UY'_T(5^+Y?_O5/_$O
MS/U#&?P)^C_(_/BO5OV)_P#DY#0O^N=S_P"D\E>4UZM^Q/\ \G(:%_USN?\
MTGDK]=S;_<JW^&7Y,_-\O_WJG_B7YGW=7S9_P4=_Y%;PQ_U]3?\ H"U])U\V
M?\%'?^16\,?]?4W_ * M?F7#G_(QI?/\F?=YW_N53Y?FCY.KZL_X)O\ _($\
M5_\ 7>V_]!DKY3KZL_X)O_\ ($\5_P#7>V_]!DK[WBC_ )%L_E^:/D<A_P!^
MA\_R9],5\0?MW_\ )P%Q_P!>5O\ ^@FOM^OB#]N__DX"X_Z\K?\ ]!-?(<(?
M[\_\+_-'TG$G^Z?-?J>-5]\?L>?\FW^&?^N<_P#Z42U\#U]\?L>?\FW^&?\
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M\C&E\_R9^A9W_N53Y?FCY.KZL_X)O_\ ($\5_P#7>V_]!DKY3KZL_P"";_\
MR!/%?_7>V_\ 09*^]XH_Y%L_E^:/D<A_WZ'S_)GTQ7YN_P#!4S]E3P%\<OVB
M9KCQ%X>MKF]2RM\7<+M;SGY3PSQD%A[-G':OTBKX@_;O_P"3@+C_ *\K?_T$
MU\CP>VL<[?RO\T?1\2?[I\U^I\!6_P#P2I^&T7B9[Q[KQ))9%]ZZ>;M!$O\
ML[PGF%?^!9]S7ZC?\$[/V./A7\&?@;X:U?PWX!\+Z=KA6=CJWV%)M18^=(O-
MS(&FQ@ 8WX]J^4:^^/V//^3;_#/_ %SG_P#2B6OH^,:LU@HV>\E^3/$X9A%X
MIW7V?U1Z97YG^-_^1TU?_K]F_P#1C5^F%?F?XW_Y'35_^OV;_P!&-7E<%?'5
M]%^IZ'%/P4_G^AR'Q ^%F@_&3PY)H/B/3X=1TV[8!D?AHSGAD8<JP[$'-?)O
M_!3O_@BAXU_8BU"]\4^%4O/&7PP>1Y%O(8B][H<?4+>(HQL .!,ORG;\PC)
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M_P!?LW_HQJH6'_']#_UT7^=?N=/^&O0_)Y_&_4_3^N"_:A_Y-_\ %7_7D?\
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MJ^-MZ/\ V]_[:3PMM5^7ZGGO[5?_ ";UXH_Z]1_Z&M?G[7Z!?M5_\F]>*/\
MKU'_ *&M?G[7;P9_ND_\7Z(Y>)_]XCZ?JSU;]B?_ ).0T+_KG<_^D\E?=U?F
MK\,_VFO!/[*'Q%L/%GCO7;71-)LH+IAO^>>Y;R' CBC'S2.20  ._.!S7RE_
MP4#_ .#AKQS^T E]X:^$T-[\/?",WR-J9?;KMZN.?G1BMLISTC)?@?O!DK66
M>Y+B<?CX^Q7N\JNWMN_Q\C3*<TH83!OVCUYG9==D?;'_  68_P""@_PX^ VD
M:1H$FL6^O>+[.YDDET/39EEN+4%!CSSG$(.1PWS$'(4U^*'[1G[3GB/]I;Q4
MM_K+I;6ENNRUT^W=_L]N 6^;:2<N=V"W4X'0#%5/A7\"_&W[2/B:<Z)INH:O
M++<9OM2G+&"&20EBTT[<;CAFY)9L' )K[B_9M_X)M^%_A&T&J>)C%XJUZ/YE
M62/_ $&V/^S&?OD<_,_L0H(S7UF5X"& PT:"?-;KZGSV/Q<L77=9JUST[_@W
M$_8)M+OQ5JOQD\66,HU+1D2#PS:3I@1"=9 ]X0><E04C]F9N<H1^Q-?,/_!-
MI0FG>+@   ]H  .G$U?1?B[QIH_@#0IM4UW5=.T;3;<9EN[ZY2WAC^KN0!^=
M?FG$KJULTG!7;T26_1:+YL^ZR*,*> C+;=O[V?%W[='_ "<+?_\ 7K;_ /H
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M]\<Y]N?BN(.',=5Q<\31CS1=MGKHDMG^A]1D^=86GAXT*KLU?IINSZ._;O\
M^3@+C_KRM_\ T$UXU63\8O\ @IE\&OVH/BJ^K>'O%L%E'+;0Q>3K$9T^57 (
MQF3"'_@+&I]#\4Z9XG%P=-U&QU 6DI@G^S7"2^3( "4;:3M;!!P>>17U^5TI
MT\'2A-6:BCYO,)QGB9R@[IMGZ#_L>?\ )M_AG_KG/_Z42UE_L'_\FPZ+_P!A
M#5O_ $YW=:G['G_)M_AG_KG/_P"E$M9?[!__ ";#HO\ V$-6_P#3G=U^29G_
M +Y5_P 4OS9^BX#_ '6G_A7Y'L%%%%<)UA1110 4444 %%%% !1110 4444
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M1C&1C'OFOS_#<'8ZE6A4E*-DT]WT?H?8U^)<+4I2@E*[36R_S/N6O5OV)_\
MDY#0O^N=S_Z3R5^/EY_P4Y^*UT+?;?Z1!Y,RROY>GI_I"@Y\MLY^4]]NUO>O
M9_V;_P#@N/XB^"GQ)TWQ!J_@+1=>^Q"57@L[^6P\S>C)PS+-C&XGH<^U?<YA
MAJE7"U*<%=N+2^:/D\%6A#$0G/1)I_B?T%5\V?\ !1W_ )%;PQ_U]3?^@+7R
MS\//^#H7X6ZQ';KXG^'OCG0II"1,;"6VU&*$=B&9X6;W^3\ZB_:9_P""T/P"
M_:0\/>'(-'\2:GIMW!/+)-!JFE30>5N50 SJ&C['^+'O7Y[DV2X[#X^G.M3:
M2OKNMGV/LLTS/"UL'.-.:;T_-$-?5G_!-_\ Y GBO_KO;?\ H,E?!5A^V'\+
MM1OTMX_'7AU9)(6G!ENA%&%#;2"[84-GHI.XCD CFOIC]@W]OOX*> M'\1KK
M'Q2\$:<]U+ T*3:K$K2A1)G SD]1^=?7<24ISR^<()MZ;>J/G,CJ1CC(RD[+
M7\F?>M?$'[=__)P%Q_UY6_\ Z":]8U3_ (*N_L]Z1;QRR?$K3)4E!*FVLKNY
M]>HCB8CIW_K7P[^VQ_P4[^&GBWXMW.JZ%-J.HV9MHHDFEA%HCE1@_P"M(;'_
M  &O/X+X0SN>*=;ZI44.5^\XN,=U]J5E^)[/$>9X1X;DC5BW=:)IOKT1TM??
M'['G_)M_AG_KG/\ ^E$M?C?I/_!3/PS?73+-I\42!MH*:FC,WX,J_H37V_\
MLG_\%GO@OX<^$FC:%J]QXCTNZL%D665M/$\!+2.XVF%W8C# <J.>U?4<5\$Y
MW7PD8X;#NHU*_N.,^C_D;/$X>S3"TL0Y59J*MUTZKN??M?F?XW_Y'35_^OV;
M_P!&-7U[X._X*6_ CQT5^Q?$[PW!NZ?VA(^G>G7[0L>.O?\ I7QEKGBS2_$W
MBW5)=-U*PU".2\E='MKA)58%V((*DY%?+<,9+F."J55C:$Z>B^*,H]^Z1ZO$
M6+H5H4W1FI;[-/MV%L/^/Z'_ *Z+_.OT_K\D/B9\??"'P,@2[\3Z[9:9@"5+
M=GWW,X!_@B7+MZ9 QZFN0_;+_P"#F+7_ !4EYHWP3\.?\(U92)L7Q!KD<<^H
M9XRT5L"T,?< N9<@YVJ:KB3*<3CITHT%MS7;V6QSY'F-#"0J2K/>UEU>Y^G7
M[>OQ<\,?!W]F'Q)J'BG7M+T&TN(E@@>\N%B-Q(74B.-3R[X!.U03@$XXK\1O
MVB_^"I^]H['X;PRH8;C,^I7]NI2=!_#'&<G!/\38/'09S7R[\0?B;X]_:I^)
M9U/Q%JWB'QOXHU)MJO.[W4[=PD:\[5'95 4#H!7N/P,_X);>*_&Q@O?&%U'X
M7TYCEK52)K]QVX'R)GW)(QRM>QD>4++Z#ISES-NYYN:YD\;54XQLDK'A+W/C
MC]IWXF6]LJZ_XU\5:LYBM;6"*2[N9CRVR*) 2 !D[5   /  K]-?V /^#;F]
MUY;3Q+\?+U]-LW198?"FE77^E,<@XN[A00@P#F.$EOF'[Q""M>L?\$T_@+X
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M7^ ?_!&#X'?M6Z1XD.I:3JWAR\L6A$%SH=\8"GF"7.8Y \9P5!'RCIZ5Y?\
M'3_@UU\4Z3&UQ\-_B5HNM##-]C\06<EA( .BK+%YJN3TY1!GN!T^_P#_ ()N
M?\>/B_\ ZZ6G\IJ^G:^>S?/L=A,PJ0HS]U6T>JV1[66Y1A<1@X2J1UUUV>[/
MY>?V@_\ @G1\9?V8_$TVE^*?!.H^;"@E,NFLFHQ&,Y(<M 7VC )^<*1W KUG
M_@D_X7\6:5X_\07;VM]:>%I[#9,9XF2*>Z$B^7LSC+*OFY(Z!N>HK]3OV[_^
M3@+C_KRM_P#T$UXU7W> Q<\1A859K623/DL7AXT<1*G#9-H^^/V//^3;_#/_
M %SG_P#2B6LO]@__ )-AT7_L(:M_Z<[NM3]CS_DV_P ,_P#7.?\ ]*):R_V#
M_P#DV'1?^PAJW_ISNZ_'<S_WRK_BE^;/TK ?[K3_ ,*_(]@HHHKA.L**** "
MBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ***\(MOVZ--T;1OVD-
M7\3Z'<:!H?[.-_-#J5RES]LDU.SBT&QUI[I8T0;#Y5X5$8+D^6"2"VQ0#W>B
MOC\?\%,O%G_"^#\&_P#A6.@?\+F_X1[_ (3G^P_^$PE_LP^'/-\K[5]O_L__
M (^_,_=?9?)V^8?]=Y7[ZKW[*/\ P57T;]K>?X<>(=!\.K#\+_C%J%]H?@S7
MWU"3^T;_ %*RM;RZNHKFP:W46T02PO DOGN7: @H@="X!]95X_\ L'_\FPZ+
M_P!A#5O_ $YW=>P5X_\ L'_\FPZ+_P!A#5O_ $YW= 'PQ\;O 6B_$G5=;TO7
MM,L]6T^6_E9H+F(.NX.V&&>C#)P1R,UY3;?L%_".XN(8V\%6&W<%XN)P2"?7
MS,U[+\3M4AT37_$-Y<%E@M+BYFE*J6(569C@#D\#H*\:MOC]XF^(%U&G@;PC
M=7$;.-FHZI^XMNO4#(W#Z-GVK^B,JRC%8REST;*,;7E)J,5IU;:^[?R/R'$5
M80J6EO?;=GW!<?\ !"#]E*2W"GX6! BD!E\2:L".IR3]JYZ]\_E7RK^UK^Q'
M^PA\"O"&I6-@LVH>,%C,=I9:1X@O=1F$V0,/MD,2$>CLOT-?3X_X)W?$[]HL
M^=\=?C)J^HV$O+^&_"H^PZ=C^Z[[0)!SCYHMW7YN:[[Q7^QQ\,OV:_V>/$__
M  AO@_2-*NEL"IOC'Y]ZXR,YGD+28/INQ[5\1@ZN58&O".+QU3%3NO=I-QI[
M]:E17:[\M.SZ2/LL3AZM:E*5+#PIJSUDDY?*,=OG+Y'XQG]@RP^(2$^'?!.H
MZ%9D';=ZSJCB1_0B/ (_)A71?"C_ ((M:_\ %GQE::#I^I^'8KR]5V1[O4+A
M8UV(7()2 GHIZ \U]@5ZM^Q/_P G(:%_USN?_2>2OT#,.)_J^&J5,+A:45&+
M:O%S>BZN3=_P]#XW"8%5:\(5)-W:3UMU\CY#N/\ @V>^(MG9R2)K/P^NI54E
M8AJ]\I8CL#]E R??BO$/C]_P1Y^)O[.4=K-JOP^CU6VO"RQS6'B""125 )&U
MI%DSS_=K^AFOFS_@H[_R*WAC_KZF_P#0%KXO)O$K,J^+A0J4:%G?_ES#LWV_
M.Y]/F?#.$HX:56FY77]Y]S\$+S]GSQ+H>HB"+X/>*I;AAD%K>::$?5P&3\,U
MT?@G]E+]H#XAAT\)?"'7O+1MCM::2<1'!(#L<*N<'&0,XXK]&Z^K/^";_P#R
M!/%?_7>V_P#09*^MSCCK-,%A)5\,XP:M\$(PW=MXI/\ $^=RW)Z.)Q$:-2]G
M?K?IYGXM1_\ !*#]KCQ?%N_X5IXH57;:5DO;2TS]5:5>/PQ7$^+/^"7GQX\&
M:T;+6? D]A>[1(T<^JV6\*>A/[XFOZ<Z^(/V[_\ DX"X_P"O*W_]!-?%97QE
MF&:XOV>,=]&[MR;Z=VSW<SX?P^#H>TI-WO;I_D?B;J7[ 'Q>TJ/=)X,N7&"<
M0WMK,?R20FJLG["WQMLM(35$^$WQ)ETYHS*M[:^';N>W"ABI/FQH5&"I'6OU
M7K[X_8\_Y-O\,_\ 7.?_ -*):[L[SJI@*,:T(IMNWX-_H<&599#%U73D[65_
MQ1_,!K5MXS^'<JQZG!XCT9B,K'>Q30Y'KM<"BR^,OB"SQF\68#M)$I_4 ']:
M_K'NK6*^MGAFC2:*0%71U#*X/8@\&ORQ^*/PA\)^)/&VL'4?"_AV_)NYD)N=
M-AERN\\?,IXKNX;X]S'$.4:4YT^6VTW9W\M!9OP_3PJBVU*_D?E3X(U[Q-\7
M]?33M,\)6_B:_8 >5;V+2NJY RQY"KD@9. *_1KX)_\ !N/XN\?>##?^/=0\
M)>"-5E"-#IME"^I.@/WA,Z-&B,/1#(#_ 'A7>>!_!6C>!A%:Z)I.F:/:F56,
M-C:I;QDYZ[4 %?JE3XH\0\[PBIQI5(OFO?FA">UOYHON;9#D.$Q+FZR>EMFU
MO?LS\R-$_P""</QF_88^ WB&R\&ZY\))- DA#:BSZ0T.I7B;P0&G$)D?!X >
M3 !/2O&6UOXQVZF$Z/X2G9OE6X25E"?[1!?G\!VK]6_VJ_\ DWKQ1_UZC_T-
M:_/VM.&.+ZN+H3JXG#492YMU34;Z+?D<2,^RR&'JQITIRM;O?J^]S%_93_8U
MA^/7QXT2V^*FLWGB>TE\V5],MI6M;(%(G<+\FUB,J.5V$]Z_4#X<_"[PY\(?
M#4>C^%M#TO0-,BY6VL+98$)_O$*!N8]V.2>YKXO_ &)_^3D-"_ZYW/\ Z3R5
M]W5\;X@Y]C\9B84*U1^S44U!>[!:O:*M%/SM<]_A7"488>52,?>OOUV77<^<
M?^"C?_(E^&_^OV3_ -%U\DU];?\ !1O_ )$OPW_U^R?^BZ^2:]+A;_D70]7^
M9X_$'^^R^7Y'U/\ \$W/^/'Q?_UTM/Y35].U\Q?\$W/^/'Q?_P!=+3^4U?3M
M?#<2_P#(RJ_+_P!)1]9D?^XP^?YL^&_VZ/\ DX6__P"O6W_] %>/U[!^W1_R
M<+?_ /7K;_\ H KQ^OTG*/\ <:/^%?D?#YG_ +W4]6??O[)'_)NOAC_KA)_Z
M.DKT>O./V2/^3=?#'_7"3_T=)7H]?DV9?[W5_P 4OS9^B8'_ ':G_A7Y'YG^
M-_\ D=-7_P"OV;_T8U4+#_C^A_ZZ+_.K_C?_ )'35_\ K]F_]&-5"P_X_H?^
MNB_SK]FI_P ->A^8S^-^I^G]<%^U#_R;_P"*O^O(_P#H0KO:X+]J'_DW_P 5
M?]>1_P#0A7XOE_\ O5/_ !+\S]0QG\"?H_R/SXKU;]B?_DY#0O\ KG<_^D\E
M>4UZM^Q/_P G(:%_USN?_2>2OUW-O]RK?X9?DS\WR_\ WJG_ (E^9]W5\V?\
M%'?^16\,?]?4W_H"U])U\V?\%'?^16\,?]?4W_H"U^9<.?\ (QI?/\F?=YW_
M +E4^7YH^3J^K/\ @F__ ,@3Q7_UWMO_ $&2OE.OJS_@F_\ \@3Q7_UWMO\
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MP/7WQ^QY_P FW^&?^N<__I1+7T/&7^YP_P 2_)GB\,_[U+_#^J/3*_,_QO\
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MTC2XO)MH%=GVC))+,Q+.Q)+,S$LS$DDDDULT44 %%%% !1110 4444 %%%%
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MBZ'J_P SY_B#_?9?+\CZG_X)N?\ 'CXO_P"NEI_*:OIVOF+_ ()N?\>/B_\
MZZ6G\IJ^G:^&XE_Y&57Y?^DH^LR/_<8?/\V?#?[='_)PM_\ ]>MO_P"@"O'Z
M]@_;H_Y.%O\ _KUM_P#T 5X_7Z3E'^XT?\*_(^'S/_>ZGJS[]_9(_P"3=?#'
M_7"3_P!'25Z/7G'[)'_)NOAC_KA)_P"CI*]'K\FS+_>ZO^*7YL_1,#_NU/\
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MAS_D8TOG^3/N\[_W*I\OS1\G5]6?\$W_ /D">*_^N]M_Z#)7RG7U9_P3?_Y
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M_DXK2?\ KA<_^B6K[IKPN,/]^7^%?FSUN&O]T?\ B?Y(^<?^"C?_ ")?AO\
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MQE_N</\ $OR9XO#/^]2_P_JCTROS/\;_ /(Z:O\ ]?LW_HQJ_3"OS/\ &_\
MR.FK_P#7[-_Z,:O-X*^.KZ+]3NXI^"G\_P!"A8?\?T/_ %T7^=?I_7Y@6'_'
M]#_UT7^=?I_5\;;T?^WO_;2>%MJOR_4\]_:K_P"3>O%'_7J/_0UK\_:_0+]J
MO_DWKQ1_UZC_ -#6OS]KMX,_W2?^+]$<O$_^\1]/U9ZM^Q/_ ,G(:%_USN?_
M $GDK[NKX1_8G_Y.0T+_ *YW/_I/)7W=7A\8_P"^Q_PK\V>KPS_NLO\ $_R1
M\X_\%&_^1+\-_P#7[)_Z+KY)KZV_X*-_\B7X;_Z_9/\ T77R37U7"W_(NAZO
M\SY_B#_?9?+\CZG_ .";G_'CXO\ ^NEI_*:OIVOF+_@FY_QX^+_^NEI_*:OI
MVOAN)?\ D95?E_Z2CZS(_P#<8?/\V?#?[='_ "<+?_\ 7K;_ /H KQ^O8/VZ
M/^3A;_\ Z];?_P! %>/U^DY1_N-'_"OR/A\S_P![J>K/OW]DC_DW7PQ_UPD_
M]'25Z/7G'[)'_)NOAC_KA)_Z.DKT>OR;,O\ >ZO^*7YL_1,#_NU/_"OR/S/\
M;_\ (Z:O_P!?LW_HQJH6'_']#_UT7^=7_&__ ".FK_\ 7[-_Z,:J%A_Q_0_]
M=%_G7[-3_AKT/S&?QOU/T_K@OVH?^3?_ !5_UY'_ -"%=[7!?M0_\F_^*O\
MKR/_ *$*_%\O_P!ZI_XE^9^H8S^!/T?Y'Y\5ZM^Q/_R<AH7_ %SN?_2>2O*:
M]6_8G_Y.0T+_ *YW/_I/)7Z[FW^Y5O\ #+\F?F^7_P"]4_\ $OS/NZOFS_@H
M[_R*WAC_ *^IO_0%KZ3KYL_X*._\BMX8_P"OJ;_T!:_,N'/^1C2^?Y,^[SO_
M '*I\OS1\G5]6?\ !-__ ) GBO\ Z[VW_H,E?*=?5G_!-_\ Y GBO_KO;?\
MH,E?>\4?\BV?R_-'R.0_[]#Y_DSZ8KX@_;O_ .3@+C_KRM__ $$U]OU\0?MW
M_P#)P%Q_UY6__H)KY#A#_?G_ (7^:/I.)/\ =/FOU/&J^^/V//\ DV_PS_US
MG_\ 2B6O@>OOC]CS_DV_PS_USG_]*):^AXR_W.'^)?DSQ>&?]ZE_A_5'IE?F
M?XW_ .1TU?\ Z_9O_1C5^F%?F?XW_P"1TU?_ *_9O_1C5YO!7QU?1?J=W%/P
M4_G^A0L/^/Z'_KHO\Z_3^OS L/\ C^A_ZZ+_ #K]/ZOC;>C_ -O?^VD\+;5?
ME^IY[^U7_P F]>*/^O4?^AK7Y^U^@7[5?_)O7BC_ *]1_P"AK7Y^UV\&?[I/
M_%^B.7B?_>(^GZL];_8?_P"3BM)_ZX7/_HEJ^Z:^%OV'_P#DXK2?^N%S_P"B
M6K[IKPN,/]^7^%?FSUN&O]T?^)_DCYQ_X*-_\B7X;_Z_9/\ T77R37UM_P %
M&_\ D2_#?_7[)_Z+KY)KZOA;_D70]7^9\]Q!_OLOE^1]3_\ !-S_ (\?%_\
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MUK_Y$KIQN<XO%P5.O*Z3OLE^1AA<LP^&GST8V>V[.0\*?M%?$?QKH46HZ?\
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MXPEU)U&\G[SL.*['P[\<_#OAS2([-;?XC72Q%B)+CP5K+.=S%L<6@  S@
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MF/K85-0KU.5[Z.WY'TO_ ,*H^/7_ $/>@_\ ?1_^1J/^%4?'K_H>]!_[Z/\
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M:7I&3CKS>T ;FNV>LMXTTVYM(87TN!,7&-0DCE=F;;_J=AC9%4L^=P8L% P
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M_B*^\+>%)[W3K26_O(L>7;1VSSM-ZJ A&..YX[=Q0!PB?"GQRINY1XD1)C)
M+<&^N9%,2N&D#YPH=C'&=RITDF3 4KM]8K@;GXF:RGCX6$.DWMQI2W8MI+G^
MR;F,J=\:G:S?(R?O"WFYVXADPI^0MWU '!?LS_\ )&M/_P"OJ^_]+)ZGU+PM
MXBO]5U^(W!BT[4DB:R:#4Y8Y;9XWRP+;"4$BG^ <;6&>017_ &8XEA^"^G*B
MA5%U?8 & /\ 3)ZVO%OBW4= \26%O::9=:E;3Q3/.(+9B8RD3N@\PD1@NRA
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MG/\ LKR>@YKB9/&WB2?2]+O(+55CN;.XNKB*71[D2J58+%&5WAHY&,D>4*L
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M7^#=/O=)\-VUMJ#I)=0[E+)-)-N7<=F7D^9FV[<D]3G  P*Y;]F?_DC6G_\
M7U??^ED]=[7 _LQQK%\&-/"@*/M5\< >M[.: .^HHHH **** "BBB@ HHHH
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M_P BT?\ "8?$/_H1]!_\*9O_ )%KF-CO**X/_A,/B'_T(^@_^%,W_P BT?\
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MXYY^M-MO#FMV=M##%\)/ <4-O&(HD35HU6)   J@6> , # ]* -S]J)2_P
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M/\/Q+H$MQ(T9\1L3-YL+18!^S<8W9H ].\1:ZOAO2VNW@GN$1E4I#MWDDX&
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MO(,Y))^S<Y\X=N-OO0!WWB3X@6WA>YFCN+:]<Q1Q.IA5'\UI)5BC0#=D,SL
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44 %%%% !1110 4444 %%%% '_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>fp01i.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 fp01i.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  (! 0(! 0(" @(" @(" P4# P,#
M P8$! ,%!P8'!P<&!P<("0L)" @*" <'"@T*"@L,# P,!PD.#PT,#@L,# S_
MVP!# 0(" @,# P8# P8," <(# P,# P,# P,# P,# P,# P,# P,# P,# P,
M# P,# P,# P,# P,# P,# P,# P,# S_P  1" /_ JP# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#\CM?_ &7+
M/1OV/_#WQ8@\0:5?_P!M>);OPW<:-%8RK-I<L$$<X:25U",7216 CW !ERV[
M<B]?\,OV)O"?Q*_9!O/B/'X\%GXAM_$UCX1C\.S: B02:A>K=26H:_>X2..)
MHK25GD= (S@'(RP^T/"7_!&K_@HQX(^#^D> [#X1^#_^$7T/4Y=9M+:Y7P7=
MRB\D4H\SW$K--*Q0[/WCL-J(H&$0#'^$W_!#;_@HI\#=,L;/PK\.5TFWTSQ1
MIWC.U5?$GAR4Q:MIZS+:7(9[EC^[%Q,-A.QM_P RM@8_M.KQ=D$J4E#&8=24
M[Q?NZPO\,OW>GNZ:7?GU?SRH5=/=?]?,^3/B#_P2I^+7PRT+Q?JNJ^'-%CTO
MP)96NI:W=QZK:/'96UU TUI,</G;/M:*/C+3#R\;R!77WG_!(O6;K]D'P/\
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MX%??/_$,K^VS_P!$;B_\*_0__DRC_B&5_;9_Z(W%_P"%?H?_ ,F4?ZZ<&?\
M011_#_(/J^([,^!O[/M_^>$/_? H_L^W_P">$/\ WP*^^?\ B&5_;9_Z(W%_
MX5^A_P#R91_Q#*_ML_\ 1&XO_"OT/_Y,H_UTX,_Z"*/X?Y!]7Q'9GP-_9]O_
M ,\(?^^!1_9]O_SPA_[X%??/_$,K^VS_ -$;B_\ "OT/_P"3*/\ B&5_;9_Z
M(W%_X5^A_P#R91_KIP9_T$4?P_R#ZOB.S/@;^S[?_GA#_P!\"C^S[?\ YX0_
M]\"OOG_B&5_;9_Z(W%_X5^A__)E'_$,K^VS_ -$;B_\ "OT/_P"3*/\ 73@S
M_H(H_A_D'U?$=F? W]GV_P#SPA_[X%']GV__ #PA_P"^!7WS_P 0RO[;/_1&
MXO\ PK]#_P#DRC_B&5_;9_Z(W%_X5^A__)E'^NG!G_011_#_ "#ZOB.S/@;^
MS[?_ )X0_P#? H_L^W_YX0_]\"OOG_B&5_;9_P"B-Q?^%?H?_P F4?\ $,K^
MVS_T1N+_ ,*_0_\ Y,H_UTX,_P"@BC^'^0?5\1V9\#?V?;_\\(?^^!1_9]O_
M ,\(?^^!7WS_ ,0RO[;/_1&XO_"OT/\ ^3*/^(97]MG_ *(W%_X5^A__ "91
M_KIP9_T$4?P_R#ZOB.S/@;^S[?\ YX0_]\"C^S[?_GA#_P!\"OOG_B&5_;9_
MZ(W%_P"%?H?_ ,F4?\0RO[;/_1&XO_"OT/\ ^3*/]=.#/^@BC^'^0?5\1V9\
M#?V?;_\ /"'_ +X%']GV_P#SPA_[X%??/_$,K^VS_P!$;B_\*_0__DRC_B&5
M_;9_Z(W%_P"%?H?_ ,F4?ZZ<&?\ 011_#_(/J^([,^!O[/M_^>$/_? H_L^W
M_P">$/\ WP*^^?\ B&5_;9_Z(W%_X5^A_P#R91_Q#*_ML_\ 1&XO_"OT/_Y,
MH_UTX,_Z"*/X?Y!]7Q'9GP-_9]O_ ,\(?^^!1_9]O_SPA_[X%??/_$,K^VS_
M -$;B_\ "OT/_P"3*/\ B&5_;9_Z(W%_X5^A_P#R91_KIP9_T$4?P_R#ZOB.
MS/@;^S[?_GA#_P!\"C^S[?\ YX0_]\"OOG_B&5_;9_Z(W%_X5^A__)E'_$,K
M^VS_ -$;B_\ "OT/_P"3*/\ 73@S_H(H_A_D'U?$=F? W]GV_P#SPA_[X%']
MGV__ #PA_P"^!7WS_P 0RO[;/_1&XO\ PK]#_P#DRC_B&5_;9_Z(W%_X5^A_
M_)E'^NG!G_011_#_ "#ZOB.S/@NQTVW:]A!@A(+KD;!ZU+K>F6T>LW8%O  )
MG  C''S&OO.U_P"#9K]MB&YC<_!N/"L"<>+]#]?^ORO+]$_X(X?M'_$71K3Q
M!I/PZ^T:5KL*:C92MK^EH989E$D;%6N01E6!P1D5PSXQX/\ KD)K$4>7EEVW
MO"W3R97U>OR[,^4O[/M_^>$/_? H_L^W_P">$/\ WP*^MO\ AQ]^T_\ ]$T7
M_P *+2O_ ))H_P"''W[3_P#T31?_  HM*_\ DFN[_73@S_H(H_A_D3]7Q'9G
MA?[*_P"S?_PT_P#'71?!L5W::);WPGN]1U66U,\>DV-M!)<W=TT:_,XB@AE?
M:,%MN <FO9=9_P""-WQ5LO$OC2UMK?P4=-\%ZYJFBS:CJ/B+3]*2\73S:M<7
M<27,J.UNL-[:S%P" DR]20#WWP9_X)=?MH?L\:[J.J^"/"=YX9U75-.ETJ:_
ML?$>D1W26\C(TBQ2_:-\+-L4%XRK[2R[MK,#Z!XX_9:_X*$?$K3'M=>TN754
MEL+K39I9]2\/-/<PW-G864_FS>9YDDCV^EV*&5V,G[C=NW.[-\_C^,,E>*4L
M%B\*J5MI*[OWTBO3XO,TCAZG+[T7<^<++_@C]\;+[6?[+'A+18]9_MO^PO[,
MDUNP6],G]L+HAN!#YNXVHU-UMC.!Y>\GG:"PR_ '_!+'XL?$KP>NN:9H'A_[
M#-80:A;?:M<L;66]69-0DBBA2216EF==,O2(E!;$73D5]<WOP1_X*,7]T]T^
MF1#47U@ZY_:,<_AF.^6X.J#5RBW"L)%M_P"T5%U]F#"#S1N\NJNN?LZ_\%"M
M>U.UN6\/:;9_89K:>U@L!X6LK:U:VBOX8!'#"5C54CU.^7:%P?/R02B%>-<9
MX'D:>)P5[Z?%:WW=?P\^E?5Y7VD?*_B'_@FKKW@WXY7O@*_U#0-2U6#P$OCN
M*70+FUU*$PR::E_'#*QFC$9VNH8Y9L$2(DJ.A;#^,/[ GB']F+XK^'/#GQ/;
M2/#MIKUQ<V[ZAI,]OX@%L]M<O;7,6RUD;,\<T90Q%E(8C)&<CZ<F_80_;HF\
M:VWB+_A$K1-<MO"L?@H7D5WX<CDFTI+86B0RE9!YSBW"Q":3=-L1!O\ D7%^
M?]C?]O>[^+WASQW/X;M[CQ3X2UJ^\1:3>377AN1;2_O;IKNYG\IG,3%KAVD
M="J'&P*  .F'&&3J4>;%X5KE][H^:SLXOE:2O:]T].G1KZO4L_==SSSXO_\
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MCX5_"#PYX7\-_#RVTFX\-7&J>1J:ZYHL\TMI?O8RR6C)+.R;%GL4E5@ V99
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M //"'_O@5U'P2^"E[\>_C%X6\$:':V[ZQXMU:VTBS#(-HEGE6-68]E!;)/8
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M\/@H  U;6\ #I_Q,[BOP+_X<??M/_P#1-%_\*+2O_DFOZ%_^#<#X4Z]\#O\
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M/^&+/"7_ $'?BW_X=#Q+_P#)U'_#%GA+_H._%O\ \.AXE_\ DZ@#UNBO)/\
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M#.FR,L7C?68HP3:Q$A46Z"J.> H '0"@#WZBO._^&8?#O_05^(G_ (7FM_\
MR71_PS#X=_Z"OQ$_\+S6_P#Y+H ]$HKSO_AF'P[_ -!7XB?^%YK?_P ET?\
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MKE0Y 7YB0IZW_AF'P[_T%?B)_P"%YK?_ ,ET?\,P^'?^@K\1/_"\UO\ ^2Z
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MSO\ X9A\._\ 05^(G_A>:W_\ET?\,P^'?^@K\1/_  O-;_\ DN@#T2BO._\
MAF'P[_T%?B)_X7FM_P#R71_PS#X=_P"@K\1/_"\UO_Y+H ]$HKSO_AF'P[_T
M%?B)_P"%YK?_ ,ET?\,P^'?^@K\1/_"\UO\ ^2Z /1**\[_X9A\._P#05^(G
M_A>:W_\ )='_  S#X=_Z"OQ$_P#"\UO_ .2Z /1**\[_ .&8?#O_ $%?B)_X
M7FM__)='_#,/AW_H*_$3_P +S6__ )+H ]$HKSO_ (9A\._]!7XB?^%YK?\
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MR'9:[GP'\6/AM\0M>^'6GPV?QPL_^%G0S/IDEWXXO_\ 1GB6X:2*XA34VG7
MMI,R+&T0+(ID#,!6=\1_VB_A!\+_ (@Z_P"'-0G^,\ESH<YL5GA\<:EY.HWH
M:R4VD6[4E=7SJ%M\\RQP\N1)A&('J[AT,;X3P?&;5/C[\)[R0>,;#39(XO[5
MTV[FUK['IVGQ1:BCM<-=;X9I+EC9R@3S/>0ML0C:':OU3_X)B_\ )O&L?]CE
MKW_IPEK\Y_A-X[^&GQC\6^%-&TQOC3!<>+],U+4K:6Z\8ZNMO;G3[I;6ZMY)
M5OV4S)*X&(BZ8&=^"N?T+_X)1Z##X8_9=O["WDO98;7Q?KR(]W=RW<[#^T)O
MO2RLTCGW9B: .'\?_ V;QUXOU[5'^#'[0$%CXC\06OBZ_P##ZZSX2_LB[UJT
MMX8;:]=3J?G@H;6TD\M)EB:2V1RA);=Y1\(/^"<MMX1^'G@B'Q5\(/CIXL\8
M^%O#ECX<N-8O6\"7<%Q:6]A#9_9$M+F\E@%L/*WKOC:<$G=,V6SZ)\6+/XP^
M&OVG_%6IVWAOQMXDU9_%<;>&I(=0U%-"MM .DP[9(UM[E+-)(;R.[\Z"[A=[
MAIHBN4$87)'Q%_:WT73M#MVN-<GU^70].N97NO"-K<Z46N=,NY]1FN/LZ)(L
M]E>B"&&UCD1I$2,,)VE>6, T/$W[)5AXH'A2.7X+?M$QVOA'Q)?^*;6V76O!
M\D,UY>:^NOR%A)J+[-MXFU7A,<@A9XR[*S9B\+_L?:=X8\9^$]<_X4S^T;?W
M?@A((-'6ZUWP?Y=M! -36& A-14NB#5KH L2YQ'ECM.?0_V5OBQ\:_$WQH\-
MVWC/1_%<7AN]T&Y2[6\LX818W<%W.J7<\WV& 3"ZB$+1)']FEB4XFM Q+K\_
M>&/ ?[4'[,W[)=SXJTJ]\?:UXZ\60+;1:!]IFU=M'NK:/6;D7ER+N.[(^VS2
M6%N\5O%"BK#"3-%N>5 #:_8K_97\>_L8_M%:IXBTGX7?%6^\)3:=)IEKIURW
MA.:]\KR=/@@!N&U;S(BB6"^9Y;[+@F,F./R4%6],_P""?OA32OA1!X.3X$_M
M%-I5J+7R7;Q%X4\^)[;P_P#V##(&&I@;EM0K],><H;&WY*U?#OQY_:9^+?QP
M\2^#;*:/1M*\#>-M-\.ZQK6EZ9:7,TEMJ$<NJNX6572)K*PGTNW8LAW23R.5
M(VY\8_:^TS]K7]HWX%W&G-H7C.>^32-3NKRWMM/CTR72-;N/"GC"TDL+)X=A
MNK%)Y-'$4[F0F6>-A*Q)6$ ]H^)G[(2?&==>3Q9\+/VF==A\59FUF*;6_!42
M:C>"QN;"*\;RKY"DL5O<[%6,I%^XA+1L5)9_C+]C;0?'5AJ-O?? 7X_.-1U&
M35B3K7A&00W3)I2JX1]29&"-HUDX2160D2!U=7VAG[9O@GQY\4_VO)O#.@7>
MO6\S:1X"EMQ!/<Q0QZ>==U;^VW/V>:&5D"1Z;YX613M$'/-<-\7?V0OCXVD_
M&C7-*\4^.;""QUN+2]&TNPU35[B37]/,7A]?-A@^UGRX(!!J!7RF-Q(9IE,H
MR?, /7O'GPKUSQ%X!^'/A[3/@I\6]+L_ &NW6JCRO^$-M1?Q7EAJ5C=Q&*UU
M2""-VCU.=PZQ >8JLRL2Q.!X._9)M?A;?Z1?>#/@]^T=X-U30HTCL;S2]:\&
MDP?\2VWTZ<^5-J$D)-Q#:6C2YC.9;:.1=K;BTO[!ME\0/"_[37@W2/%$WB"X
MNH_"/C)]6GU22?S;JP_X2>T?P[*\4\DMQ /LTVI)#%<2R3)%$P=V937W30!\
M>?LR_#_5OV7_ !WK>HZ)\"/BY_9MQX<T/PGI-H^H>&7DL=/TS[9*GF2MK):6
M62XU"[D=SC.Y<Y()/M'_  T?XQ_Z(#\6_P#P8^%__EQ7K=% 'DG_  T?XQ_Z
M(#\6_P#P8^%__EQ1_P -'^,?^B _%O\ \&/A?_Y<5ZW10!Y)_P -'^,?^B _
M%O\ \&/A?_Y<4?\ #1_C'_H@/Q;_ /!CX7_^7%>MT4 >2?\ #1_C'_H@/Q;_
M /!CX7_^7%'_  T?XQ_Z(#\6_P#P8^%__EQ7K=% 'DG_  T?XQ_Z(#\6_P#P
M8^%__EQ1_P -'^,?^B _%O\ \&/A?_Y<5ZW10!Y)_P -'^,?^B _%O\ \&/A
M?_Y<4?\ #1_C'_H@/Q;_ /!CX7_^7%>MT4 >2?\ #1_C'_H@/Q;_ /!CX7_^
M7%'_  T?XQ_Z(#\6_P#P8^%__EQ7K=% 'DG_  T?XQ_Z(#\6_P#P8^%__EQ1
M_P -'^,?^B _%O\ \&/A?_Y<5ZW10!Y)_P -'^,?^B _%O\ \&/A?_Y<4?\
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M-T'_ .65>B44 >=_\+K\2_\ 1(?B)_X&Z#_\LJ/^%U^)?^B0_$3_ ,#=!_\
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MVYA'7UC@QS4%A:6O_3F-OLO^7^\OQ6]DS_:/YG]Y\G?\/0_VFO\ HXSX]?\
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MZ.,^/7_AP=7_ /DBC_AZ'^TU_P!'&?'K_P .#J__ ,D5X711_JCD7_0%1_\
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MV_\ ANGXX?\ 19_BU_X6.H__ !ZC_ANGXX?]%G^+7_A8ZC_\>KSKQ1I \/\
MB;4+!9K>X6RN9+<2V\PFBE",5W(X #*<9# <CFJ%?71X3R&2NL%1_P#!</\
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M_O/D#_ANGXX?]%G^+7_A8ZC_ /'J/^&Z?CA_T6?XM?\ A8ZC_P#'J[_]O_\
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M%<>'O^@#HW_@%%_\31_PKCP]_P! '1O_  "B_P#B:/\ B8G$_P#0#'_P-_\
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M_(A_92_F_ _A=^UQ?\](_P#OH4?:XO\ GI'_ -]"O[HO^%<>'O\ H Z-_P"
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MRJA]KB_YZ1_]]"OZ4]"@TGQQ\7OA5K']E:&JZUX'UF_9+58[BWS)-H+C9(%
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MUV0JRLZG=BHI^*U*$O:0PCW7_+V^U]/@O;5V[/5#>!=]9?@?@M]KB_YZ1_\
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MQ?\ /2/_ +Z%?U4_\(5H_P#T"=,_\!4_PH_X0K1_^@3IG_@*G^%'_$Q.)_Z
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M\(5H_P#T"=,_\!4_PK"A](+$4HN/U*+U;^-]6W_+YC>5I_:/Y5OM<7_/2/\
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M (,?_P B']E+^;\#\-_M<7_/2/\ [Z%?U4?\&LS!_P#@C'\/B""/[6UOD?\
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MY\ _^ UW_P#'*=_PU+\,O^BC>!/_  ?VG_QRC_AJ7X9?]%&\"?\ @_M/_CE
M'-_$?P5XH\9:5:6_BN/X4W]FMY"UM'J5G<-']IWCRM@>3'F;]NW'.[&.:YRY
MTJ+P[<>(;^:X^ EC)%>P2ZY</ 8S%=+/Y\)N&,@VR>?^\7?SORP^;FI/VDOC
M!X&^)'A71H-%\9_">_U'2_$&EZNDFI>*+:W%LEK>P7,AC=5E(=TB:,<#[_)Q
MP?*=832]!OO&-SX:^)'PHD76XY=.TZUU3QG9,MG;W-[/<W4ZNEIN$H$S^4LO
MG[7FD+.RC8X!Z=\0/"J^']46\\97OP22ZUW4/[0MGUY9,S7"Q00Y@\Z7LD4
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M6.0ZY:A)"JW&[:=^#C(SZ9%=]_PU+\,O^BC>!/\ P?VG_P <H ;Y/Q1_Y^?
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MK[5;^7X:V</ASPGX<\3:WKA%U(+V1M)M]!NXQ9QS6T1D6:#7(3^]6+E6(.Q
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M_P *\P_X0WX[_P#11_A)_P"&XU#_ .7E'_"&_'?_ **/\)/_  W&H?\ R\H
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MK_A1_P (_8?\^5I_WY7_  KS#_A#?CO_ -%'^$G_ (;C4/\ Y>4?\(;\=_\
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MR@#T_P#X1^P_Y\K3_ORO^%?F)^REI5J_[+GPV)MK<D^%=+))C'/^B15]V?\
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M7BR#1;O5I]=NUAN;*XTC7;V"2W\VRA87'F:*Z[2KQ,'C"2.)?-C / 9_V>/
MVH?#M(-8_:-^&'B+Q!<ZS9W.K3R>+8X'U6R@\+VVDK";F:*Y,;QW\=Q>QGR6
MVO.74QS8D7[Z\/\ [<?P4T70+*S;XP> [AK2WCA,L_B2WEEE*J!N9RP+,<9)
M(Y/-?*W@K_@NL+SX%:1XMF\ _P!J6UWX>6[")X@CCU22^CT2PU6;[1:"WVV]
MJRWJHEP';<_E_NE65&KIOBA_P6!N?"$?]@2^%=)TWQ:]QJFC7L-KK5Q>MH]W
M!<:K:6]S&6L(X;BWDFTR0@220RX$F(6$9) /H[_AO;X)?]%9^'G_ (/[;_XN
MC_AO;X)?]%9^'G_@_MO_ (NO$O'?_!4>3]GGX-^ =;\7:!'J@UWX9_\ "975
M_%>F&34+Z+2;B_>RMX(X)%5W2TG??/)!&$5]AE:-HQ6G_P""M&I:7I?B%]4^
M'6D:1>^$?#%]XJU""]\7>0NIVT+SI NF%[,/=22-!AEECMS%O3A]R;@#W;_A
MO;X)?]%9^'G_ (/[;_XNC_AO;X)?]%9^'G_@_MO_ (NOGWXY?\%>1H=KXZM_
M!'AG3M?C\(^'O%>NSZRGB%!"L&AZ/HE_*\"K;RK-*TFMQ1"-BJ@VTA9QG:)?
M!_\ P5>UFQN]#TSQ/X)TFYU7QCXSUCP9X>&AZR\PEO;/7(K".WNE> &"0V<D
MUZ7!93#87#A4^5* /??^&]O@E_T5GX>?^#^V_P#BZ/\ AO;X)?\ 16?AY_X/
M[;_XNO&/VF_^"M-C^SK\=/$_@F#PI:>)KCP_:G#VVKSV\HO!_93?9IUDLQ$@
M\O5H9-\,TY V[D0N .8O_P#@JKXD\:?$_P *>$-,\,Z!X7U%/&6G:!XE>X\1
M)<R$OXBUG1IH;"%K9&NXV;0[ES,?(9$FC(0E7" 'T=_PWM\$O^BL_#S_ ,']
MM_\ %T?\-[?!+_HK/P\_\']M_P#%U\W^-O\ @JCXG_9]^+OQCT_Q/X5M/$7A
MKP]XMGT7PU=VNI?9KB%H]-\/R_9[B(6[;8/-U5Y&N0\CJH8>20JDY/[1?_!8
M_6/ GPSO;&V\(6?AWQKJ/A;7[N)3J<MY-H%_::=KMU:3M&]DD$]M,-$=UW3)
M.%E3S+9,-@ ^IO\ AO;X)?\ 16?AY_X/[;_XNC_AO;X)?]%9^'G_ (/[;_XN
MOD.?_@K#\3]!UG0M6O?#?@O4M'TBV\<3^(]+L-;>*XDM=%N]-CBN07MF*7 B
MGE*PY6.;S02\8 Q^B] 'DG_#>WP2_P"BL_#S_P ']M_\71_PWM\$O^BL_#S_
M ,']M_\ %UZW10!Y)_PWM\$O^BL_#S_P?VW_ ,71_P -[?!+_HK/P\_\']M_
M\77K=% 'DG_#>WP2_P"BL_#S_P ']M_\71_PWM\$O^BL_#S_ ,']M_\ %UZW
M10!Y)_PWM\$O^BL_#S_P?VW_ ,71_P -[?!+_HK/P\_\']M_\77K=% 'DG_#
M>WP2_P"BL_#S_P ']M_\71_PWM\$O^BL_#S_ ,']M_\ %UZW10!Y)_PWM\$O
M^BL_#S_P?VW_ ,71_P -[?!+_HK/P\_\']M_\77K=% 'DG_#>WP2_P"BL_#S
M_P ']M_\71_PWM\$O^BL_#S_ ,']M_\ %UZW10!Y)_PWM\$O^BL_#S_P?VW_
M ,71_P -[?!+_HK/P\_\']M_\77K=% 'DG_#>WP2_P"BL_#S_P ']M_\71_P
MWM\$O^BL_#S_ ,']M_\ %UZW10!Y)_PWM\$O^BL_#S_P?VW_ ,77YN?LP?M5
M_#/2OV:?AY:W/C[PC!<VWAG38I8I-5A5XW6UB#*06X(((Q7Z_5^8'[*'_)K7
MPU_[%72__22*@"'_ (:Z^%O_ $4/P;_X-X/_ (JC_AKKX6_]%#\&_P#@W@_^
M*KT6B@#P#]H#X_\ @7XA>$].L]$\=_#:6[M-;TS5&:_\0I;JJ6E[!=E5*)(<
MOY 3H,;\\XVGA=5\6>"[G6/$,\'CSX>KIU[=_;+'2U^(%Y!'%=M/<RR:@DR?
M/:RMY_,, V-E\MR,?7->"_%CX\>*?!WAWXWR6>L>&%O/ FD)JVD&6Q9EA7[/
M-*8IE\\&1R8L!@5 +CY#C# 'FGC3QOIGCL^'Y'^,7@RUUKPGI=QH%OK8\3_9
M)[XW$&G,^JM' ^UG6XM9<6LA,<BL"S#I6%H.B^$= GUF]'Q2^'D^J37D=WIL
MZ^+6@^QSAM2WSIB-O)B,6H/']B3=$-TK*ZNY<_3GQR^*EUX,T70[[1M6T-(W
M\1Z5INHQSIYS20W5U;Q,J,)%$;^7.'!(;Y<<<[AYCXX_:/\ %^D:O\4=.L-1
MT^6X\.6-KJ6AC[/9>9<^8U^&0,UX(O*'V6/_ %KI/^[N3Y8!C('W8+R(/"?Q
MQ^%_PT^(_P *=$MOB+X5O+#POX&U;1_M;ZI#\Y270TC+G=@,XA<XS_"WI7JW
M_#77PM_Z*'X-_P#!O!_\56?I'B4>,_C/\*]8#1N-5\#ZW>!HXWC1O,GT%\JK
M@.!SP& ([\UZK3=[ZB6VAYU_PUU\+?\ HH?@W_P;P?\ Q5'_  UU\+?^BA^#
M?_!O!_\ %5Z+12&>=?\ #77PM_Z*'X-_\&\'_P 51_PUU\+?^BA^#?\ P;P?
M_%5Z+10!\R^-OBKX0U[X\S>.;;XH?#.67P_X;DTOPI87NJJ8+:]N)=]W=7&U
M@?F2*VC79RJB7GY\5\Y>-_V=] \3W$OE_&GX7)!I6HW4NE?9]=>PO;NVNM6N
MM3D\V[CW/;3H]PB!X0VY4E!P)B%^@-6_;7U?PW^VW?\ A+5=7\*Z9X0TS6)-
M'N[2[40W=K:IH$6J_P!KR3M* L/GR?9N4V=/FW<5Q'Q._;M\<_#KPQ\>]_B+
MPK%XA\!VUQK&BQSV%M<Z='8B]NX;>(S6]\SO=2QPQ@QSI"R/N(20 BCL!S<?
MPA\)^'#X5U/PY\9_A=H?B;PQINFV+7EK=Q);W]Q!8/:2WIMSNBA93Y/EQ1(J
ME(Y59OWP,7OW@G]JGX:0?M#>/+E_'OA%;>XT_25BE.JPA9"HNMP!W<XR,_45
MR7Q;_;7\3_!_X\7-CJ<^A/X"U&6QO;'5-/A^V/9Z>;>2XD9MKX:2=;:YV X^
M2)W3S"JQR>V> _\ DY/XA?\ 8.T?^5W1T$'_  UU\+?^BA^#?_!O!_\ %4?\
M-=?"W_HH?@W_ ,&\'_Q5>BT4#/.O^&NOA;_T4/P;_P"#>#_XJJGB#]K#X8WV
M@WL,/CSP#<RS6\B)#=ZO#Y$K%2 LF"3L)X/!X)X->H5P_P"TW\3[_P""?[./
MCWQCI=E'J.I>%?#U_J]K:R!BEQ+!;O*BL%^;:2HSCG&<4 MSY7\,:E9:/^QC
MJOPJNOB/\"[DWVDZG8QS'6':*.:ZN3)')R.!&DLQQMSOCBP0"<<]:?##PGK7
MCJSO/$?Q.^$&I:(KPZM>6$>MLDMQ?0^'I-#%JLHP4M61Q,9 /,5\@+_%7H%I
M^W1K=M\%=:67Q?X&O=?M/'-GX9M/$,4*K92Z9/<:?%+JGV?SR"D+7K0EA)Y8
ME1-QY*GS?X6?\%(/BU\6/B?I/A^Q?P3YFIZ1-#!*;1H[>ZOUTVZNXW!:8NAD
M$,<ZG:;;R'VF;S<+0!TGPTD\+?L[^"/B);_\+F\"ZOX?UCP[<E+"&_A\U[XV
M<,>06)?8ABF6/=([&.6)#S"&?Z)^'_[6GPOMO 6B1R?$'P<CI80*RMJT *D1
MKD'YJ\G^#W[7>I?'WX9?$/1O$7V>VUFQ\)S2PV]O:,D=TBV4<DMWO+'B47EL
MR(!M\MD8,Q9TB^FOAQ_R3S0?^P=;_P#HI: .4_X:Z^%O_10_!O\ X-X/_BJ/
M^&NOA;_T4/P;_P"#>#_XJO1:* /.O^&NOA;_ -%#\&_^#>#_ .*KRC]LOXH^
M"OCW\'H= \._$/X5IJ*:SIVI"?5]801P+:W4=S^[,89@[&(1YXPLC\]C].44
M ?!.J^ /#VE?$WXB>*=+^.7@35)_B%I1M+JVN]>_LR:&9KMI?EO;3$X2&$I#
M&>IC0*PP*RO&OP\TKXO_ +-_AWX=:I\;/AWHR?#6SL].T.[MKBS-MK;QV-O$
M]W+ "PA\MOM,<07!"LQ(Y4UZO\;/VS/%7@$_M)V]EXF^'\5]\,/#MKK>@)/;
MEO*+17+207"_: 992T,2 C8%>9 4;HVI^UM^V1=_#+X7>&?$OAOQ1X>^PVX2
M]\3&T-CJ-[';-;+*@@MI;N NS%U.U&:0J1M1R0"+;[@ZGE'Q#\#:!\;_ !AX
M_O\ Q1\:?AC:-XB-O;:5>:;J43O%I]I+)-:V4]O(OE[&GD:XF<.S/*% PBA:
M]'^$OQG\ ?"GQA\']!OOB9X.U63PK\/M2T>ZU"/48$BDE27147C.!N$3D \D
M*?0UQVK?MN?$^UU3XP6VJ7VB>'(_ NGS:O:S6VDP:GY>-1NK:TLE$=X3)+=Q
MQP;?-$+K-YB[,<+[WX)'B,?%WX3?\)@]C)XL/@#6#K+64?EV_P!L\_0_.\M<
MG";]V.>E"V![G0_\-=?"W_HH?@W_ ,&\'_Q5'_#77PM_Z*'X-_\ !O!_\57H
MM% 'G7_#77PM_P"BA^#?_!O!_P#%4?\ #77PM_Z*'X-_\&\'_P 57HM% 'G7
M_#77PM_Z*'X-_P#!O!_\57SCXDO=+TS]KG7/B3X3^-W@"SM=61;E]/O/$D_V
M>[FCTQ[.*TGM4D\AH/.\JX\X#SE,;(ORN37VG7RSXN_;7UCP;^VS+X3U'5O"
MNF>$=/U<:3>VEXHANX;/^P)=5?6&G:4*D"3(+<Y38.<MNQ0!YAX^^'7AGXFZ
MOXYM6^.W@KPIX3\0W+7\&BV&OG4[6^O#=S71N;B*[8I!ND="T5N-C%,G^[5"
MZ^$'A72=/\-W_A[XU_#;1_%GAG1["R34EU*-UOKV&R^R/>R1ONC4QK';"-$0
M;UB<2-ET:+M?&/[:GC3PWKWQ>T>3Q'HD>M^'5FU#P_;PVFES6PM%O)H8HS</
MJ<:_:&2-2\=P(67;)L60C HP?\%#/&WAR/PYK7B-O#R^$O$^A:1X@-_IMC+(
MVFVDEE'<W+F)V$@>5XK]8DD"G9$&42-&T;B\@9ZUX'_:I^&EO\?_ !Y<2>/O
M"*P7%EI2Q2'580LA5;C=@[N<9&?K7??\-=?"W_HH?@W_ ,&\'_Q5+X!.?VB_
MB%_UXZ1_Z#<UZ)0!YU_PUU\+?^BA^#?_  ;P?_%4?\-=?"W_ **'X-_\&\'_
M ,57HM% 'G7_  UU\+?^BA^#?_!O!_\ %4?\-=?"W_HH?@W_ ,&\'_Q5>BT4
M ?(W@+XFZ9\/?C+\3/$-C\0?@>FG^.M6M;R& ZNQ:.&* 0.9% 5?-D"JY()&
MYFZ]:\Q@\.+?^!K32-8^)WP*U(ZUXM/BSQJPUZ2/_A)9T-N]O&I$?[B!'MX1
MY2CE+6%3(<R%O7OV8?VV]8^)7QNUW1O$NL^$8-/E6^%I:(!;3Z'=0:Q=Z?!9
M3NTI\R6>*W$@&U&+))M!7&/+?$G_  4H\<:7\/[:>WU[X?W>JV-WXM>:>"S+
M6VO/I.K6UI::=;)]H)CDN8+G>#O=R$4J""30O(&='X/T#P3\-_VC;7QKX9^+
MGPYT'3+B_NSJ6DPZLDZ&R;[.(DC:7<0[B ^8%,:C="HW+;1[OT]_X)1>([#Q
M=^R[?ZEI=[;:CI]YXOUZ2"YMY!)%,O\ :$W*L."*_._X8_MC^+[+]I*'P)X[
M_LBU2YUB\M[6ZTVV,L=V5BM0EH'W$ QR7(9WQN DMU(!$_E_H[_P3%_Y-XUC
M_L<M>_\ 3A+1T#J9NBG5/&'QTUK0[+XQ:??>-/!X^R:G=+\.48:43!#<_9WO
M?]4C^3=0R>5YN[;,#MP:T/AC\)-<^(_AVWUGPS\4/#MU86&H:A:6\\7P_M8?
ML]U!<RVEX$#%2I\Z&1&8##[<@LI!/S_\4/A]X"\?>)OC)<Q?%+3UT_XL>*]&
M\5M:7OA;6+F& Z?'H2FQG@$JV]Q!<?V+MD/EI(8[MTW%5^;S?3OV1_!^E^#C
MX=L?CGH^A:-J" WT>C_#W4K-[*1;KQ!<1_V?B<K;(G]NJJJPD*BR7#?O/D /
MKB^_8DN;#QSHWC2;Q]X2M=6\*Z??VNG7@\'6<4-A;SR6DUTPC$HBW;K"U)E*
M[T$. RAF!T?#GP4UKQ''-+IOQ-\,3VT[VNI_:X_ %F+6\>4&2WN(YMWES,=Y
M(=&8@OU!;GY,\3?LS?#WQQXD\$S7WQ%^&VD:+X3LHK)]+\/?":ZTY)@(;^&X
M82;VD/VB.\0.DC/&!"^$S*SUAW7[&?P\OM @MIOBIX+N-F@6^A2:;<?#._ET
M8F/2;C3OMJ6OG#;<CSO.5]YVEYA_RTW* ?<\'[,OC.*ZF6/XC>'%G:UCM)0O
M@6Q#&W'"1M\^?+&S 4\?+QTJ2\_9@\;ZCJ$=W<?$3P_/=1%S'-)X$LFD0N2S
MX8OD;B23ZDG-?.G['_P[^$'[)7QB'B^V^(QUB^G@\10:C<R>%KR*_P!9&I7^
MG75N]U<!"97MELI4!8'=]J<CR^5;ZC_X;H^%W_0R3?\ @HO?_C- &9)^S?X_
MEO(+AOB5HK7%K;FT@E/@>S+PPD8,:G?D(1QM'%06/[+7C73$LEMOB#X=MUTT
MR&S$7@.Q06ADXD\O#_)N_BQC/>MK_ANCX7?]#)-_X*+W_P",T?\ #='PN_Z&
M2;_P47O_ ,9H Q;#]EKQKI5BUM:_$+P[;6S1RPM%%X#L40I(%$BE0^-KA$##
MH0BYZ"LW7/V+O%/B/QAH&O7?Q#TIM6\+ZE+K.FSQ^$((O(O9+2:S:X94E"R2
M?9YYHPSABHD;&#S76?\ #='PN_Z&2;_P47O_ ,9H_P"&Z/A=_P!#)-_X*+W_
M .,T 9%Y^S)XYU#6)=0G^(V@SW\Z+'+<R>!;)II%7&%9R^2!@8!/8>E++^S/
MX[GU*WO7^(^A/>6CO)!.W@6R,D+.YD=E;?E2SDL2.K$GK6M_PW1\+O\ H9)O
M_!1>_P#QFC_ANCX7?]#)-_X*+W_XS0!G7?[.GQ!O_M'G_$S1IOM>_P _S/!%
MFWG;T5'W9?G<BJISU"@'@517]D[Q>C0$>//#(-K;M:0$> +#]S"VX-&OS\(=
M[Y4<'<WJ:W_^&Z/A=_T,DW_@HO?_ (S1_P -T?"[_H9)O_!1>_\ QF@#('[,
M?CE;FXF'Q%T#S;M66=_^$%LMTP8*K!CORP(50<]0H]!6O_PJ/XK_ /18+?\
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MX*+W_P",T '_  J/XK_]%@M__"1MO_CE'_"H_BO_ -%@M_\ PD;;_P".4?\
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M!H;FTD@A-C(S/#<V\WER"2VF2(H_R12 ,7W.IJR>#_!6FZUXEO+3XD7>K_\
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M_P"@W+_X+KK_ .-T?\-6^ O^@W+_ ."ZZ_\ C= $O_"O?'7_ $43_P H-O\
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M&>Y^!_ ?C5_V@?'J+X^VRI9:47D_L. ^8"MQCC/&.?KFN^_X5[XZ_P"BB?\
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M(<DWPNT;4KO5OVFO%<<FEZ=?:I)9QV7AM[R6"S1WN3'"+#>YC$;A@HX((.*
M/H^BOG+0"_B/2GNX/VHO$2"WL[:_NHIK;PU'-80W*JT#3H;#=%O#KMW@9+ "
MB_GATJWM9;K]K'4+:*^LSJ%L\K>%D6XM@,F=";'YH\<[Q\N.] 'T;17@5UX;
MOK+5+JQF_:?\017MC:QWUS;O#X966WMY"%29U-AE8V+* QX)(P>:H>$6_P"%
M@>-6\.:%^U+X@UC6UTNWUK['96WAN>1[*=I4BN%VV!#1LT,@!7/W>>HR ?1E
M%>2?\,^>._\ HN_Q"_\ !/X?_P#E=1_PSYX[_P"B[_$+_P $_A__ .5U 'K=
M%>2?\,^>._\ HN_Q"_\ !/X?_P#E=1_PSYX[_P"B[_$+_P $_A__ .5U 'K=
M%>2?\,^>._\ HN_Q"_\ !/X?_P#E=1_PSYX[_P"B[_$+_P $_A__ .5U 'K=
M%>2?\,^>._\ HN_Q"_\ !/X?_P#E=1_PSYX[_P"B[_$+_P $_A__ .5U 'K=
M%>2?\,^>._\ HN_Q"_\ !/X?_P#E=1_PSYX[_P"B[_$+_P $_A__ .5U 'K=
M%>2?\,^>._\ HN_Q"_\ !/X?_P#E=1_PSYX[_P"B[_$+_P $_A__ .5U 'K=
M%>2?\,^>._\ HN_Q"_\ !/X?_P#E=1_PSYX[_P"B[_$+_P $_A__ .5U 'K=
M%>2?\,^>._\ HN_Q"_\ !/X?_P#E=1_PSYX[_P"B[_$+_P $_A__ .5U 'K=
M?F!^RA_R:U\-?^Q5TO\ ])(J^Y/^&?/'?_1=_B%_X)_#_P#\KJ_-S]F#X2^*
M+O\ 9I^'DL7Q2\6VL4OAG372&/3M)*0@VL1"@M:%B!TY)/')- 'OU%>=?\*=
M\6?]%9\8_P#@MT?_ .0Z/^%.^+/^BL^,?_!;H_\ \AT >BT5YU_PIWQ9_P!%
M9\8_^"W1_P#Y#K+\;>$=9^'7A+4-<UCXQ^,+/3-+A:XN)?[*TERJCLJK9%F8
M\ *H+,2  20* */[9OQMU_X-^&-$;0;75@;S4(7O;^TT:;4EM[=)X5>$K&CA
M))O-"J6 &Q9<$.$SPOQ-^+7C3P/XLUZ:P\97DOA4^(+30&OM9_LZRAT>7[-<
MWERT=P+38L0/V.T5IUE_>-*I^< UV=^]Y86F@3?\+B\>W7_"41"XTV*T\.Z?
M=37$.U&,ICCT]G2-1)'N=P%4R("06 .?JOBP:+H&M:K<?&;XA+IGA^X:UN[M
M?"]D\!D61XY!$XTXB;8\;AS'N";&W$ &@#I/#GB;_A-?BY\)M8\G4+?^UO F
MLWOE7\:QW4?F3:"^V55 59!G#!0 #G KUJO ?$GPF\4+^TGX+B/Q2\6M))X:
MU]UF.G:3OC5;K105 ^R;<-N4G()^08(RV>Y_X4[XL_Z*SXQ_\%NC_P#R'0!Z
M+17G7_"G?%G_ $5GQC_X+='_ /D.C_A3OBS_ **SXQ_\%NC_ /R'0!Z+17G7
M_"G?%G_16?&/_@MT?_Y#H_X4[XL_Z*SXQ_\ !;H__P AT >'^(/VPM=\&_MT
MZKX>UCQ+8Z=X4T;49;>]T:>VA7[+HRZ#%?#6FEV^<%-^[6N[=Y7&W;O!->3^
M-/V_/&>D6'Q#DO?B+%H5Q8"^@AMH]-L-WAO54UBZLM.TUWG78BW5O''.\ET3
MA$>562-ACZ-7QG;O\;3\/1\;_&O_  E8RAM_^$?T_P CS1 +DP?:?[/\CS_L
M[+-Y/F>9Y9#;=O-<WXG_ &BO#G@>7QFFL?'7XA:3+X#CCGUF.[\'V\+I"\DL
M23PJVF W,1>&4>9!O3]VQW8&: .,US]K_P"(OPH\;Z=/XB\1Z)XG\(ZI;Z-=
M3WWA.""[2R#V9G=(C(J(3>/!,4'FS,8BNP))) DGTEX#.?VD_B%_V#M'_E=U
MY]+\0;&W^(>H>%?^%Y>,_P#A(-.O;6PFLU\/Z>6DGN #&D9&G[92%.YS&6$2
MJS/M520_P3\)O%$G[0WCR)?BCXM22/3])+S#3M)W2@BZP"#:;1C!Q@#J<YXH
MZ ?0=%>=?\*=\6?]%9\8_P#@MT?_ .0Z/^%.^+/^BL^,?_!;H_\ \AT >BUP
MW[3OCO6OA=^S?X^\2^&[,:AX@\/^';_4=-MC$91/<Q6[R1KL'+991\HY/0=:
MI_\ "G?%G_16?&/_ (+='_\ D.L[Q?X*UKP#X3U/7=9^,OBO3M(T:TEOKZZF
MT[1Q';01(7DD8_8NBJI)^E#V!;G@%A^VYJL'P"UDCXCZ;J+Q^,[73;'QG]GL
MUW^'7NM.AN]6PJ"U*P27<T/FE/*4H&<':V>#^&/[;OQC^)7B/3=)'BS1=,UR
M^BDMH+*^T^"V@GTS^P[J\C\2R,8VDCC-W'#$6 , W[?++$"OH&P^*VFZE\*;
MSQA'\;/B NBV&HIHT\4OA.TBU!+UY(XX[7[$VFBY,SM-$%C$6YA(I ((-9)_
M:-\,M!82O\=OB EKJVDS:Q97,O@^W2WO+>&/S)ECE;3 C3(I^: 'S0<@ID$4
M 9'P6_:@\1?%OX??$;PYXQ^W?V]IWA"2>(+910VLT(LD<W9;"RB2X^U(P5XH
MDV( JK(DZ+]1_#C_ ))YH/\ V#K?_P!%+7@6M:F_Q>^"WC*?P]\9?&&LP6GA
MV2[N%.BZ="BK-;2.D3EK%2LA0 M'D2(KH6"[U)[OX?\ P@\5R^ M$9?BMXPC
M5K" A%TW2"%'EKP,V>?SH ]<HKSK_A3OBS_HK/C'_P %NC__ "'1_P *=\6?
M]%9\8_\ @MT?_P"0Z /1:*\Z_P"%.^+/^BL^,?\ P6Z/_P#(='_"G?%G_16?
M&/\ X+='_P#D.@#T6OGC_@I;\>M:_9W_ &>WU_PWXGMO#^OQ3[K."5[+=JI5
M2Q@2.Y!-PV!Q! 5FD. C+R:ZWQUX5U?X:>#=3\0:W\9?%UAI&CVSW=W<-I>D
MMY4:#)(5;(LQ]%4$DX !) KCO%GQ1TKP3\ ]*^)VJ?'GQ=:^"M:MK2\L;\Z%
MIS/<QW*J\)6$:>9LE6#$;,JH8L %8@ \R^,'QL^)6A>)OBIJ.D?%F'2/!_A>
MYTRRCN?$$&DZ9'9WT\@N[JSMYY;<H6BLW@B7S_,)DG()#)FO9_A7XVD^)7Q
M^#/B&6/5HI=<^'.J7[IJD"07JM)+H3GSHT 1),GYE4!0<X %<9J_[1'A_2K_
M ,16C?&_XDWEQX7\TWT5CX*AO6<0SF"=H!%I;?:%AF5DE:'>(F!#E:O:=X7U
M7XA?&_X<:UHWQ=\4ZEIGB#P7J^IZ=J*:;I0\RVDGT9T*@V8&UUD1OF7<-JXQ
M\P)T#J?2U%>=?\*=\6?]%9\8_P#@MT?_ .0Z/^%.^+/^BL^,?_!;H_\ \AT
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M-?BCXM22.STHO*-.TG=+E;C (-I@8P<8 Z\YKO?^%.^+/^BL^,?_  6Z/_\
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M?LQ_&F'QS>:W\:/%&K"WUF"=)?A%XHC2<ZC;>&[=G+2P3294>'(FP7()NY
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MQ;_\-?XE_P#D&C_AM/PE_P! +XM_^&O\2_\ R#7K=% 'DG_#:?A+_H!?%O\
M\-?XE_\ D&C_ (;3\)?] +XM_P#AK_$O_P @UZW10!Y)_P -I^$O^@%\6_\
MPU_B7_Y!H_X;3\)?] +XM_\ AK_$O_R#7K=% 'DG_#:?A+_H!?%O_P -?XE_
M^0:/^&T_"7_0"^+?_AK_ !+_ /(->MT4 >2?\-I^$O\ H!?%O_PU_B7_ .0:
M/^&T_"7_ $ OBW_X:_Q+_P#(->MT4 >2?\-I^$O^@%\6_P#PU_B7_P"0:/\
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M#_$/Q5X>U;_A";^YUEM>T2*#3WE:)SI\L(%HKK<^5&;J=BVQ-RH$RWEJ?U^
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MT7_1.?BW_P"$Q)_\50 ?\,K7O_16?BW_ .#2U_\ D:C_ (96O?\ HK/Q;_\
M!I:__(U'_#6T7_1.?BW_ .$Q)_\ %4?\-;1?]$Y^+?\ X3$G_P 50 ?\,K7O
M_16?BW_X-+7_ .1J/^&5KW_HK/Q;_P#!I:__ "-1_P -;1?]$Y^+?_A,2?\
MQ5'_  UM%_T3GXM_^$Q)_P#%4 '_  RM>_\ 16?BW_X-+7_Y&H_X96O?^BL_
M%O\ \&EK_P#(U'_#6T7_ $3GXM_^$Q)_\51_PUM%_P!$Y^+?_A,2?_%4 '_#
M*U[_ -%9^+?_ (-+7_Y&H_X96O?^BL_%O_P:6O\ \C4?\-;1?]$Y^+?_ (3$
MG_Q5'_#6T7_1.?BW_P"$Q)_\50 ?\,K7O_16?BW_ .#2U_\ D:C_ (96O?\
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M (96O?\ HK/Q;_\ !I:__(U'_#6T7_1.?BW_ .$Q)_\ %4?\-;1?]$Y^+?\
MX3$G_P 50 ?\,K7O_16?BW_X-+7_ .1J/^&5KW_HK/Q;_P#!I:__ "-1_P -
M;1?]$Y^+?_A,2?\ Q5'_  UM%_T3GXM_^$Q)_P#%4 '_  RM>_\ 16?BW_X-
M+7_Y&H_X96O?^BL_%O\ \&EK_P#(U'_#6T7_ $3GXM_^$Q)_\51_PUM%_P!$
MY^+?_A,2?_%4 '_#*U[_ -%9^+?_ (-+7_Y&H_X96O?^BL_%O_P:6O\ \C4?
M\-;1?]$Y^+?_ (3$G_Q5'_#6T7_1.?BW_P"$Q)_\50 ?\,K7O_16?BW_ .#2
MU_\ D:OS<_9?^!=S??LT_#R8>/?'T F\,Z:XBBOH D>;6([5!A)P.@YK](_^
M&MHO^B<_%O\ \)B3_P"*K\W/V8/C\FG_ +-/P\@_X0_Q_-Y/AG38_,BT1VC?
M%K$,J<\@]C0!W7_"@;G_ **%\1/_  /M_P#XQ1_PH&Y_Z*%\1/\ P/M__C%)
M_P -$Q_]"5\1/_!$_P#C1_PT3'_T)7Q$_P#!$_\ C0 O_"@;G_HH7Q$_\#[?
M_P",5YOK/B/2-'MM5G'CKXL75KI>I+HPGBO+-8[N],YMS!&71<%90R%Y-D>Y
M6 8D&O1_^&B8_P#H2OB)_P"")_\ &O"->^!?A+7-8U&[;PU\4@E_>W5Z;1_"
MUM+:RFZO/ML\=Q&T1^U1M/@JLV[R]J[<$9(!W.J0Z-X6^&VC^,(O&WQ6ET#Q
M*EM??:K9H 8H[@1B.:93 K#/F1C #2>BG:<9>L>,K/0/&=WX>N_$/QQBUJ!X
MEMK0/9.^I"1;MT,)52,&.QNI/G*$K$< DA3GZKX5C\5_#*T\'ZQ8_%:[T32'
M@BTUF\,0RWL$,-O!$K_:'C+)<[XY9!/%L9//(7&U2-CQMI>A^.M(\16]YX3^
M(L\WB;5$U.YN+OPG!?&$I L$21).CQH(T4%3M)#%F.=[9'Y /C^&,7C'XW?#
MK4M,^(GCR\T[6_"&M:A:7?VV$,T+3Z(R%<P#"NL@)!&?E7I@Y](_X4#<_P#1
M0OB)_P"!]O\ _&*\SLOBEIO@7XR_#;2M+\$^/[;3- \':SIMI;-HLAD6))]$
M1,9.2%6, GW7UKTO_AHF/_H2OB)_X(G_ ,: %_X4#<_]%"^(G_@?;_\ QBC_
M (4#<_\ 10OB)_X'V_\ \8I/^&B8_P#H2OB)_P"")_\ &C_AHF/_ *$KXB?^
M")_\: %_X4#<_P#10OB)_P"!]O\ _&*/^% W/_10OB)_X'V__P 8I/\ AHF/
M_H2OB)_X(G_QH_X:)C_Z$KXB?^")_P#&@#AKJ73=/^/-E\.[GQU\7;;7-3LI
MKZRFD,0L[Q(1$TH27R,$H)H\G 7)(!+ @<WXR^+_ (1\":!\0]2O_B#\:!;?
M#"X2VUL1V3-(K/'Y@:-?LN7BVY/FX$>!NW;?FJ'QSX'M?&?[0)^(\47QCT77
M;;3)].TYM/\ "EDAL1-$D;,TC0-)<*-F]8[AI(U=BP7A0N-\0_@Y#\1[7XKV
M]U>?'&"V^+J1PZG%#X8L_P#0X4B\E8X28"0/) 3+%FXSG=S0!UA^(/A8_%S4
M_ R?$GXJ2^)--OK73S:QS0,;F:=/,Q'^YY$<69)&. J([<A36EX)^!ES+^T-
MX\A_X3SQ\IBT_229%OH-\F1=<,?)Q@8XX[FN-^+'PBT/XUZI:ZEKVG?&1]9L
MX+>WBU"U\/Q6\P5(7CE;"IM\R5G60L -CV]N4"^4,]CX)^/B0_M#>/)O^$/\
M?-YVGZ2NQ=$<NFT77+#/ .>/7!H ] _X4#<_]%"^(G_@?;__ !BC_A0-S_T4
M+XB?^!]O_P#&*3_AHF/_ *$KXB?^")_\:/\ AHF/_H2OB)_X(G_QH 7_ (4#
M<_\ 10OB)_X'V_\ \8K(^('P[M/A=X$UGQ+KGQ-^(5CHOA^QFU*_N6O86$$$
M*-)(^! 2<*I. ,G'%:W_  T3'_T)7Q$_\$3_ .-<[\7O'>D?&SX4^)?!VL^"
MOB9_9'BK2[G2;PP:(Z2B&>)HW*,20& 8X.#@XXH Y;PYXS\.>(/A%XB\9/\
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M_P#10OB)_P"!]O\ _&*3_AHF/_H2OB)_X(G_ ,:/^&B8_P#H2OB)_P"")_\
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M+IG<I%2)KO[/TB%A^T-JY U*/1QCXO7GS7D@D:.W4?:OFD80S$*,Y$,AZ(V
M#ZNHKPCX>? 3P'\6_"L&N>%OB7\1O$.C76?)OM.^(^IW-O-C^ZZ7!4_@>A!Z
M&MS_ (8YT3_H</BW_P"%[JW_ ,?H ];HKR3_ (8YT3_H</BW_P"%[JW_ ,?H
M_P"&.=$_Z'#XM_\ A>ZM_P#'Z /6Z*\D_P"&.=$_Z'#XM_\ A>ZM_P#'Z/\
MACG1/^AP^+?_ (7NK?\ Q^@#UNBO)/\ ACG1/^AP^+?_ (7NK?\ Q^C_ (8Y
MT3_H</BW_P"%[JW_ ,?H ];HKR3_ (8YT3_H</BW_P"%[JW_ ,?H_P"&.=$_
MZ'#XM_\ A>ZM_P#'Z /6Z*\D_P"&.=$_Z'#XM_\ A>ZM_P#'Z/\ ACG1/^AP
M^+?_ (7NK?\ Q^@#UNBO)/\ ACG1/^AP^+?_ (7NK?\ Q^C_ (8YT3_H</BW
M_P"%[JW_ ,?H ];HKR3_ (8YT3_H</BW_P"%[JW_ ,?H_P"&.=$_Z'#XM_\
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M(+DQHL,FD1:C)<H_F+C T^.2[V_WC$N=N<D#)'RSX[^,WC'QA^Q3X)\-I/\
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M(+./<8+=&56E<G 5 SH"2<98>M?UG_Q ?AQ0E4^M5.6.C?-3LFM[^YI8\/\
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M9 _Z#_CC_P )>>OY;J*/^)?<B_Z"*OWP_P#D _M2KV1_4C_Q%>?L@?\ 0?\
M''_A+ST?\17G[('_ $'_ !Q_X2\]?RW44?\ $ON1?]!%7[X?_(!_:E7LC^I'
M_B*\_9 _Z#_CC_PEYZ/^(KS]D#_H/^./_"7GK^6ZBC_B7W(O^@BK]\/_ ) /
M[4J]D?U(_P#$5Y^R!_T'_''_ (2\]'_$5Y^R!_T'_''_ (2\]?RW44?\2^Y%
M_P!!%7[X?_(!_:E7LC^I'_B*\_9 _P"@_P"./_"7GH_XBO/V0/\ H/\ CC_P
MEYZ_ENHH_P")?<B_Z"*OWP_^0#^U*O9']2/_ !%>?L@?]!_QQ_X2\]'_ !%>
M?L@?]!_QQ_X2\]?RW44?\2^Y%_T$5?OA_P#(!_:E7LC^I'_B*\_9 _Z#_CC_
M ,)>>C_B*\_9 _Z#_CC_ ,)>>OY;J*/^)?<B_P"@BK]\/_D _M2KV1_4C_Q%
M>?L@?]!_QQ_X2\]'_$5Y^R!_T'_''_A+SU_+=11_Q+[D7_015^^'_P @']J5
M>R/ZD?\ B*\_9 _Z#_CC_P )>>C_ (BO/V0/^@_XX_\ "7GK^6ZBC_B7W(O^
M@BK]\/\ Y /[4J]D?U))_P '7/[(,CA1KWCDDG '_",3\U\1_ O_ (+H? +X
M<?!+P=X>U34?%$6IZ#H=EIUXB:)(ZI-# D;@$'! 93S7XGV'_']#_P!=%_G4
MNN_\AN\_Z[O_ .A&N27@)DBQ,:/MZMG&3WAT<5_)YE?VG4M>R/W4_P"(@/\
M9T_Z"OBO_P $4O\ C1_Q$!_LZ?\ 05\5_P#@BE_QKX?_ &:/A3^S;XO_ &(_
M#'@OQEXO\ :;\1=:U6U\::CJ,LOD:C96G]J16,NDF^(\F,?V<+B[\@MO\UXR
M5X&+<'[.'[&WC&\\.VT'B2\\,"ZFL+F]GG\<VUR"C:GJMC)9L3;*(B\-I8W+
M3D$1+?!MHC KY^?A3P[3G.$WBO=DXW2AK;[2]U-IZV:OL:+'56KZ'TQ\=_\
M@KI^RA^T3I%O:Z]J_P 1K=[-)$M[G2X+[3Y8ED,9<9AD4.#Y2<.& QQBLOQ7
M_P %9?V;O%FE_$&RE^('Q/AM_B+ +:]6/P_"39Q>1Y!6$M"3S%\N9-Y[YSS7
MS3X@_8X_9NO=*UF_M?''AW2;[0M(N;S5](/CNQNUM+UO#-S<6]K8SCC4%&KQ
MPQ%H#)@2;"QX<[7BSX'_ +(_AZP\>0^&+C3=9U"/1?%&FZ,FI^/K8)-=V3:/
M-87T4IC1%:=+K44CC8D2"S**6D))/^(5\-<RC"6);?E3LNNKY;;:]K6>S']=
MK;Z?B>\?$'_@JU^S+\9IXI?%WB[XDWEQI=Y#-I-QIUE=Z7+:0(UE*\4GV=T6
M7S;BS$K%E^7> FS8K5BZK_P4,_9#\1^'[K3=4\3_ !5O;?[)]@TPQVL]E)HE
MN%NU6.![81,P"7DJ?OC)N54#;L'/CG[-/PO^#_B?]GOX-Z9\0-3\/>&_#7BO
MPZ@U74KG[%;W$M_)\0[&TU )<SQL\4D.B)'+NB962(.2?+:16^4OVR/"OPV\
M.^*O"=U\,)9ETC7?#5OJ&H6$VKIJDFDWWGW$,D#3+''\Q2&*4J5!'G<#;MKM
MP/@UP_B<1+#<]=.,I1O[G+[K:WY.MGW[-W)>854N;0_4J/\ X+8_L^Z'\2/
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MXTGX!\/0:C/$U4WM>4-?3W _M.KV1^U'_$0'^SI_T%?%?_@BE_QH_P"(@/\
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MXSTD>&?#NM>&;W6=-U2VM-1URWU"PD@AEG*0A2]A*R"V7[J0KMX.#57XN?\
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MQ!J?'O\ Z*;\(?\ O_J/_P BT?\ $&I\>_\ HIOPA_[_ .H__(M'_$8N$/\
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MMS;16<T4]M!#)'9*T,"2P0MY,96,^4F5(4 9VM_\$L_VM-?O8YIOC7X!A\C
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MGQ5_Z'SX??\ ?5Y_\9H_XAK/BK_T/GP^_P"^KS_XS2QWBGP3C*+P^(Q5XO\
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MZU-7WYH?_!O#\3=8^(.O:(GC;P(L^BPVDLLC-=[)!,)"NW]SGCRSG/J*W_\
MB&L^*O\ T/GP^_[ZO/\ XS7)@_%WA*%-J6+^U)_!5ZR;7V.S*E@:]_A_%'YR
M5]:_&'_@H]I'QO\ V7+_ , >)O"^H^(M9@L[0Z/XAO[M!<Q:@91-?7DH50"7
M9ID0+_#(6<M(\LDGLW_$-9\5?^A\^'W_ 'U>?_&:/^(:SXJ_]#Y\/O\ OJ\_
M^,UGC/$_@C%2A.MBKN#O%\E56?RA]ZV:W".#Q,=H_D<Z/^"RNF:'\-])T[0_
M"GB*PU?2_#SZ;ILS:I$;?PC=#P^=)5]*58@T$<MP1?2\AC,JD$L#(V#\)/\
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M]W?^0B6"Q$G=Q_(_.6OZI?\ @UH_Y0R_#_\ ["VM_P#ISN*_'0?\&U_Q3/\
MS/OP]ZX^]=]?^_-?N#_P;[? W4/V:O\ @FIH?@35;NSO]1\,^(==LY[BTW>3
M*PU*<Y7< V.>X%?EGC%QUD>>991P^5U_:3C4NURSCIRM?:BENSMP&&J4YMS5
MM"IXQ_9"^(WA_P".G[0?C#PSX?U2/Q%X_P#%^BW^D:UI\VBV\DN@Q6GARVU*
MUBO),7]O=R0V&IQQJ66 %XWRCGS%Y3X<_ +]K#X3?#!O"WA-+K2GU*>YU&QO
M]1URQNTT2:;4O$EU+]L ):>23[9H[,8E=6,<N2NS:_:7^A_!JQ\7_$Z_?]G?
MX/0_#3X0:HVB^(=:ET^W_M1[E=.M[UVMK%;)DDB7[7;Q9>X1B3*P7"+YG)>,
MOB;\ - _:QLOAWI'[-O@?Q-975S%I$EU:>'--@N+6_\ [0O+.4%9@BM"IM<@
MALG=TQ7\ZGJFUXR^"W[1GB_6/!FF:);^-_#WAT:<MKK<^L^,XKV[E:>&_BO1
M,T5UM4!VLY(7CCFD^<[6M1%L?E]+_9F_:8T#PU!'IUOXJTRQD\-V%C+:67BB
MQCUPZK;Z//#'/+>M*QEM8[\H[(TK%D:+]VR+)">YN_'7[(PU#PC96/P5\,:O
MJ'C>/2Y]*M;3P18^9+'J$.LSPNQ<*J!8=!U*1\M\HB7&2X%=3^R/X<_97_;5
M\,ZAJW@OX0> GL[#[-)NN_">GJ)X+F$303(4#KAT/*,5EC(*R1QMQ0!I_L>_
M"+X]>!OC1_:WQ-\4W>NZ=J-OXACU.(7\<E@DHO\ 3VT=[6W !A7[,=2W8 /S
M(),E8POU+7DG_# OP-_Z([\,/_"8LO\ XW1_PP+\#?\ HCOPP_\ "8LO_C=
M'K=%>2?\,"_ W_HCOPP_\)BR_P#C='_# OP-_P"B._##_P )BR_^-T >MT5Y
M)_PP+\#?^B._##_PF++_ .-T?\,"_ W_ *([\,/_  F++_XW0!ZW17DG_# O
MP-_Z([\,/_"8LO\ XW1_PP+\#?\ HCOPP_\ "8LO_C= 'K=%>2?\,"_ W_HC
MOPP_\)BR_P#C='_# OP-_P"B._##_P )BR_^-T >MT5Y)_PP+\#?^B._##_P
MF++_ .-T?\,"_ W_ *([\,/_  F++_XW0!ZW17DG_# OP-_Z([\,/_"8LO\
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M>N7NH:7\3)[8VR6GA:YTN:*V$<J-#(+MXV#Q;=T3D9P"M>__ !-N/BEKEO\
ML]1Z;\1_""WOA:+09/'.I1>-9+>2\FAO-/.J*T*3I;7,4UI'?*/-@E8O(NWR
M?OT ?0.J?$;XVZ)IEQ>WO@#X.VEG:1-////\2[^.*"-069V8Z'A5 !))X %2
M0>.OCG=0))'\._A%)'(H9'7XDZ@58'D$'^P^17P3XK_9O^-&L?LVP>$]3^+]
MOXJ;6?!L-GK]K+\6)X);C7Y=$N[6XN/M)8M]B%X\#M; B)QEO*;!1OH/]HF7
MQM-XH\.W?P[\;^#[B'3O!5WHUS8:EXYGT[2UO#8W:Q31K97$4AG^T&T4O('"
MQ%GC:WEC5Y #W4^,_CL!_P DX^$G_AQ]0_\ E'4=A\0?CAJEC#<VWP^^#]Q;
M7"++%+%\2K]TE1AE65AH>"""""*^0?AC\,OC%:ZKIE_KGQHLD70]0LI-.L_^
M%B2R1FU/BJ:XNX[E&GD^TDZ'((%%Q).58*H<LBRUP7A_]G[XU?#;]E;7?#6A
M>/?#'_"?^((=%NY_$"?%*\A,%[;^#+'3)&B2.YB0%=7LVD;>LD3P2)^YD\M8
MT /OJ7XA?&^&\BMW^'WP?6XG5FBB;XE7X>0+C<5']AY(&X9QTR/6IO\ A,OC
MO_T3CX2?^''U#_Y1U\7>)O@E\2='\02GPK\0M L+,^*-;U;5)%^([QS:W87^
ML:5=M;VSEF:RF:RAU&W#Q[-DDJL&7(D7I_@3\._BCX9^,6D>(/$_QJLKG1])
MU2SDL-+?XAR745MI;W^OR7%I=(S[+V>.RN=$A\^8.[/:,ROD%W /JK_A,OCO
M_P!$X^$G_AQ]0_\ E'1_PF7QW_Z)Q\)/_#CZA_\ *.NS_P"%W^"_^AO\+_\
M@U@_^*H_X7?X+_Z&_P +_P#@U@_^*H XS_A,OCO_ -$X^$G_ (<?4/\ Y1T?
M\)E\=_\ HG'PD_\ #CZA_P#*.NS_ .%W^"_^AO\ "_\ X-8/_BJ/^%W^"_\
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M,_X3+X[_ /1./A)_X<?4/_E'1_PF7QW_ .B<?"3_ ,./J'_RCKL_^%W^"_\
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M"3_PX^H?_*.NS_X7?X+_ .AO\+_^#6#_ .*H_P"%W^"_^AO\+_\ @U@_^*H
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MPGK5UIOB>WCN6>YN8KJ"UBW*"8H!$8$+$+\^[:!N!/Z_#^D!ZMXJ^'NM^"?
M'B_5-"^&WPJTVYN/"LUL\UAXUO'*68M%B0QQ_P!F! #';0KD;=XMXP6PBX]$
M^'_B3XK+X"T01^#/A\T?V"#:S>,[Q21Y:X)']EG!_$UX1\&_ >K?L_\ @+XC
M6.L>)_ ][H%_X6E6&2WU*.6Z25+.-8K5"<'RH6-V@& K Q.%$DDV?IOX=_%'
MPS'\/]"5O$6A C3[<$&_BR#Y:_[5 %+_ (2;XL_]"5\._P#PM;S_ .55'_"3
M?%G_ *$KX=_^%K>?_*JNF_X6GX8_Z&/0?_!A%_\ %4?\+3\,?]#'H/\ X,(O
M_BJ .9_X2;XL_P#0E?#O_P +6\_^55'_  DWQ9_Z$KX=_P#A:WG_ ,JJZ;_A
M:?AC_H8]!_\ !A%_\51_PM/PQ_T,>@_^#"+_ .*H \]^(WASQ]\6O"4^A^(?
MAW\.-1TRXDBE:(^.;^-EDBD66*1'32PZ.DB(ZNI#*R@@@BO/?^&/+V;2+W3+
MGX6^ +K1;PP*-+;XA:DEE### (5MQ$FF*'A8;V=9-_F-*Y;=P!]"?\+3\,?]
M#'H/_@PB_P#BJ/\ A:?AC_H8]!_\&$7_ ,50!XCXI^%]_P"+_#'C30=2^''P
MGET[Q).+WQ/;CXA7\1NF\F.(&X*Z:&">3#&FTD+L3&,9I@?XC>%?V@/ .G6?
M@SP+$FG>$-:MK.%O&U],IA6YT<$M*^FE]PQ&!D-NW,2P*C=\V^.OV.=7UYOV
MA"W_  K;5O\ A9FF:O9:5'<>(+=8X+BZOY9[6X0[-X"+(LLHG,C+/&H@,<8"
MU]86OQ0TB?X__#F?4-4T&QNU\%ZTMU"FJPSI;2FYT7,?F @-R&P<#.TG%"V#
MJ=;_ ,)-\6?^A*^'?_A:WG_RJH_X2;XL_P#0E?#O_P +6\_^55=-_P +3\,?
M]#'H/_@PB_\ BJ/^%I^&/^ACT'_P81?_ !5 ',_\)-\6?^A*^'?_ (6MY_\
M*JC_ (2;XL_]"5\._P#PM;S_ .55=-_PM/PQ_P!#'H/_ (,(O_BJ/^%I^&/^
MACT'_P &$7_Q5 ',_P#"3?%G_H2OAW_X6MY_\JJ\V\7_  .OO'7Q+OM8U;X6
M?">Z\4:KISVUPY\>WZ336[1&W9]BZ:,-Y3&+S@ X0[-V.*]O_P"%I^&/^ACT
M'_P81?\ Q5?*7CGX7ZG;_MJ7?Q'TB?X?ZK#::G_PD%C>S^(XK6\N(T\/RZ:-
M&)\MS'$]TXN2^2@R3M+4 ;^N?LQV=^?$GV[X9?"X+?ZBNLZRA^)^JQQI>&43
MK<NHL L4GF*K!@%/ QTK<U[X-WGBC39[#5/AM\*]1CCM+2UF^U_$349I5MXU
MEC@C9VTXN$99IU()Q()I V[>V?G?7/V1M:E^*<OB%_\ A6.KVND^(;_5+RTF
M\00@^/H+K6I=0A2YW1E5-K$Z(HEW#<F%PH!J]X>_8^UKX5Z!X7N_"_BCP._B
M30-'TJ.^6^UN.>QU74K:T2&-PIY%O;-;6>T/EFVLZ+')&A<70&?1'@?Q%\45
M^/\ X\,?@[P"UP;+2A*C>,;L(@VW&W:W]F$MGG.5&,#KGCOO^$F^+/\ T)7P
M[_\ "UO/_E56'X$^)GAR/]H;Q^[>(-$"/9:2%8WT6&(6YS@[J]"_X6GX8_Z&
M/0?_  81?_%4 <S_ ,)-\6?^A*^'?_A:WG_RJH_X2;XL_P#0E?#O_P +6\_^
M55=-_P +3\,?]#'H/_@PB_\ BJ/^%I^&/^ACT'_P81?_ !5 ',_\)-\6?^A*
M^'?_ (6MY_\ *JC_ (2;XL_]"5\._P#PM;S_ .55=-_PM/PQ_P!#'H/_ (,(
MO_BJ/^%I^&/^ACT'_P &$7_Q5 'A6A?L_P ]IXIUJ]L/A/\ ",ZI>WRWNI"/
MQY?N5F,DDV"G]FD1JTDTLC1@!':1F*DDFL*Q_9:T>V\/Z=9P_"3X-&PM]08V
MV?B%J#>;.4BB,#.=.)E39;P)Y#%DVP1KLPB@<7\(/@CK_P -/''C6\AU'P!:
MRZ_9ZIHK:O;^)(TN=4%]JEY>QZG,!'N\RVBGC01LQ)9I K*JJ6\E'["?B"\L
M25_X55ID.HZ5)H4>EP^(H3!X>NC9Z-;KKL1$0#3AM-N#A0),2Q_-EG $#/KN
M/X;:O?\ BZQUL?#;X43ZS8:I=74%U_PGU\\OVR78TVX_V9\[#R(\(V0@@CVA
M1&N/NC_@E'/J-S^R[?OJUK966HMXOUXW$%I=-=01-_:$W"RM'&S#W*+]*_,[
MX:? ^Y^#O[2MIXD\-:_X-@\*7>K7TEU8W^LQ7$UG"R6L0N$/_/6:.!AD?,BQ
MVX)RUP7_ $Y_X);:A!JO[-FJ7%K-%<P2^,=>9)8G#HX_M"7D$<&CH'4\S^+/
M[0G@[]G'X\>*M$\>_!WPK;:2+O3[+P5IVF^&+>34O&(N[S2=/6Y@NIFCLL)>
MZGY4MN[QRQ(B2_.D@QD7/_!1?]GFP\+:EKD_P4OTT?P[<3Z9KUT/#FD-_8NJ
M1"^W:>ZB?=))NT^9/,A#PYDA/F;69DF^/7[.OASXW>+]?\)^)O%G[*UOXQN]
M1TF]URVBT4PZU.T6IZ;>V\%PK7YE\JYN8-/5T91YP>)>2R&NSOOV01HWB[1=
M&N-'_97M=;OM+N+32[)_ 4J7%S911O%.D2?;,M&B7TJM@'"W;@\2-D Y:S_;
M'^&MA:^(=0\0_LV7/AS1-#GTI&O;BRT!TMHKZS:[6XO76X\FSA2->9))3&"Z
M!F5FQ7UF/V<OAX?^9#\&?^"2V_\ B*\.\2_L9Z]\2I[BZU71?V;=;>X@CTZX
MDN/ ES.)HK=9(4@?-Z0RQJ\L>TY 5G7&"17I(T3X[#_F9?A)_P"$SJ'_ ,GT
M =1_PSE\/?\ H0_!G_@DMO\ XBC_ (9R^'O_ $(?@S_P26W_ ,17%VL_QGOM
M:N]-A\:?!B;4;"..6ZM4T"^::V23=Y;.@U#<H?8^TD<[&QT-6)M/^.5O)$DG
MBKX0HT[[(E;PWJ ,C;2V!_I_)VJQP.P)[4 =9_PSE\/?^A#\&?\ @DMO_B*/
M^&<OA[_T(?@S_P $EM_\17GFB^+_ (K>)/&6L^'=/^('P0O==\.>3_:NGP:%
M?27&FF5!)$)D&H9C+(RN V"593T()VFT?X[*N3XF^$@ Y)/AK4./_)^@#J?^
M&<OA[_T(?@S_ ,$EM_\ $4?\,Y?#W_H0_!G_ ()+;_XBN+\/R_&CQ9H-EJFE
M^,_@SJ6F:E EU:7EIX?OIH+J%U#))&ZWY5T92"&!((((JY_8OQW_ .AE^$G_
M (3.H?\ R?0!U'_#.7P]_P"A#\&?^"2V_P#B*/\ AG+X>_\ 0A^#/_!);?\
MQ%<O_8OQW_Z&7X2?^$SJ'_R?7)W/Q;^(=GIVAW<OQ0^ D=MXFU1M$TB1M(O
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M[,?PYEE\+>')99?"^F.[OID+,[&TB)))7DFOT(_L7X[_ /0R_"3_ ,)G4/\
MY/K\X?V7M*^);_LS_#LVVO>!H[<^&--,2RZ#=.ZI]EBP&87@!.,9( SZ"@#U
M+_A2G@W_ *%+PS_X*X/_ (FC_A2G@W_H4O#/_@K@_P#B:Q_[(^*/_0P> ?\
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M[0_@0V_B#P X?PKKK6LD.A7/D>5]IT7/ O.<YCVD$  -P<C'?_V1\4?^A@\
M_P#A/7?_ ,FT/<%L;'_"E/!O_0I>&?\ P5P?_$T?\*4\&_\ 0I>&?_!7!_\
M$UC_ -D?%'_H8/ /_A/7?_R;1_9'Q1_Z&#P#_P"$]=__ ";0!L?\*4\&_P#0
MI>&?_!7!_P#$T?\ "E/!O_0I>&?_  5P?_$UC_V1\4?^A@\ _P#A/7?_ ,FT
M?V1\4?\ H8/ /_A/7?\ \FT >+Q?%?1'_:_D\"'X<^!%\-1Z^_A4W9LHQ?"\
M30H]:-P5V;/L_ER>3C[V\;LX.*ROB[\7V^'/A#X]W\'PJ^&4]U\(3#<644@_
M=WMH]H+GS)&%OD2[3_JU 4$X\PXW'L?$OP:LO&GQ?U*WU:;X :IX[U;23!?6
M]UX7,NJ7>GG"$2(UX9&A( 4DC!  Z "N<\5_"3P-<2>.IM;O_P!F0M+<1MXQ
M>\\/)_KF<F/[<6O>&+D[?-Y)Z4 5?B=\<-&^#_[0=WX4\1?#;P1I&A7-Q;-I
MFL3:?'(GV(1&6ZN)5C5FZ1S*@*I@QN[$QQRNGJ'@;X/>$I/VC/'\3>%O#C11
MZ?I!1#IL)5"1=YP-O&<#\JYI_AS8:S;S:6^J_ "]CT\:;'+:/X?,HM!L\G3U
M*&].P%)2D0P PE8*#O.;_@C2OB4?VA_'H37? PN!I^D^:S:#=%&&+K;M'VS(
M[YR3GCI1T ]7_P"%*>#?^A2\,_\ @K@_^)H_X4IX-_Z%+PS_ ."N#_XFL?\
MLCXH_P#0P> ?_">N_P#Y-H_LCXH_]#!X!_\ ">N__DV@#8_X4IX-_P"A2\,_
M^"N#_P")KCOVA].\%_ 7X!^-?&[>!?#>I#PAH=[K/V1=.@0W/V>!Y?+W;#MW
M;<9P<9SBMG^R/BC_ -#!X!_\)Z[_ /DVJFO^&_B'J6@WMOJFM_#:?3+BWDCN
MXKKPY<M!)"5(=9 U[M*%200>,9S0"/$(/BY;6WPJUHWGP[^&I\:Z9X\L? <9
M@LA_94LUV]ELNN4\SRT2]7*9RSQE0R[LCDM"_:9O/$M]X+@LO@[X!N;CQOH&
MJ3V-NNFLBOJ=C'(?*CN)(UAF$C12E8582"-=Y8=!Z#IOP0\)3_!=[ZTF_9LD
M\ 06LUL][%X:4Z7' ;A)95,PO?+ ^T11N?F_UD:'[RC#M.^&WA70?%%O>66K
M?LW6&L_\(Z7MIK?05AN4T80^7YD96^#+;"%0N]<+L4#.!0!@?#/XN>$/VBOA
M+X_M;KP9X,T;5]*\-3M]EATU#+-,EKNN9XWVF/R5:>W"!79L.KY*2Q,_T'\/
M/@QX/E\ :&S>$_#3,VGVY).EP$D^6O\ LUY1XK\"W]M\.?%^J^'=3^#)O+KP
MF[2W&D>'7%Q-IYMF2 ATO#^Z9( J'E2(0!D)@>@?#[2?B>? 6B>7K_@,)_9\
M&T-X?NR0/+7&3]LH Z__ (4IX-_Z%+PS_P""N#_XFC_A2G@W_H4O#/\ X*X/
M_B:Q_P"R/BC_ -#!X!_\)Z[_ /DVC^R/BC_T,'@'_P )Z[_^3: -C_A2G@W_
M *%+PS_X*X/_ (FC_A2G@W_H4O#/_@K@_P#B:Q_[(^*/_0P> ?\ PGKO_P"3
M:/[(^*/_ $,'@'_PGKO_ .3: -C_ (4IX-_Z%+PS_P""N#_XFO!/^"@WQL\"
M_L4_"6VU:/P?\/[G7-4F=;"WU6&WL[9TA0RSL7*Y+; $1%RS22QC&W<1['_9
M'Q1_Z&#P#_X3UW_\FU1\3> ?B!XT\/W>E:OJ7PVU/3+^,PW-I=>&;J6&X0]5
M96O""#Z&@#YRUO\ :'72_BA>^$3\/?AG:ZUKFNP:?X4BN]$F2*XL);F:--2D
MG"&*:)HX@56%@=TJ X!S7=_ U/"OQ\\3?!KQ?)X(\-:7_P )7\/]6U2>Q2QA
MDBBE:XT4X#;!O"EG"L0,ANV:O^//V9-.\/>'_%.J^)K/X V&F:](EWX@OM2\
M(M##=NLN]))Y7O ,B5BP+'AV)'S'-.M-$\:6WQV^'<6AZW\-ETU/!FL#2SI^
M@SBQ2T%QHP58U2\V[=OE["I"A0>#D8.@=3V?_A2G@W_H4O#/_@K@_P#B:/\
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M37E/@?2OB5_PT#X\":[X&$XLM*\UFT&Z*,-MQMVC[9D=\Y)SQTKOO[(^*/\
MT,'@'_PGKO\ ^3: -C_A2G@W_H4O#/\ X*X/_B:/^%*>#?\ H4O#/_@K@_\
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MZ!#=3R/DB=9+BTU(0LO[Y9KRXEGMV20U][? _P#;YT3XY?%#PKX0M_@Y\0-
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MOAG_ .%18_\ QVC_ (;4^#?_ $5KX9_^%18__':[_P#X1C3?^@?8_P#?A?\
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M@W_T5KX9_P#A46/_ ,=H_P"&U/@W_P!%:^&?_A46/_QVN_\ ^$8TW_H'V/\
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M]:__ !RNO_L*R_Y\[7_ORO\ A1_85E_SYVO_ 'Y7_"@#D/\ AJ#X:?\ 10_
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M='O=*>XDTBRU#09Y3>PPWD]FJJZ3+Y\T\T4:+&BHR-* !-\I8>@(K_#;XJ>
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ML981''&@W*)BSK(T4D/TEX(_:1^'</[1'CV=_'O@M8)]/TE8Y#K=L$D*BZW
M'?@XR,^F17F]C^WQ?:=XIT-?$/AGPOHWAOQ98:7J^EZO$6O;=+&6T%U=3OY1
M9V7"3)&6CB_U3R'='%*R>Y^!-%LS^TC\01]DML#3M'P/*7CB[]JH1J_\-0?#
M3_HH?@;_ ,'UK_\ '*/^&H/AI_T4/P-_X/K7_P".5U_]A67_ #YVO_?E?\*/
M["LO^?.U_P"_*_X4@.0_X:@^&G_10_ W_@^M?_CE<3^TK\2_A[\=/V=_'7@N
MS^*/@33;OQ;H%]H\-VVNVQ6V>XMWB5V DR0"P)QSC->R_P!A67_/G:_]^5_P
MKC?VBO'=E\!O@#XV\;C1;;4CX0T*]UD6@14^TFW@>4)NP=H.W&<'&<T/8:W/
MD]=$W_#W5;?_ (3CX!V][JOC2S\>OI47C+_0([FTN-.,=@)?(!\F2*SD=IO*
MRDSKB)P"U<3\,?V5?#?A75[&TU[XC?!?6O#JWCZ_>"#Q=]FNVN7T2YTPZ7$5
M4&.S#7'FK.'#KLXA!.1](:7^T?XC/[.'Q9UN70/!%YXT^%UQ?6YCB>6#3-26
MWM(+LS+\KR@".?:5R<O'C>@;*\AK_P"VQXNG^(<.D>'O _A?5/M4D&BV]FS%
M;R?4YO#DFN)*I++']F 00;202Q)\Q0,4",#X56FE?L\>!OB+:7'Q=^&6J^&M
M6\.7!AL[;6K>2Z^V?8XHPBL^9?*C*3H@>:0LCQ9 D61Y?I#X??M-?#>#P#HB
M/\0?!".FGP*RMKMJ"I$:Y!&^O)?AE^U-:_M'?"/X@6.H:;HNE:MIOAB<FSA@
M9GN)%M US.DGS1&'-Q;A%1W;:ZR;F2:)F^A_ASH=D?A[H7^AVO\ R#K?_EDO
M_/-?:@#)_P"&H/AI_P!%#\#?^#ZU_P#CE'_#4'PT_P"BA^!O_!]:_P#QRNO_
M +"LO^?.U_[\K_A1_85E_P ^=K_WY7_"@#D/^&H/AI_T4/P-_P"#ZU_^.4?\
M-0?#3_HH?@;_ ,'UK_\ '*Z_^PK+_GSM?^_*_P"%']A67_/G:_\ ?E?\* .0
M_P"&H/AI_P!%#\#?^#ZU_P#CE'_#4'PT_P"BA^!O_!]:_P#QRLS]J3XMZ3^S
MA\%]2\336>D&Y5XK*P2]*P6K74[B.+SI,?NX59MSO_"BL1DX!\-\7?MWWP_9
M5^&/C7P_HG@NYUSQKX5NO%%_'<LQL;06>EM>W%LA0[@[.IB4L3LVNQ#;=I/,
M/([C]JSXC>#_ (N> M(B\/?$+X7SZMX>\0Z;K\-GJGB:"WL]1^RW"RF"25!*
MT88 D,(WPRJ=IKCOV?/&?@;X$:[\(/#-Y\1_ 5[)X<\#ZU9W=U:ZU;_9$F>[
MTA_+0EQA.'" X)6/H,$#D['_ (*&^,O%DPDT7X>Z)-9:V^H26!ATV\U*[T&V
MT_6/[,N)[VVMU,L^XXD580I4$YR%+5Z_\$/B!!\>O%/P3\:SZ+;:7+XM^'&J
M:O+9A RV[33:'(5!(!(&XX) )'UHZ!U/2_\ AJ#X:?\ 10_ W_@^M?\ XY1_
MPU!\-/\ HH?@;_P?6O\ \<KK_P"PK+_GSM?^_*_X4?V%9?\ /G:_]^5_PH Y
M#_AJ#X:?]%#\#?\ @^M?_CE'_#4'PT_Z*'X&_P#!]:__ !RNO_L*R_Y\[7_O
MRO\ A1_85E_SYVO_ 'Y7_"@#D/\ AJ#X:?\ 10_ W_@^M?\ XY7S%XWTK3I/
MVLKWQ]H?Q&^"T]E'J_\ PE%@U_XK2&[:\30)-(33Y D;A;1F?SVE5RP.5$1^
M]7V9_85E_P ^=K_WY7_"OGK5/VIKO3?VOU\$G0/#B^%DU]/"\]PX87ZW+:%)
MK/VK_GF+<1H(2",[B6W8&V@#YWU#X%V\'Q1M?$]K\2/@7>MX2\0:CK.E6USX
MM6,>)DOM9EU-DOW$+>08!*(XRHGW%-WR9P)]&_9NT/X;^'/"LO@WXO\ PETK
MQ1X7TG3[=KR;Q)'-;:E?PV@MVN6@E\V*-(?)M1&B1Y<(Q9DD$4D?OWCK]H3Q
M=HU]\:+&P\*^&9+WX<BPN-)CM[*YU234(+B&23YXHQ&QD.P?*F%0,26<+D\1
MI_\ P4%U"QO/#UWXA\+^%M'\,^+=)TW6K#5XF:]MX+22TAN;V=_*+2,BDW,:
M9CCY@WDF,2M&+L@?=GJ/@;]I+X=P?M ^/9W\?>"UAGLM*$<AUNV"2%5N-V#O
MP<9&?3(KO_\ AJ#X:?\ 10_ W_@^M?\ XY67X"T6S;]HKX@C[);$"QT@@>4O
M'RW/M7H?]A67_/G:_P#?E?\ "@#D/^&H/AI_T4/P-_X/K7_XY1_PU!\-/^BA
M^!O_  ?6O_QRNO\ ["LO^?.U_P"_*_X4?V%9?\^=K_WY7_"@#D/^&H/AI_T4
M/P-_X/K7_P".4?\ #4'PT_Z*'X&_\'UK_P#'*Z_^PK+_ )\[7_ORO^%']A67
M_/G:_P#?E?\ "@#X;^&G@.R\"^)O%#_\+/\ @NEIJECJF@V][#XJ7[9=6FHZ
MI=W\EY,NP!;F$7"(D8=U<^8QD3<%KS67]E>/4TGN9_B7\!+2YUK0G\)WMG;^
M+ UMI=L;/1[9=3MF,*E[O_B5L?**Q@"9%\X^62WTG\(_VT;GQ;XE\6-K/AGP
M_%HUCHVK:YI*6>?M8CT_4[JP:"XW94RRFW#KL VY=,-MW'AY?V^O&.D_#J76
M[WPKX*D_LC5M$CU.2TM+J2T6RU.WL+A6,H)%N85NY-TLFY6\N,A!YF%%Y?U_
M6H/S_K^M";P)X)\-_"G]I"T\7>%?BI\*M%\/W&H7G]I:4_B6*\*V;"V2,Q-/
MO82RK;YD6-X50+;H-ZPGS/T__P""5&OV/BC]F'4+_3+VTU&PNO%^O/#<VLRS
M0S+_ &A-RKJ2"/H:_/GX7_M>:AJ7[0!\ >-?#6@>%[_^TKB*-UC-PMQ$(;<P
M0*T9=%F+W +-(R#9Y'[L&X3;^A__  2_B6#]G/5D1515\8Z\ JC '_$PEHZ!
MU()O OBG6OC$OB>3X5_LU77C^V96756U^9]7B:.)XE(F_LOS05B=T'/"NPZ$
MBF>&OV<O$W@S38[/2/@1^S1I=G$D$206FH30QHD!G:!0JZ2 !&;JY*#^'[1+
MC&]L\K^T)^Q-XJO/VF?B=\1O 6BZ'I^H>)/#7@S3;6^LI8M/U>Y-GKNJSZ]'
M#<A0]M<7&F7B0I<;E)9E^=-@=> T']E']H/PEJWB_5I1KFO7_BG1-,TZRDE\
M=WHGT>RM_$NLW/V23RKVV::[CTB]TZ,3I.F^2VN-TV79IP#W#X:_#?Q?\/-7
M'_"(?"7]F_1+_P /1RZ:/[(UV>WFTU+A;666#]WI0,8E6WLG9. P@@)!")CN
M/^$A^.__ $*'PD_\*_4/_E;7SC\%?V5?V@/!'[.WC8ZYJ)N/B'XPUGP5J.LW
M&GZVMM?:S;V6DZ#9ZY''=)M\F>;[%?HD@*$[U(>+<)$S?BU^SA^U+XEO]=?P
MCXA\1>&[BX5UL)I_&1NK>'2SHMM!#IXC;(&H1ZF)IWO2A9T5OWS"41( ?4'_
M  D/QW_Z%#X2?^%?J'_RMJG!\0_C/=:N^GQ^'O@Q)?Q1^:]LOC6^,R)G;N*?
MV;D#/&<=:^:_%'[%GQVL/%'B";1]>\62SZC;R:-I.K_\)S<_:-+TY/%$MVBR
MF27=)(VDS>4LI$DH9,,P.&.-=_L'_'?P]^V#?^+]"O;^"S.HQ6NC:LOBAE^Q
MZ<NM65Q)]OB)WWRO81W:;9?,9I95)*L1-& ?7#>(_CLBDGPC\(P ,DGQ?J''
M_E-IL'BCXYW4"21^$_A%)'(H9'7QAJ!5@>00?[-Y%?+V@?LU?M(>,-8^%^H>
M.4U2]F\ KI%A>+;^,BG]I7,>@:K97^J%8VC21)+^XL93'+EVB1_DR6B;!T[]
MDO\ :ZL_AOIVEVWBW4M*\1V>D6MC=:A;>)PNF2V::/I\"VEM:@;(+N/4([N9
MKD1@LF1YC+*(H@#["_X2'X[_ /0H?"3_ ,*_4/\ Y6T?\)#\=_\ H4/A)_X5
M^H?_ "MKROX!?!'XU?#C]HW0YM9U?6]<\$V<FMV<JZKXBFNH[.P;4M4FTUXR
M)_,N;LVTNGPR?:XIL1PJR3QR)(L_E^E_LD_M">#;.+1_#VH>(]+@L]>UJZTV
M\_X3:::"WN+CQ&MY!?W4<DC/=6ATMVA^RN"%F2;,691<* ?3>H>.OC7I#VRW
M7AOX-VS7DPM[<2^-+]#/*02$3.F_,Q"L<#G"GTJS_P )#\=_^A0^$G_A7ZA_
M\K:\"_:(_8/\8_&+]JVZU-?[>B\*ZAXT\/\ B1M1M/%]U9M:6MIIMS:W,4,2
M2AX)O,>-@\(4E7;#@Y%:O[$GP/\ VB/"/Q@TS5_B[XMU74XH/#]C;W*6UZD^
MFWDHT?3HKA)(_/"I,NHQ7TPDBM0767YIRK+"@![1_P )#\=_^A0^$G_A7ZA_
M\K:CD\5?'**9(V\*?"%9)<[%/C'4 7QR<#^S>:^7O%?[.G[5.I^']3L=.UW7
MH>->_L'4&\7/;W]OJUPFFG2]2U%!-)#-96KIJ*M:0%8I$:-C9AG*QI\1/V8_
MVG]<T"P?1]5O;;Q=8:AJ\VKZO=^)S<6^KQS32>2-/AW V"M:[(E6,P%'8$D%
M//< ^IO^$A^._P#T*'PD_P#"OU#_ .5M'_"0_'?_ *%#X2?^%?J'_P K:^2/
M'_P'^/7[/7AKQE\1M"N/'?BGQ7I_A+1[C1X+G6Y[F2_NM.U_5KN71;BRCN;@
M2)<Z?>VMI'/OG=?+>227S-\C_<_P+\':S\/O@QX5T3Q'K=QXE\1:5I-M;:KJ
MT[9DU.[6-1-.?3?)N8    @  "@#C_\ A(?CO_T*'PD_\*_4/_E;1_PD/QW_
M .A0^$G_ (5^H?\ RMKUNB@#R3_A(?CO_P!"A\)/_"OU#_Y6T?\ "0_'?_H4
M/A)_X5^H?_*VO6Z* /)/^$A^._\ T*'PD_\ "OU#_P"5M'_"0_'?_H4/A)_X
M5^H?_*VO6Z* /)/^$A^._P#T*'PD_P#"OU#_ .5M'_"0_'?_ *%#X2?^%?J'
M_P K:];HH \D_P"$A^.__0H?"3_PK]0_^5M'_"0_'?\ Z%#X2?\ A7ZA_P#*
MVO6Z* /)/^$A^.__ $*'PD_\*_4/_E;1_P )#\=_^A0^$G_A7ZA_\K:];HH
M\D_X2'X[_P#0H?"3_P *_4/_ )6T?\)#\=_^A0^$G_A7ZA_\K:];HH \D_X2
M'X[_ /0H?"3_ ,*_4/\ Y6T?\)#\=_\ H4/A)_X5^H?_ "MKUNB@#R3_ (2'
MX[_]"A\)/_"OU#_Y6T?\)#\=_P#H4/A)_P"%?J'_ ,K:];HH \D_X2'X[_\
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M7+5W1=*U34[>R*>=#"H3R[6WGCMRD;EB-TCQHC0Q;_H_P'_R<G\0O^P=H_\
M*[I@+_;/Q9_Z%SX=_P#A1WG_ ,@T?VS\6?\ H7/AW_X4=Y_\@UZ)12 \[_MG
MXL_]"Y\._P#PH[S_ .0:@U.;XH:UIMQ9WGA3X:7=G=Q-#/!-X@NWCFC8$,C*
M;'!4@D$'@@UZ77#?M._#W5_BW^S?X^\+:!>)I^N>)/#M_IFGW+NT:P3S6[QQ
ML67E0&89(Y'44,$>76_[/OE>!O[+C^#W[/?_  C8M)+0VHNB;/[.\R3R1E?[
M.V;&FBCD8="\:L>5!J?3?@?<^&M7M[RR^$_P$TV_BTI]+MY[>_>":.PP0T",
MNGAEAPQ!4';AO>O/=(_9V\>>%OV:/B%X6L/A+X%GA\9:G-K&E>&]0O+:YTK0
M&/V*%(6MS&(9<&*>\PI"[\+D%BPX_P !_P#!/+QCX=\?V-M-IDLG@?\ X16W
M\/3PWEYIUWJ$%A!H\UI]CAF:$RQW+W928,DRVQ2:970DXH ]K^(_A3Q7X>^'
M/C'4M/\  7P@TZ]N?#<]O<7EAJTRW3VJ6Q6-=RV(+(JHH52=N$4# ''7_#_6
M/BL/ 6B>7X=^'QC^P0;2WB*\!(\M<9'V(\UY#\&_V??'O[/OP]^(]CKJZ+/X
M?N?"<JP744GF7,1CLD$-HC<?N8"UXN-B*<QR*H>68#Z?^''_ "3S0?\ L'6_
M_HI: .5_MGXL_P#0N?#O_P *.\_^0:/[9^+/_0N?#O\ \*.\_P#D&O1** /.
M_P"V?BS_ -"Y\.__  H[S_Y!H_MGXL_]"Y\._P#PH[S_ .0:]$HH \VF\1_%
M(+*LF@?#;$2;I0WB6[^13GEO]!X'!Z^AKS:[_9B8V\T6H?"7X'7EE>W%D\5I
M?ZI-/:VS6MNMM:QV\3V!2)8X@55(P -[\?,<\5\<OV4?%?CF?]IFSL?A]IUS
M9?%;P_:V.DR2:M HN[^%+B,7,P/*[3/'(-V<"W"@?=%6OVG_ (6^,_VI?A7I
M'@ZY^$5G-!H>HV,-]J%[?VOVVWA2V@N)WTUY%VI(TF+?SU;Y0LI4$@"A =MK
M'P)DU:3Q'/?_  D_9_N&UZ9)M>DGO68W\B?,C7).G_.1N)&_/WCZFC5+KXE:
M;^TGX(@@\,_#RW-OX3UN*UMX=>NE@2$76C@CBR&W;B,*H7&">1@ ^0>,_P!A
MSQ!XZ\9_%/7[GX<:?HUWX@UBPN=,L]&NM-^PZM#9W$\B2WT,R%+B>9[F6:5I
ME) $2KN:++^S? /X8:C\$]>^!O@_5[U-1U7PQ\--3TN[N8V+)-+#+H4;%20"
M5RIP2 <8X%'0.IWG]L_%G_H7/AW_ .%'>?\ R#1_;/Q9_P"A<^'?_A1WG_R#
M7HE% 'G?]L_%G_H7/AW_ .%'>?\ R#1_;/Q9_P"A<^'?_A1WG_R#7HE% 'G?
M]L_%G_H7/AW_ .%'>?\ R#7&>)_A#J_C3QC>:IK/PL^!FJZ_J6FOIMU=7E_)
M/=75BX*/ [-IY9H2"5*G*D'&*]WKY.\=?LR^.[7]MVZ^)&E>'='U>.RU'^W+
M+49-32VN[BV30)=/&B9*,R1O>.+G=S&,EB"_% &_XD_9YM-9O-<NM6^#G[.=
MQ<:S*C:Q/=7.9+V3.]3.S:=EVSR-Y)[UMWGPYUC7=*>UN/AO\#;VQ:&U1H)=
M5EEA$4*LMLNTV!4(@=Q&,8&]MO4UX_\ $/\ 8F\5^-/B=\:]7M? ?@HVOCC1
MX-,TM-:AL+F-;_[9.W]I"**!598X[F2<FY$EPT@V!]M3^./^"?NO?"_Q=:W_
M ,)=/L(;30[+3((;+5KE9+?5)[2U2"V9T&TB& VMFY#LQ9R\D:J\:^:+S ].
M\#ZO\45_: \>%/#_ (!-P;+2O-5O$%V$4;;C;M/V+)[YR!CCK7??VS\6?^A<
M^'?_ (4=Y_\ (-'@'_DXOXA?]>.D?^@W->B4 >=_VS\6?^A<^'?_ (4=Y_\
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MRBLY(O#]HWVVQO-,M+Z&5L*P#AIYHB%)4^0&!PW'J?\ PP/\#_\ HD/PV_\
M"<M/_B*\_P#@5\'?BC^SK-XE/AKX8_"JWB\37MM=/ WQ'O1#8QVVGVNGVUK
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M,2N222237Z1_\)E\=_\ HG'PD_\ #CZA_P#*.OS<_9@\1_%&/]FGX>+:^#O
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MX1^&/%6F?!7P+>?VYX/N_&]S:W5I!;&UL;6&VDGC1A;MYDV;J-44A%.&)9>
M2]T[P39>&O'UW)\%OA78W_@R2:>*PU."2REO+%9KF*.YRVGD'SO(4QB'S5)D
MV[P0 W97GP+\3ZI T-Y\-_A_=6H?]Q;'Q[J$<%I!]G@MS9QI'I:J+5H[>+=
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M?!'_ ();?_XBC_A)OBS_ -"5\.__  M;S_Y54?\ "3?%G_H2OAW_ .%K>?\
MRJH /^&1?A7_ -$Y\$?^"6W_ /B*\9^/-E\./@=\33HDGP0\#7^G'P7K?BR*
M_,5G;F:33?LQ>UV/%M0,+E/WKN O/RD FO9O^$F^+/\ T)7P[_\ "UO/_E57
MG_Q*^ 6N_&'Q<FN>)OA7\.-8U%-,N-&#3_$#4_*-G<*5G@,0TT1E) ?FROS;
M5S]U< 'G?PFUWX??%W]DKQ#\2+3X-?"'3;SP_=7,$MMJ<PL].6.W*F2::=[
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MJ@ _X9%^%?\ T3GP1_X);?\ ^(H_X9%^%?\ T3GP1_X);?\ ^(H_X2;XL_\
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M@V6E"5&\8W81!MN-NUO[,);/.<J,8'7/'??\)-\6?^A*^'?_ (6MY_\ *J@
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MA Y(K^:/_A*]4_Z"5_\ ^!#_ .-'_"5ZI_T$K_\ \"'_ ,:/^)>,P_Z"X?\
M@,A_VK'^4_>+X9_L>ZO^RQ^T9I^J^ _ O]LZ/H/AB/2;C4-2?2UGU%;?3[>"
MW@L9\_:H7:2(F43XA.69>2*\^\=?\$__ (C7/C#X@WFD6>IMX=UG6;::]LI?
M[*&I>+8/[7N+V9F\R22VN%CCE5(OMH0M&!$\85/F_%[_ (2O5/\ H)7_ /X$
M/_C1_P )7JG_ $$K_P#\"'_QH_XEYS"]_K</_ 9"_M6%K<I^W^F_L<_%;P7J
M6A>)M)T31)=>^QZ*VOZ3)+;II%[?6MFR1>1#$T.RVM98K?"N[8=V>&,"!$E^
MI/ ?_)R?Q"_[!VC_ ,KNOYG/^$KU3_H)7_\ X$/_ (U!#XGU);^9AJ%\&94R
M?/;)QGWK&K]'_'PE"+Q</>=OAEV;_0:S.&_*?U7T5_*O_P )7JG_ $$K_P#\
M"'_QH_X2O5/^@E?_ /@0_P#C6W_$O.8?]!</_ 9"_M6'\I_517RU^V)\$/&7
MC[X]C6/"?@^\U(3_  X\1^&)=4;6XK.W^U7JV[6D>/.$T85K>0-)''D&=""<
M$I_/Y_PE>J?]!*__ / A_P#&C_A*]4_Z"5__ .!#_P"-'_$O&8?]!</_  &0
M_P"U8_RG[L? _P#9<^*/A?\ 9'UGX81:-8>'UUS4KF\DO;R6VM%DL7FM_,LI
M+:PD>*VDGC^T)FV)C5!NRLLA(\Q\"_\ !.[XF7/B_P"'?_"6^' =/T3P-8^'
M-4ETS4+-I(XXM%O;26.*>23S1.99HE$&QK*3!DD.Y5(_'7_A*]4_Z"5__P"!
M#_XT?\)7JG_02O\ _P "'_QH_P")><P_Z#(?^ R%_:D/Y3]Z_@K\#_B%\"?A
M_P#$;3O$ECI4F@R^$'BM=1$XFNHEBLD$%BK!@#%"7NU.(8D+ 2*,S.D?U'\.
M/^2>:#_V#K?_ -%+7\MEYXIU.2SE!U&^(*$$&X?GCZTZ#Q5J:P(!J-^ %  %
MP_'ZUC_Q+_F'M?9?6X;7^&7<?]J0M?E/ZJZ*_F?_ &0OA!X@_:Q_:1\*> +/
M6-8M!KUTWVR[MTDNY;&SAC>>ZN%A5@96CMXI7" @L4QD9S7O_CC_ ()%?%#P
MWX^\>V,/CKP]8:+X.U74;6WO/$&HW&F7.I6=I8VVIO>"W"2%%&G7<5PRDD@!
MT&Y]BOY^,\%986O]6Q&84XSY>:SC+:]K_>5',.9746?L]^UGX)NOB3^S5XVT
M"QT>YU^^UG29K.VL+>[2U>>5QM3,CR1J%5B&8%@"JL,-G:?!?BYX0\;_ !8_
M93T3P3#\+_$LGB+P1>>%Y5\W4K2VBDFM7AN+ED=IUBF1(HMF59U,EPHX:-S'
M^83_ /!)OXW1:W>:2^O>&DUNWU*6RM]._MZ4SZA;PZC;Z=+?PX0H;9+FYB!+
M,LA&]A&0C8J_#C_@EK\9?B786D]KXC\,V/\ :*6XL8[[79HGO9[B^U>P@MH_
MW9!EDN-$O  2% ,3%@"Q7+_B#U-0=3^TZ5M-;/Y?U_D5]?OIR,_33XM_LO:[
M\2/&OQH%[\-?$T_A_P ;GP_>VPAU'1[J34;K3[AY7#17D[Q>6Q>/Y) %,<;J
M #L!R?C;\#/B;\=/V?\ PEX1O/ASI]Y>>!=*DT2]L+62#3])EU&XT,1V]]9+
M*53R+&XE"ADR48,8@S1X'YN6O[#5YX>_:'\.>$M8^(@U?2M3^&\OQ+O[K19I
M1-9VD>@S:P;;$HQYK)$$5L$$2*Q Y46OB?\ \$T?B)X2\ ZMXMTWQ1I[:+I>
MCIJJ65_JS1:K?+'I&DZG>F&) T96&/5X#RX)7/!88)_Q!OWXTGF$%S)25XR5
MTW;]/NU$LPZJ+_K4_1&;]ACQ4EE\7]/3X=>&O$"^*[3-OJ'BJSTFYN-1UJ2[
MDQ?J\>7>S@CF:58[K]\"@1!S7T1X)^&>F_!?XN?";PAHZNNE>&/ &L:7:!SE
MO*AGT.-2Q[DA<D^M?S>_\)7JG_02O_\ P(?_ !JO)XGU(ZG"W]H7VX1. ?/;
M(!*9[^P_*O6K^ &84H\SQ<-TOAEU:7ZD+,X/[)_5A17\J_\ PE>J?]!*_P#_
M  (?_&C_ (2O5/\ H)7_ /X$/_C6O_$O.8?]!</_  &0O[5A_*?U445_*O\
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M_P"@E?\ _@0_^-;?\2\YA_T%P_\  9"_M6'\I_5117\J_P#PE>J?]!*__P#
MA_\ &C_A*]4_Z"5__P"!#_XT?\2\YA_T%P_\!D']JP_E/WN^ /[,WC3X)?M!
M?$;Q!#H6I7F@>)VDL<3W%A;W^IM-?W=RU]*\<KB984F6*-I=DVQE0QJ(\GR[
M1?V'O%VC?"OPMX.7X10+X=TCQE#JME?V[Z+:^)=&LK>*P8R.T,L=LUW=7%NZ
M-<1LSBW4[@7? _&+_A*]4_Z"5_\ ^!#_ .-'_"5ZI_T$K_\ \"'_ ,:%]'G,
M%_S%P_\  9 \U@_LG[X_"_\ 97\<_!;]IBTU?0-,BN_!5]KNH74\.L7<,]QI
MA>.VA:^3RG0>9.D<H4E)I%15WE&N)\?I3_P3%_Y-XUC_ +'+7O\ TX2U_'+_
M ,)7JG_02O\ _P "'_QK^IC_ (-;[B2[_P""-?@&25WDD?5]<+,YR6/]IW'4
MU\1QSX7XKAG!T\77KQJ*<N6R371OKZ'3A\8JTFDK'X':[X7^!\/_  22:31_
M$'@Z\^,5OXJTF^U%9X;J+7U2>/58Y[*$/$(GM(XXK"4O&S#S&E#LI:!&G_X)
MV>#_ (3Q?M%^/K34M8\.^)M'M_ US-X?N_%=GI>EI-JGVBSPL<.IW(M#*J&<
M*))>5#$#/%> ?\,G_%3_ *)C\1/_  FKW_XW1_PR?\5/^B8_$3_PFKW_ .-U
M_5L\1ECH5J*S&/[QMZS@[7MHM5HK:*ZT;3N>':=T^78^M])_9+_9E\7>']"M
MM2\;C0_&.KR:5;:C>+XQTK^RK>]U6RUD$B&.+;!:V-]::<9F$SHL5VP+(#&U
M3?%3]G_]EWPU\&M=^S^,5UN7P<=3TW2_L&NZ;!>:K=#5-/L%OW*6S3W-MMDN
MKR.(Y)ACVJZ+N>OD+_AD_P"*G_1,?B)_X35[_P#&Z/\ AD_XJ?\ 1,?B)_X3
M5[_\;KDO@?:J;S563O;VD;>:WNKZ]=%HBO>M;D_ ^X-<_8=_9&\&_$!XM2\:
MW4^G17BV,-G9?$O1[E[VT?7K*PM]6-U%;/''YEC<7%V]J4WQ+:[F94?(R/"?
M['W[(S:%I^G:IXWU2;6IGTJTGU6+Q[I<%HCWR:P)9_(-JQ"6C:?9EU,O)OT#
M,@*;OC;_ (9/^*G_ $3'XB?^$U>__&Z/^&3_ (J?]$Q^(G_A-7O_ ,;K)+"<
MG*\WU[^TC_\ )>OKUV0_>O?D_ ^P-9_8_P#V4O O@S1M6N?&6M>)&C\&C79X
MK3QKH]JNN7ICTIOLZ*%EGM9%EN;]&AE@W%(!AMT<C'M-,_86_91\4?$CP[X?
MMO%FA1^'-!U/Q-INM^()/BKI=G=:S%;>(1:64Z0R0LF3I\JW*L#'%)&CLK.8
MRDGP7_PR?\5/^B8_$3_PFKW_ .-T?\,G_%3_ *)C\1/_  FKW_XW1-8245_P
MK:J^OM(]4TM%);7OVO;3162YOY/P/J+Q#X ^#0^-NAZ'!KW@E- L/@UJD4^H
MP2::5O=7C.HK"9'=73[9(! 0PQ-S&48'::]@^$W[&_[(FF_M-V&H:=XLL-7T
M/PQXA>W;1]?^(NB1V>I6]EXD6T?4I;B:W2&6W?3P+@684M.C'9(R@U^?O_#)
M_P 5/^B8_$3_ ,)J]_\ C='_  R?\5/^B8_$3_PFKW_XW3Q$<!4BHPS11TL[
M3CK=MZVDN_RZ-![VW(?9/Q#_ &5_@/\ $CPSI>IZ7XH\'7&LW!T33KRWA\<:
M)X8L_#MO.\WGWLB_9W>[*N4C<1H\L2C<X?<F.HU/]B']DFSFU3PU_P )?I\4
M]SKO@Z6763\2=*>30K*Z;4H-4BBPABN LD-IO.&> 7<,K;8H91+\'?\ #)_Q
M4_Z)C\1/_":O?_C='_#)_P 5/^B8_$3_ ,)J]_\ C=2XX/EY(YLDEVG'O%_S
M6Z6VZZWUN_>O?D/KC7_V3/V7_"T^B)?:OK5SJ^NZYH&FZAHFD_$;1+MO"\=Q
M#-/J)%VT:V]WL$$:*_F11QO=A7=GCVM\B_M0?#[1?A3^T)XN\.^'-5TS6]"T
MC49+>QOM.U$:C:W$0Z%+@(@D'.-P7&0<%A\Q=_PR?\5/^B8_$3_PFKW_ .-T
M?\,G_%3_ *)C\1/_  FKW_XW7JY=C\OPU3GJ9C&::M9U(VOIJKR?;UUU;>I$
MHR:LHG 45W__  R?\5/^B8_$3_PFKW_XW1_PR?\ %3_HF/Q$_P#":O?_ (W7
MM?ZQY3_T%4__  ./^9G[*?9G 45W_P#PR?\ %3_HF/Q$_P#":O?_ (W1_P ,
MG_%3_HF/Q$_\)J]_^-T?ZQY3_P!!5/\ \#C_ )A[*?9G 45W_P#PR?\ %3_H
MF/Q$_P#":O?_ (W1_P ,G_%3_HF/Q$_\)J]_^-T?ZQY3_P!!5/\ \#C_ )A[
M*?9G 45W_P#PR?\ %3_HF/Q$_P#":O?_ (W1_P ,G_%3_HF/Q$_\)J]_^-T?
MZQY3_P!!5/\ \#C_ )A[*?9G 45W_P#PR?\ %3_HF/Q$_P#":O?_ (W1_P ,
MG_%3_HF/Q$_\)J]_^-T?ZQY3_P!!5/\ \#C_ )A[*?9G 45W_P#PR?\ %3_H
MF/Q$_P#":O?_ (W1_P ,G_%3_HF/Q$_\)J]_^-T?ZQY3_P!!5/\ \#C_ )A[
M*?9G 45W_P#PR?\ %3_HF/Q$_P#":O?_ (W1_P ,G_%3_HF/Q$_\)J]_^-T?
MZQY3_P!!5/\ \#C_ )A[*?9G 45W_P#PR?\ %3_HF/Q$_P#":O?_ (W1_P ,
MG_%3_HF/Q$_\)J]_^-T?ZQY3_P!!5/\ \#C_ )A[*?9G 45W_P#PR?\ %3_H
MF/Q$_P#":O?_ (W1_P ,G_%3_HF/Q$_\)J]_^-T?ZQY3_P!!5/\ \#C_ )A[
M*?9G 45W_P#PR?\ %3_HF/Q$_P#":O?_ (W1_P ,G_%3_HF/Q$_\)J]_^-T?
MZQY3_P!!5/\ \#C_ )A[*?9G#6'_ !_0_P#71?YU+KO_ "&[S_KN_P#Z$:[F
MR_92^*:7D1/PR^(8 <$G_A&[WCG_ *YU1NO@-XZUJYDO+/P1XQNK2[8S03PZ
M)<O',C'*LK!,$$$$$=0:\^IQ#E?UZG+ZS3MR3^W'O#S*]E/E>C/0/A3\8OC_
M *)X<CUGPKK/C&ST;PCX7<PS1GRK.UT>'48]YC5P(W1+Z>,DJ&82OD\@D<]H
M_P"V_P#%GP]>V-Q8^/-?LY]-\D6LD,H1H1#>7-[& 0.@N;NYDQT)G<'(.*^L
M_P!G[]NOXJ? ;]FKPUX1L?A_\:(=?\*>'M4\/Z?>VUO<):VZW>L66HK<1IY.
MY)%2WEAX/1U((P17H5K_ ,%([W2-7L[FS_9S^)L>FVWBM=:'AP631Z/;HOB:
MXUDWL,8MB5U%K:9; R?=\F/NNV-?EJ_$V&C4G?#T)IR:356FKI-VD[]]_FUZ
M[1HNV[7R9\.-_P %#OC4UGXBMA\0M;2U\56XL]2MXQ$D,D M'LA#&@0+#']E
MD:'9$$78<8P!C.N?VXOBS>7%_+-XXUB9M5.I&\$A1UNO[02V2]WJ5PWFBSM<
MY'6!",$9K[1TC]L.TT#P:/"R? 3XX7?A.TC\,V\%FIN--O+K^R;B%VGFNK6)
M"S21)*!$Z2(CRI(I5XM[[?CO_@I/XFUS5]9.G? [XJQV?B.TCT_7#=6=U<3Z
M_ FA:AIF+IY4DDEW37-M<$2R2'-JF69E5@O]9\ I/V>%I>OM*2NK1_2Z[:6O
M;9JE+JW]S/CC0?VH_C#\,/@%\/M2T*YG\.:!X>O;S0=%UVRPL]T]MJ%CKIM'
M)8@BVO9+:Z0[%^:?DL!A?/?CS_PG-CKFAZ9X\DO&O-,T&R.E)<2)((M,N8_M
MUKY;(2IC=+KS!R?]:0<$$#]'KW_@IIJNHZMX>\SX(?'$:+IL&K)<:8B2Q"TA
MOK;1XO[-TZ>&&*:QM8CI;;'C;S )R&#H9(G^/?VSO!WB7XJ>)_ D/AWP9XYU
M&R\)^ ]"\/SWA\-WT7VBZAM%:X 5X@VV*:1X0Q'S"$,."*Z\FXHPDL0O;PI4
MK\TF^>#U;?5/?OWYM+)-$RHRY=+OY>G]?(^>KS_D5M._Z^KO_P! MJSZ[J^^
M!/CE=+TRQ/@GQ@+QI;R=8#HESYC1@6JEPNS)4$@$]B1ZBJ__  SG\0_^A!\;
M_P#@ANO_ (W7OX+B'*U4K7Q-/6?\\?Y8^9E*E.RT9QM?=G[3GA3X)?$S]DW6
M?$WA-?A_\/?'6FZ;IEY>^'TO;:]N)89;B9X+2U96C/V@03PF=XXIGVVT*2M'
M)]I+_(O_  SG\0_^A!\;_P#@ANO_ (W1_P ,Y_$/_H0?&_\ X(;K_P"-UGF&
M8Y7B:E*I'&P@X.^DXZZJZ:O9IV[73U7FX1FOLGV,O[&W[,'AWX;:1K>I^-)[
MZ2'PZ^K""S\>Z6)_%4J^'6U"6,0B!Y-,>/4PMBL4ZO)+O^4%D.=K]CCP%^S-
M\)_VP/C+H_BO6/"6L_#NSU+1;'PU>ZX]EJ_FVUQJELLX63=&I"V\CK-<P*7A
MC5Y50E=M?#__  SG\0_^A!\;_P#@ANO_ (W1_P ,Y_$/_H0?&_\ X(;K_P"-
MUY%18"K3G2J9HFI*W\2.GO*5UKOI9]-79)6BK]Y;0/MGXE?#[X.>'_V9M>%O
M8?!B+PO%\/Y9+>]LO$5I?^*T\:C4=OV:/;,;R2W50R!O*^RM; 2[B[!C^>E=
ME_PSG\0_^A!\;_\ @ANO_C='_#.?Q#_Z$'QO_P""&Z_^-UZN4X_*\'&:ECH3
MYG?6<?UD]>[_  )G&<OL_@<;447_ !^2_P"ZO]:[?_AG/XA_]"#XW_\ !#=?
M_&ZJVWP \>S:M<P+X&\9--"D;21C1+HO&&W;21LR,X./7!KIQ7$.5.I1:Q-/
MXOYX_P DO,E4IV>C.7KZY_X)M+\'_%/A+Q'X<^*NB>&;>"_U;3([7Q'J>I1P
M2P327<'E6X0@2"#;#<^?*LL2+!+*6?S!;@_/'_#.?Q#_ .A!\;_^"&Z_^-T?
M\,Y_$/\ Z$'QO_X(;K_XW4YEFN4XO#NA]<A!Z.ZJ135G?^;_ ( 1A.+OR_@?
M4G[-W[(GP3^(_P :/B;8_$+X@Z')9Z/XFL+*&]TKQ'IGAVSM]+N?M;WVKP)*
M)8[K[&8[9196K,7\_",R@&N:_:%^ WP(\"_#+P/J'@KQ%+J/B./4/#L'B".Z
M\26=_;WZ7VB6M_>21P1Q(]NEM=O-;.&>3# JQ5EQ7@'_  SG\0_^A!\;_P#@
MANO_ (W1_P ,Y_$/_H0?&_\ X(;K_P"-UYT,3@5B/;2S.-K+W>>"6B2>E^NK
MMMKY(IQDU;D/T9_;0^%'[._Q=TSXIQ?"5O@S#JW]D:G::%<'7-)\/DW=IXOM
M4"0Q/<BW"C2=QAN5DW7D,CDKO1E'Y:5V7_#.?Q#_ .A!\;_^"&Z_^-T?\,Y_
M$/\ Z$'QO_X(;K_XW6F18O+,NHN@\?"HF[IRG&ZZ6OS;:*RLK:_)U5.;ORV.
M*NO^/:3_ '3_ "I8?]4OT%==J7[/?C^TT^>67P)XTBBCC9W=]#NE5% R224P
M!3[7]GCX@SVL;IX#\:NCJ&5ET*Z(8$<$'RZ[UQ#E7UMOZS3MR_SQ[OS(]E/E
MV9'\'O%?C'POXIN$\#3ZS#K6K6%SISKI4;/=3VTD9\^-=@+8,8;=MYV[N<9K
MT/XH?M(_'+PAIFC:)XJ\4^(H+>Z\.J^GP7,R2&72]0TV*U4[ADE);%(8_F.[
M8JCC%=!^POJ7Q&_8Z_:C\,_$$?#SXESPZ,;B*XBT[2[JVN9(I[:6!]CF(@,!
M+N&1@E1]:^IM*_X*+>,9-,\/:7J_P?\ C#J=EX8M-.L]'OFLY#J.@O#X=U+2
M+B_M',!"7;7%Y:WBMQ\]E&"051T\/-^)<)'%<U&-&M%1O=U(*5]597OLK?)O
MM9Z4Z4K:W7R/BV\_X*!?&>_T2]T^7XB^(C;W]]_:,Q655E\[SH9R5E #HIFM
MX)2BL$:2)'*EE!J?Q'_P44^-GBSQ-;:Q?_$37)M1LY[2YMY1Y4?D26DMW-;%
M55 J^7)?WC* ,9N'K[%\4?MRR^+K#79[G]GWXL)KTKZA#IM]]@687"7ECHEK
M+>7RO:$37;2:,9VQA&>^E)SM^?6\0_\ !09]5L/B81\ ?C7=:A\0WB>ZDOKG
M4[BSN)$M[%5G:TD+Q1LD]K,\:XD\M;A4C>)8MK^8N)LOM&^$I7>_[RCIK'[]
M-?\ MVUNI7LI=&_N9\3_  +_ &D?BAXD^/W@)=+;_A,_$D&G?\(#H6EWZ!DO
M+*\MY-.&G$@HQ1HKIXERX*AEP0%&%M_CC\;_ (G>&?%$*>(==U+3O!NBSG6H
MO.B_T+3YTT[2)LJ<,R%+?38&V@D+%&3@ M7WEX$_X*L^*-)^,47B_5_@C\93
MJ5IJ/VJ"_P!,MFM[]K&+Q#/JL&D-(ULW^@F"9+=T':! H"\#S75/VC[[Q]\%
M+C3[WX:_%#3]?T#X8ZIX0M%GT>^>VUB:]GTV**&*WCC-O!Y$<5U<//B-IRL8
M</*OF23'BK#NMSSP]&.T4_:4Y6UDWM;36W2SE=W28_8O9-_<S\ZJA?\ Y"$?
M_7-_YK7<?\,Y_$/_ *$'QO\ ^"&Z_P#C=59O@!X]36[>W/@;QD+B6"61(CHE
MUO=5:,,P&S) +*">VX>HK[''\0Y4Z22Q-/XH?;C_ #Q\S"-*=]F<O179?\,Y
M_$/_ *$'QO\ ^"&Z_P#C='_#.?Q#_P"A!\;_ /@ANO\ XW7;_K'E/_053_\
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MK]C?P#^S-\*/VOOC)HWBO6?".M?#RSU31;'PU>ZZ]EJ_G6MQJ<"SA9=T:E1
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M$G_AN-0_^7E 'K=%>2?\(;\=_P#HH_PD_P##<:A_\O*/^$-^._\ T4?X2?\
MAN-0_P#EY0!ZW7Y@?LH?\FM?#7_L5=+_ /22*ON3_A#?CO\ ]%'^$G_AN-0_
M^7E?FY^S!X=^*,G[-/P\:U\8^ 8;9O#.FF&.7P==R2(GV6+:&8:FH8@8R0HS
MZ#I0![]17G?_  C7Q9_Z'7X=_P#A%7G_ ,M:/^$:^+/_ $.OP[_\(J\_^6M
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M"!GH:V_A_P"&_BLW@+1#'XS^'RQ_8(-JMX+O&('EK@$_VH,G\!0!ZW17G?\
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MO_A&OBS_ -#K\.__  BKS_Y:T?\ "-?%G_H=?AW_ .$5>?\ RUH ]$HKSO\
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M%C-N?#[]E'X_>"]2\$2V6JWUC<:@-$\1:U-::Y]GT_3]7N=<NM2\5I=VF?\
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M[!)+#=V8<&>V8(Z,%F0&)B#G:[8P<$?'7Q<_8]^*OQD_8X^'7PKD\):?]O\
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MRC_AE_PU_P!!+XB?^%_KW_R90!Z)7R=XZ_9F\=VO[;UU\2-*\.:1J\=EJ/\
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M /AU?^"<?P\>VG@G_9K^.=S;79O//MVUWPK'!-]K\/)X>G'EQZJJ*#81J %
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M -$!^+?_ (,?"_\ \N*]1U/6[/1=.FO+R[MK2TMX7N)9YI5CCBB0;F=F)P%
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MP%^T]X ^)VDB_P!$\4Z9=V/]E66MFX9FAB6SNY)X[>0M(% +O;3KM)W*T9#
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M03+Y;X?,;?+Q0!D?\+K\2_\ 1(?B)_X&Z#_\LJ/^%U^)?^B0_$3_ ,#=!_\
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M'[87[3'PS\::_I&G^$8?$W]CWTNER36_P^U;R8+)+>Q<:['*D[1W@:2XN/\
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M">\\^UW7)_<E;6<*DCK*2$&SYJ]#@_9+U&UFL'C\.?!)&TN:"XM-OA><>1)
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M$%G]HL/B?\"[VW.GOJXEMW>1#9(Y1[G(O"/)5U93)]T$$$Y%=7_Q='[8MO\
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M_"7VC5/ +?\ %4Z=Y?EZ7=C#^8=I.;@\>H_6N^^P?%G_ *"WP[_\%-Y_\DT
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M_%/X>GXC-96EG<ZI%HVGPV5G=7TDTT46!%;_ &Z!=[*I<N-JYR!+X:_X*R_
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M:RUYO"]O]@\/WEPFJZJGF>=96KK'MFEB$4IDVG:@AE).(W*[?A#]D#P!\/\
MXAR^*M#TK4M'UNZFGGNY;+7+^"*_::^O=0?[1"LPBG7[5J-[(JRHP0W#A JX
M49FN?L)_#/7]8OKZ72=;@N+_ %H^(S]C\3ZI9I::DV[?=VR0W*K:S2!Y!(\
M0R"60/N#MD \WO/^"ROP(@AFGM]:\4:E96]D;^6\LO"FI3V\<:Z9!JTH+B#
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M)-OXC^&?Q2\)KK<UOI/Q1U26^NE%J&:RAN(;>*\@4[AN\T13$,<;#<'AMH!
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MT:\NKN_CF;?Y("V<;>6)&DDS.]Q)NE8"14P@\0_X8R^,7_1)?B?_ .$I?_\
MQJOHL%P_P1.G?$T<-&5WHIQ>E]'\756?D92JXCHV?5__ !$Y_MK?]%<M/_"1
MT;_Y$H_XB<_VUO\ HKEI_P"$CHW_ ,B5\H?\,9?&+_HDOQ/_ /"4O_\ XU1_
MPQE\8O\ HDOQ/_\ "4O_ /XU77_JWP!_)A__  */_P D3[;%>9]7_P#$3G^V
MM_T5RT_\)'1O_D2C_B)S_;6_Z*Y:?^$CHW_R)7RA_P ,9?&+_HDOQ/\ _"4O
M_P#XU1_PQE\8O^B2_$__ ,)2_P#_ (U1_JWP!_)A_P#P*/\ \D'ML5YGU?\
M\1.?[:W_ $5RT_\ "1T;_P"1*/\ B)S_ &UO^BN6G_A(Z-_\B5\H?\,9?&+_
M *)+\3__  E+_P#^-4?\,9?&+_HDOQ/_ /"4O_\ XU1_JWP!_)A__ H__)![
M;%>9]7_\1.?[:W_17+3_ ,)'1O\ Y$H_XB<_VUO^BN6G_A(Z-_\ (E?*'_#&
M7QB_Z)+\3_\ PE+_ /\ C5'_  QE\8O^B2_$_P#\)2__ /C5'^K? '\F'_\
M H__ "0>VQ7F?5__ !$Y_MK?]%<M/_"1T;_Y$H_XB<_VUO\ HKEI_P"$CHW_
M ,B5\H?\,9?&+_HDOQ/_ /"4O_\ XU1_PQE\8O\ HDOQ/_\ "4O_ /XU1_JW
MP!_)A_\ P*/_ ,D'ML5YGU?_ ,1.?[:W_17+3_PD=&_^1*/^(G/]M;_HKEI_
MX2.C?_(E?*'_  QE\8O^B2_$_P#\)2__ /C5'_#&7QB_Z)+\3_\ PE+_ /\
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M'ML5YGT!_P /R/VG?^BBP_\ A.Z9_P#(]'_#\C]IW_HHL/\ X3NF?_(]?/\
M_P ,V?$?_HGOCK_PG[O_ .-T?\,V?$?_ *)[XZ_\)^[_ /C='^K? '\F'_\
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MS5[G5?[+TSPW=QVFG^=(TGE1+Y?W5W8'TI99D?"DZSCC</AHQL]5.&_.[?\
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M$?\ Z)[XZ_\ "?N__C='^K? '\F'_P# H_\ R0>VQ7F?0'_#\C]IW_HHL/\
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M-:V<?@V.=A>169O9+>3;<D12"UQ+MD*DJRXSN7/6GX3?%>67_DK.@L\9W?\
M(E1$J3W_ ./GVH ^?/VF?^"QTW[.WQX^(?A"/P-HWB%? =Z^FF&W\4>7JTI'
MAR'6UOY[4VQ%MIP\TVSW)D?:^UMIY44]7_X*I^-[[0=6\SX?Z+HZ^']%TW6=
M1O=.\96]^\RWGB*ZTB 6A2UG@96%F97\Q@Z>:8]N]/,KW/PS^S+X[\&>)?$N
MLZ;\2_#=IJ?C"_COM9N5\&H6O[E+6"T1FS='D06T$>!@8C'&22;\_@/XF6.M
MV^EM\6M&6YN8)9T5? BF,1Q&/=N<7&Q2#*A"L06R2 =K8 /E'Q)_P7%U;4_
MN[3?"W@G1KO7M&BU:PU:_P#&.S3O#OGZ?K=V++4Y#:,+?5(_['VM:[7 :Y&6
MQ'B3[I_9U\5W_CO]GWP+KFJS_:M4UGP]I]]>3;%3SII;:-W;:H"C+,3@  9X
M KS7QCI/CSP$^CQZO\9O#UJ?$FI1Z;8*? RO]KNI S(HVW!P2$;YC@<<GD5T
M"_"KXNJ,#XM:, . !X+CX_\ )F@#URBO)/\ A5?Q=_Z*WHW_ (1<?_R31_PJ
MOXN_]%;T;_PBX_\ Y)H ];HKR3_A5?Q=_P"BMZ-_X1<?_P DT?\ "J_B[_T5
MO1O_  BX_P#Y)H ];HKR3_A5?Q=_Z*WHW_A%Q_\ R31_PJOXN_\ 16]&_P#"
M+C_^2: /6Z*\D_X57\7?^BMZ-_X1<?\ \DT?\*K^+O\ T5O1O_"+C_\ DF@#
MUNBO)/\ A5?Q=_Z*WHW_ (1<?_R31_PJOXN_]%;T;_PBX_\ Y)H ];HKR3_A
M5?Q=_P"BMZ-_X1<?_P DT?\ "J_B[_T5O1O_  BX_P#Y)H ];HKR3_A5?Q=_
MZ*WHW_A%Q_\ R31_PJOXN_\ 16]&_P#"+C_^2: /6Z_,#]E#_DUKX:_]BKI?
M_I)%7W)_PJOXN_\ 16]&_P#"+C_^2:_-S]E_P+\0)_V:?AX]OX^TZ"!_#.FM
M'$WAQ',:FUBPI;SAG XSCF@#WZBO._\ A /B-_T433/_  F$_P#C]'_" ?$;
M_HHFF?\ A,)_\?H ]$HKSO\ X0#XC?\ 11-,_P#"83_X_1_P@'Q&_P"BB:9_
MX3"?_'Z /1**\[_X0#XC?]%$TS_PF$_^/T?\(!\1O^BB:9_X3"?_ !^@#T2B
MO._^$ ^(W_11-,_\)A/_ (_1_P (!\1O^BB:9_X3"?\ Q^@#T2O#_P!LK]H.
MY^ 6M_"YH_%7AOP_9>(_%MKI6HV^I+&)K^UDX<Q.\BA F1N(1C\Z<K_%UG_"
M ?$;_HHFF?\ A,)_\?IDOPY^(4^-_P 0=*?;R-WA=#C_ ,CT >/?LS_MJ:S\
M0OBM\4-,\:W*^"X[2XM%\,V6O:+/IGV(2Q7CK%(TPC^T2&*T\]@K8QYH1BB;
MZ\XTS_@H+XAU'X/_  CUNU^(/A36=9UGQO)H&MVU@+!_[1M1K8M-R6PE-P6^
MS/&RK;ABOF+)(2G7V+Q[XMM]'\87<?B#XN>$5U?P)'_:4[3^%E<Z.TD8B!+>
M<529X[E55,^8RW  !#\KX/\ C!'X^\8:-H>B?&?POJ>KZO:'4;""V\*;RT/[
MU2^X2[4.8)E(8ALQL",C%" V?V/_ !CXR\;^-OB?)K7BK_A*_"FB:X-"T*Z?
M3(+-Y)[92+]@8@ \:SOY SSNM93WKW.O.E^'WQ%08'Q#TL#K@>&$_P#C]+_P
M@'Q&_P"BB:9_X3"?_'Z /1**\[_X0#XC?]%$TS_PF$_^/T?\(!\1O^BB:9_X
M3"?_ !^@#T2BO._^$ ^(W_11-,_\)A/_ (_1_P (!\1O^BB:9_X3"?\ Q^@#
MT2BO._\ A /B-_T433/_  F$_P#C]'_" ?$;_HHFF?\ A,)_\?H ]$HKSO\
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MC#XCZ-JNGZ7IE]X(UEK)8=/NTOX?LS2SI SW,3M$TS+!NDA^22!GV/'C9+*
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MU3X*_P"?S6O_  G]1_\ C%>B44 >=_\ #5/@K_G\UK_PG]1_^,4?\-4^"O\
MG\UK_P )_4?_ (Q7HE% 'G?_  U3X*_Y_-:_\)_4?_C%'_#5/@K_ )_-:_\
M"?U'_P",5Z)10!XK\:OVG_!M[\&_%L,=WK!DET:\10= U!028' Y,&!^-7_A
M_P#M1^#+?P%HB-=ZSN2P@4XT#4#R(U[B"NQ^.O\ R1'QC_V [W_T0]:'PX_Y
M)YH/_8.M_P#T4M '*_\ #5/@K_G\UK_PG]1_^,4?\-4^"O\ G\UK_P )_4?_
M (Q7HE% 'G?_  U3X*_Y_-:_\)_4?_C%'_#5/@K_ )_-:_\ "?U'_P",5Z)1
M0!YW_P -4^"O^?S6O_"?U'_XQ1_PU3X*_P"?S6O_  G]1_\ C%>B44 >=_\
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M&K\4?_*^@ _X9P\8_P#1?OBW_P""[PO_ /*>C_AG#QC_ -%^^+?_ (+O"_\
M\IZ/^&UO!W_0&^+?_AJ_%'_ROH_X;6\'?] ;XM_^&K\4?_*^@#(\#_L9ZQ\-
M/#B:1H'QL^*&DZ9'-/<K;6VE^%TC62>9YYGQ_8_5Y9'<^I<FC7_V,]8\5:_H
M>J:E\;/BA>ZAX9N9+S2IYM+\+L^GSR026[R1_P#$G^5S#-+'GKMD<=&-:_\
MPVMX._Z WQ;_ /#5^*/_ )7T?\-K>#O^@-\6_P#PU?BC_P"5] !_PSAXQ_Z+
M]\6__!=X7_\ E/1_PSAXQ_Z+]\6__!=X7_\ E/1_PVMX._Z WQ;_ /#5^*/_
M )7T?\-K>#O^@-\6_P#PU?BC_P"5] !_PSAXQ_Z+]\6__!=X7_\ E/1_PSAX
MQ_Z+]\6__!=X7_\ E/1_PVMX._Z WQ;_ /#5^*/_ )7T?\-K>#O^@-\6_P#P
MU?BC_P"5] !_PSAXQ_Z+]\6__!=X7_\ E/1_PSAXQ_Z+]\6__!=X7_\ E/1_
MPVMX._Z WQ;_ /#5^*/_ )7T?\-K>#O^@-\6_P#PU?BC_P"5] !_PSAXQ_Z+
M]\6__!=X7_\ E/1_PSAXQ_Z+]\6__!=X7_\ E/1_PVMX._Z WQ;_ /#5^*/_
M )7T?\-K>#O^@-\6_P#PU?BC_P"5] !_PSAXQ_Z+]\6__!=X7_\ E/1_PSAX
MQ_Z+]\6__!=X7_\ E/1_PVMX._Z WQ;_ /#5^*/_ )7T?\-K>#O^@-\6_P#P
MU?BC_P"5] !_PSAXQ_Z+]\6__!=X7_\ E/1_PSAXQ_Z+]\6__!=X7_\ E/1_
MPVMX._Z WQ;_ /#5^*/_ )7T?\-K>#O^@-\6_P#PU?BC_P"5] !_PSAXQ_Z+
M]\6__!=X7_\ E/1_PSAXQ_Z+]\6__!=X7_\ E/1_PVMX._Z WQ;_ /#5^*/_
M )7T?\-K>#O^@-\6_P#PU?BC_P"5] !_PSAXQ_Z+]\6__!=X7_\ E/1_PSAX
MQ_Z+]\6__!=X7_\ E/1_PVMX._Z WQ;_ /#5^*/_ )7T?\-K>#O^@-\6_P#P
MU?BC_P"5] !_PSAXQ_Z+]\6__!=X7_\ E/1_PSAXQ_Z+]\6__!=X7_\ E/1_
MPVMX._Z WQ;_ /#5^*/_ )7T?\-K>#O^@-\6_P#PU?BC_P"5] !_PSAXQ_Z+
M]\6__!=X7_\ E/1_PSAXQ_Z+]\6__!=X7_\ E/1_PVMX._Z WQ;_ /#5^*/_
M )7T?\-K>#O^@-\6_P#PU?BC_P"5] !_PSAXQ_Z+]\6__!=X7_\ E/1_PSAX
MQ_Z+]\6__!=X7_\ E/1_PVMX._Z WQ;_ /#5^*/_ )7T?\-K>#O^@-\6_P#P
MU?BC_P"5] !_PSAXQ_Z+]\6__!=X7_\ E/7YN?LP?!WQ%>?LT_#R6/XK>/K6
M.7PSIKK!%9Z(8X0;6(A5+:>S8'0;F)XY)/-?I'_PVMX._P"@-\6__#5^*/\
MY7U^;G[,'[2?AW3?V:?AY;R:=X^:2#PSIL;&+P+K<L9(M8@=KK:%6''!4D'J
M"10!W7_"E/$O_17OB)_X!:#_ /*VC_A2GB7_ **]\1/_  "T'_Y6T?\ #4'A
MK_H&_$3_ ,(#7O\ Y#H_X:@\-?\ 0-^(G_A :]_\AT '_"E/$O\ T5[XB?\
M@%H/_P K:/\ A2GB7_HKWQ$_\ M!_P#E;1_PU!X:_P"@;\1/_" U[_Y#H_X:
M@\-?] WXB?\ A :]_P#(= !_PI3Q+_T5[XB?^ 6@_P#RMH_X4IXE_P"BO?$3
M_P  M!_^5M'_  U!X:_Z!OQ$_P#" U[_ .0Z/^&H/#7_ $#?B)_X0&O?_(=
M!_PI3Q+_ -%>^(G_ (!:#_\ *VC_ (4IXE_Z*]\1/_ +0?\ Y6T?\-0>&O\
MH&_$3_P@->_^0Z/^&H/#7_0-^(G_ (0&O?\ R'0 ?\*4\2_]%>^(G_@%H/\
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M] WXB?\ A :]_P#(= !_PI3Q+_T5[XB?^ 6@_P#RMH_X4IXE_P"BO?$3_P
MM!_^5M'_  U!X:_Z!OQ$_P#" U[_ .0Z/^&H/#7_ $#?B)_X0&O?_(= !_PI
M3Q+_ -%>^(G_ (!:#_\ *VC_ (4IXE_Z*]\1/_ +0?\ Y6T?\-0>&O\ H&_$
M3_P@->_^0Z/^&H/#7_0-^(G_ (0&O?\ R'0 ?\*4\2_]%>^(G_@%H/\ \K:/
M^%*>)?\ HKWQ$_\  +0?_E;1_P -0>&O^@;\1/\ P@->_P#D.C_AJ#PU_P!
MWXB?^$!KW_R'0!S'QJ^#7B.W^#?BV1_BS\0)U31;QFC>ST,+(! _RG;IP.#T
MX(/H16A\/_@QXCE\!:(P^+?Q"C#6$!"+9Z%A?W:\#.G$_F:S_C5^TOX<O/@W
MXMB33OB &ET6\12_@37$4$P..6:T  ]R0!WK0^'_ .TUX<@\!:(ATWXA$I80
M*2O@+76'$:]"+3!^HH U_P#A2GB7_HKWQ$_\ M!_^5M'_"E/$O\ T5[XB?\
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M/_ +0?\ Y6T?\-0>&O\ H&_$3_P@->_^0Z/^&H/#7_0-^(G_ (0&O?\ R'0
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M_#+NK?\ 18OBW_X%Z;_\A4 >MT5Y)_PR[JW_ $6+XM_^!>F__(5'_#+NK?\
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MLI([JPZ@T=0Z'O-%>=_\*&U#_HI/Q$_\"++_ .1:/^%#:A_T4GXB?^!%E_\
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M&'C#4T\/_M!:%;^-;O1M6O[*TT'2Y8QJ&DRPRV5PK3,[A ]O 7ASL?R\<!Y
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M5\6O_!1;_P#R17K=% 'DG_#55U_T2KXM?^"BW_\ DBC_ (:JNO\ HE7Q:_\
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M_P"&@)_^B?\ Q$_\%T/_ ,>KT2B@#SO_ (: G_Z)_P#$3_P70_\ QZC_ (:
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M)_\ HG_Q$_\ !=#_ /'J]$HH \[_ .&@)_\ HG_Q$_\ !=#_ /'J/^&@)_\
MHG_Q$_\ !=#_ /'J]$HH \5^-7QYGNO@WXMC_P"$"^($7F:->+O?3X0J9@<9
M)\[H*O\ P_\ CY/#X"T1?^$!^(3[;" ;ETZ'#?NUY'[ZNQ^.O_)$?&/_ & [
MW_T0]:'PX_Y)YH/_ &#K?_T4M '*_P##0$__ $3_ .(G_@NA_P#CU'_#0$__
M $3_ .(G_@NA_P#CU>B44 >=_P##0$__ $3_ .(G_@NA_P#CU'_#0$__ $3_
M .(G_@NA_P#CU>B44 >=_P##0$__ $3_ .(G_@NA_P#CU'_#0$__ $3_ .(G
M_@NA_P#CU>B44 >=_P##0$__ $3_ .(G_@NA_P#CU'_#0$__ $3_ .(G_@NA
M_P#CU>B44 >=_P##0$__ $3_ .(G_@NA_P#CU'_#0$__ $3_ .(G_@NA_P#C
MU>B44 >6^)OC7?Z[X;U"RM?!_P 3=*N;RVD@AOK?3+9IK-V4JLJ!Y64LI(8;
M@1D#((XKYX@_9\U0?"!/AQ/_ ,+8N? Z0F::&;PWICW.J7IOK>[\R[8G%PC&
M"82K)N^T?;9O,)PA'LW[7WB[7?"/Q#^#TNC7/CK[-+XK":S::%HUS?V<]@;>
M17>\:""0QJDK0[0SHIWN2&V93P_X.>/?C%X-^&GQCAUV7X@:_?3Z0UIX8U*R
MT?4;F>YUE+/49KB>"&[M8#;1GR[0)&0;<3$1QR.SD4=+CZV'?#;]CGPY\*OB
M!X?\1Z5H7QD&H>';=%MI)=&TUI!<1VEU9Q2"3ATB2&Z8"W4B']U#\N$P?=/@
MGXDM/@/\)]!\(:/X!^)DEAH-HMLDUQ80O/=/UDFE;SANDD<L[G'+.Q[U\F^#
M/%WQ\;2?#MM=3?%+[4-0E719K?3]2>SO;G^U=/R+I[F$3BT%BUS@WP13BX*D
M[8C7M/[+&O\ Q4\%?&K1_#OBS_A,O&'AR9+JTLM?GMKBUA)42M+>7*,).&EM
M0D222J56Y1HU=)=L#$>Y?\- 3_\ 1/\ XB?^"Z'_ ./4?\- 3_\ 1/\ XB?^
M"Z'_ ./5Z)12 \[_ .&@)_\ HG_Q$_\ !=#_ /'J/^&@)_\ HG_Q$_\ !=#_
M /'J]$HH \[_ .&@)_\ HG_Q$_\ !=#_ /'J/^&@)_\ HG_Q$_\ !=#_ /'J
M]$HH \[_ .&@)_\ HG_Q$_\ !=#_ /'J/^&@)_\ HG_Q$_\ !=#_ /'J]$HH
M \[_ .&@)_\ HG_Q$_\ !=#_ /'J/^&@)_\ HG_Q$_\ !=#_ /'J]$HH \[_
M .&@)_\ HG_Q$_\ !=#_ /'J^J?^"46LGQ!^R[?WC6=[IYN/%^O,;>[0)/%_
MQ,)N& ) /XFO&J]R_P""8O\ R;QK'_8Y:]_Z<): /)=6^._P$T']H7Q9\,KW
MQ'\>+3Q+X-\1:5X<OC/\0]>BM99=0M(KJ.>*5M1 >"))HA,W#1-(F5PZ,WKG
MP:^&'PA_:%T:[U#P7\0_B3XAM+"98+A[7XH>(\PL\:31[E-X&"O%)'(C8VNC
MJRDJP->-_&O]B_PK^T#XZO/$?B7]G;X[W.J7WBR3Q=-)%K_A>+=-+I%EI,UI
M\NJY-I)!I]H[1DY\V%7##  [?X >"]>_9XUZ?4].^%O[1FKWNH100:C+JFJ^
M"W.I16UK%:VD<GE7\>!!'$2ICV%FFD,ADR-H!S7Q&^+_ ,!/".HZ1IFB>./B
MMXSUS6?$EIX9AL-)^*/B!F2:X>X19F=KT*8 UI<IYJ;E,D+H#E6VV_C/\1/@
MG\"OC+XE\#:WK_QW;6/"W@FY\=7<MM\0?$$EJ]M!N+VB2?V@,WAC4RB$@?N_
MGW 5C>!_V2=.\#>+?"^L1_!3]HF_G\#W%FWAZ.[USP@8M'MK62\DALHPFHJ6
M@#7LF3(7E(CB'F87E?BK^R#H'QB\;>(?%&K? /\ :!7Q5XFU*YU"ZUBW\1>%
MTN42?26TB2T0'53&+?[&[($*$Y.[=NYH N>$?C)\ ->\*Z1J%_X_^)6B379C
M758+SXN:U$OAPOI5QJP%U))J")N%G;M*R1EY%1U=D$>YUZ[4M0_9]T.UAGU'
MXL?$32X)].N]566_^)OB:U06]I%/-<EFDNU"M%%:W,C1MAPD$K;=J,1Y[X\_
M8Q\/_$?X>WWAG4_@/^T&^F:AXAD\32>7X@\*)(MV_AMO#GRL-4X463;P.HF
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MX"-U=I):W-IYT<ZW:RVLJP7)1?LKPKB&/<K9DWNT?]D>VL/BM'XWOO@W\?\
MQ%XH;4I=3O;[6IO -_\ V@[R6D@1HY+HQPA#9QA&MUBD4,_SYVE0#I-.^*'[
M->O:EX=MM+^+GQ'UC_A*-3&E64MC\2_$L\(E:SN;U7D<7>$A:&TG(E)V$QN-
MV4?;V/\ PC'P13X=:3XMF^)WQ#L_#>NO*FGZC>?%'Q';0W9BMI[MRADO%R!;
M6T\V>ACC+ D<UY;X5_9,MO ,'@O^P?@]^T=I-WX"M]+M-+NHM:\&RR>5866J
MV,:R++J#QOYEOK%ZLGR<DQE=A7)L^(/V5=+\7?LJR?!_5/@3\?;OPK)K UE2
MFK^$+26W?SO,>WA2#4H[>"V=#) T,42(8II5P"Y:@#I88OV9?#$D%G;_ !9\
M36PUR[5MEM\5->V32W*6MQYTA2\VJ)%U"R8ROA2;R'+;I%!Y7PS\5?V;;;QO
M!X,\/^./B0^G6FAO=Z9<6/Q.UV'3[G[,\D3V-KNOD5GC2"1CM_=(D3Y90C8Y
M[PE^P!X7\ ^"++PYHOP,_:*T[18[6XTW4;9-?\(R#7;"6^BO!97+/J3,(8O(
MC@C\DQ.L"A-YZU>F_8@T$ZGX2O[?X(_M&V6I>"] N?#&G7EOXB\)K*=/NI9Y
M+F"3_B9E9%E%PZL",?+&RA9(T< '=:1XY_9QU5)5/Q?\=6]Y;645[<6C?%?7
MY)8/,^R[8LQWS))-F]LQY<3.Q-U!@$2H6O>)+_X#^%?!?ACQ1>?$OXB0>$O%
MD5S<66MS?%G7+>S$5NA9Y#YNH*Y7C&41L=3A>:\/^+_[ ,FO?!?_ (1_PA\'
M_CSI&J6NIVFIVMU>ZWX6=<Q3Z&\B$IJ@*EXM"MD5\,$:1V*2#Y*ZN7]EO4_B
M5^SK\.O!7Q"^#?QGU*[^'MO<V]K=:'<^#]*A9)OE6/RDU/9B.(1IN54WE"Y4
M%B  >FWL7P0M= \&:K%X_P#BU?:=X^UV7PWI$]I\0_$\P>_B6Y,L$@%WNB:-
MK2='#@%'C*L 0<<+\&_V@?V:_BW\ M%^($GQ0^)7ARRU2UM[B>PU/XH^(4O-
M.:6V>YVRHMZ?E2**=VD7,:K;S,6 C<KV%UX'OCX=T6PLO@M\?=+?P_XVO_'U
ME=VVK^$6GCU"]N+Z>X0^9J3HT+?VA<IM*9",N&W*&KS _L&>&X]%\*VD7P(^
M/6[P=H^GZ%I\UW>^!]2'V6SMKRVC62&[O9;>0LE[(6+19W)&5VX(8 ]O\?>"
MO@I\+=<AT[Q#\4/'VD7<NFR:R1<_%;Q J06**[-=2O\ ;=L4.(Y,22%58HP!
M)!%<=J7Q,_9CT6RM9[WXV^-;(7DLD"I<?%/Q)%+$\;PQN)8VNP\6'N;9?W@7
MFY@_YZIN3XX?!V3X[ZKKL]_\%?V@-(M?%?A%?!&O6&DZOX/@MM7TQ/M1@C?=
MJ3/$T+7MRR- T9S)AMP  Y.\_8ZT_7/%VL^(M7^#?[1^M>)/$DZ76KZI<ZYX
M.2;4IH[O1KB-W2+4$B4J-!TZ$"-%'EQOD%W+T =YIOB7]G'5]8TG3[?XS>-)
M+W7+=;FSA_X6MXB#.C-<(N[-Y^[9GM+I K[6+V\J ;D(#9_%/[.-FFE&?XQ>
M.[5M9NY[*UBN/BCXDBE,L$EO',KQM=AHA&]W:AFD"A?M$1) =2?'YOV%KW5/
MC7XLUFZ^&'[1$'A'Q##8W":+8:UX3MI?[1AU77=4-U)<#4_-'EW.M%X!"\>P
MP+O,G&-GPC^PSH?A"TNHT^"7[0]R][9:K832-JW@N#='J,FC23D)!?QQA@="
MLMI"#[TQ;<SY ![Y\./@]\)OB\Y7PO\ $/XBZZRZ?:ZJPL_BIXAE*6MRTRP2
MMB]X#M;S@9YS$_I75?\ #%WA7_H8/BW_ .'-\1?_ ";7BO[&O@CQ!^R1_P +
M'EM?@3\5[FX^(7C/4?%#A-0\-;+"">4F"SCW:R2(XUW-M&$5YI=H (KVK_AH
M_P 8_P#1 ?BW_P"#'PO_ /+B@ _X8N\*_P#0P?%O_P .;XB_^3:/^&+O"O\
MT,'Q;_\ #F^(O_DVC_AH_P 8_P#1 ?BW_P"#'PO_ /+BC_AH_P 8_P#1 ?BW
M_P"#'PO_ /+B@ _X8N\*_P#0P?%O_P .;XB_^3:/^&+O"O\ T,'Q;_\ #F^(
MO_DVC_AH_P 8_P#1 ?BW_P"#'PO_ /+BC_AH_P 8_P#1 ?BW_P"#'PO_ /+B
M@ _X8N\*_P#0P?%O_P .;XB_^3:/^&+O"O\ T,'Q;_\ #F^(O_DVC_AH_P 8
M_P#1 ?BW_P"#'PO_ /+BC_AH_P 8_P#1 ?BW_P"#'PO_ /+B@ _X8N\*_P#0
MP?%O_P .;XB_^3:/^&+O"O\ T,'Q;_\ #F^(O_DVC_AH_P 8_P#1 ?BW_P"#
M'PO_ /+BC_AH_P 8_P#1 ?BW_P"#'PO_ /+B@ _X8N\*_P#0P?%O_P .;XB_
M^3:/^&+O"O\ T,'Q;_\ #F^(O_DVC_AH_P 8_P#1 ?BW_P"#'PO_ /+BC_AH
M_P 8_P#1 ?BW_P"#'PO_ /+B@ _X8N\*_P#0P?%O_P .;XB_^3:_-S]F#]F_
M0M2_9I^'EP^K>/T>?PSILC+%XUU>*-2;6(D*BW(51SP  !T K](_^&C_ !C_
M -$!^+?_ (,?"_\ \N*_-S]F#XQ>(K/]FGX>11_"GQ]=1Q>&=-19XKS1!',!
M:Q ,H;4%;!ZC<H//(!XH [G_ (9BT#_H,?$3_P +K6?_ )*H_P"&8M _Z#'Q
M$_\ "ZUG_P"2J7_A=?B7_HD/Q$_\#=!_^65'_"Z_$O\ T2'XB?\ @;H/_P L
MJ $_X9BT#_H,?$3_ ,+K6?\ Y*H_X9BT#_H,?$3_ ,+K6?\ Y*I?^%U^)?\
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M^!N@_P#RRH 3_AF+0/\ H,?$3_PNM9_^2J/^&8M _P"@Q\1/_"ZUG_Y*I?\
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MPPL1)Q))[UJ'[+OPRAM)_M'BOXDM&@9)4/Q:\2OG$GDLNW^T"2?-_=XQG?\
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MUTW_  R_X:_Z"7Q$_P#"_P!>_P#DRC_AE_PU_P!!+XB?^%_KW_R90]0/E_\
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M"[P/H* /6Z*\[_X9?\-?]!+XB?\ A?Z]_P#)E'_#+_AK_H)?$3_PO]>_^3*
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M?M+^*]#\ ^'-=3PO'';VMI>76BI=6\+'4-!0W5NX@1&!M;O6&97N)CFSR8X
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MSXFW&IG6H7FNM2DT!/[5^VMX=N= !2Y\\D68@N3*;<JSM*&+3GS9-W>> ?\
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M0>1]F(\G53Y2^1LBEA:38WGS(SK< X*,8NGD]*3LK^_;WM;K?;;[^H_K4O\
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MCPT^BC4(+=H;;5%U 79M;FUM8#"P;49WC=DD<-R[R[FST7PY_P""SVJ_#AM
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M11_P_G_:3_Z&K1?_  06G_Q%?&]%=_\ Q#'A;_H"A^/^9/URM_,?9'_#^?\
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M?S_M)_\ 0U:+_P"""T_^(H_X?S_M)_\ 0U:+_P"""T_^(KXWHH_XACPM_P!
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M6]'T6_MX;#4K:\@;4KRQ@BD$$H$SKY5_#.FU#YR%?++;@:/^)A\#_P! <_\
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M=(?LX?\ 1)?#7YS?_'*/^)A\#_T!S_\  E_D']E2_F/YTZ*_HL_X=(?LX?\
M1)?#7YS?_'*/^'2'[.'_ $27PU^<W_QRC_B8? _] <__  )?Y!_94OYC^="Z
M_P"/:3_=/\J6'_5+]!7]!?Q?_P""4G[/&A_"7Q1>VGPJ\.075GI%W/#(IFS&
MZPNRL/G[$"KW@7_@D[^SKJ/@G1[B;X4>&Y)I[&"21R9LLQC4D_?]:Y_^)@<%
M[?VOU.6UOB7>_8?]ERM;F/YZ**_HL_X=(?LX?]$E\-?G-_\ '*/^'2'[.'_1
M)?#7YS?_ !RNC_B8? _] <__  )?Y"_LJ7\Q_.G17]%G_#I#]G#_ *)+X:_.
M;_XY1_PZ0_9P_P"B2^&OSF_^.4?\3#X'_H#G_P"!+_(/[*E_,?SIT5_19_PZ
M0_9P_P"B2^&OSF_^.4?\.D/V</\ HDOAK\YO_CE'_$P^!_Z Y_\ @2_R#^RI
M?S'\Z=%?T6?\.D/V</\ HDOAK\YO_CE'_#I#]G#_ *)+X:_.;_XY1_Q,/@?^
M@.?_ ($O\@_LJ7\Q_.G17]%G_#I#]G#_ *)+X:_.;_XY1_PZ0_9P_P"B2^&O
MSF_^.4?\3#X'_H#G_P"!+_(/[*E_,?SIU[*W_!1+X\-XDM]9_P"%P_$?^UK2
MTDL(;S_A(+GSXX',1:,/OSM+00MCL88R.5!'[C_\.D/V</\ HDOAK\YO_CE<
M1\;?V'/V/?V=-)M+WQC\/O#6D6]\91 1;7MRTGE1M+*0L)=L)&K.QQA55B2
M":YJ_CYE5>WML Y6[N+WWW74:RN:VD?BI#^V1\6+;PWX?T>/XC^-(]+\)M(V
MBVJZO.(M*:2)X9# N[]V6BDD0E<95R.]>:YK]U?#?[*G[(7CC]HBU^'6@?"[
MP[K%\VG:A?7=["ET+6U:T>R1H1(2$E8_;%SY;-L,9#8) KU?_ATA^SA_T27P
MU^<W_P <JZ7C]EE*[I8"4;]G%7_#NW]XO[,F]Y'\Z=%?T6?\.D/V</\ HDOA
MK\YO_CE'_#I#]G#_ *)+X:_.;_XY6W_$P^!_Z Y_^!+_ "#^RI?S'\Z=%?T6
M?\.D/V</^B2^&OSF_P#CE'_#I#]G#_HDOAK\YO\ XY1_Q,/@?^@.?_@2_P @
M_LJ7\Q_.G17]%G_#I#]G#_HDOAK\YO\ XY1_PZ0_9P_Z)+X:_.;_ ..4?\3#
MX'_H#G_X$O\ (/[*E_,?SIT5_19_PZ0_9P_Z)+X:_.;_ ..4?\.D/V</^B2^
M&OSF_P#CE'_$P^!_Z Y_^!+_ "#^RI?S'\Z=%?T6?\.D/V</^B2^&OSF_P#C
ME'_#I#]G#_HDOAK\YO\ XY1_Q,/@?^@.?_@2_P @_LJ7\Q_.G7]4O_!K1_RA
ME^'_ /V%M;_].=Q7@W_#I#]G#_HDOAK\YO\ XY7W)_P1^^'.B?"/]D";PWX;
MTZ#2=#TCQ9KL%G9PY\NW3^T)CM&23W/>OSKQ(\4,/Q-@:6$HT)4W"?-=M/HU
M;1>9UX3!NC)R;N<E\4?V9](^+FN>)=3U3]GKXR1ZCXMU.[U34KBU\2^'HGF>
MYTFSTJ:+_D)X,#0:?9,8B"ADMT8@\@XFC?L6>'M#\-1Z-%\ /C:=*+VDEW:'
MQ)X;6#4'M?$,WB& RHNHA1LU"YN&"H$79,T>-H4#>^/WP1^(7@;]JWXG^//
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MXT_\#]'_ /DVC_A;OB7_ *)9XT_\#]'_ /DVN_HH X#_ (6[XE_Z)9XT_P#
M_1__ )-H_P"%N^)?^B6>-/\ P/T?_P"3:[^B@#@/^%N^)?\ HEGC3_P/T?\
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MHNL7=Y-;Z--<:O!+)"TYO4D:&VL'<0S3K.':"1?+7S=A_0JCH!P'_"W?$O\
MT2SQI_X'Z/\ _)M'_"W?$O\ T2SQI_X'Z/\ _)M=_10!P'_"W?$O_1+/&G_@
M?H__ ,FT?\+=\2_]$L\:?^!^C_\ R;7?T4 <!_PMWQ+_ -$L\:?^!^C_ /R;
M1_PMWQ+_ -$L\:?^!^C_ /R;7?T4 <!_PMWQ+_T2SQI_X'Z/_P#)M'_"W?$O
M_1+/&G_@?H__ ,FUW]% ' ?\+=\2_P#1+/&G_@?H_P#\FT?\+=\2_P#1+/&G
M_@?H_P#\FUW]% ' ?\+=\2_]$L\:?^!^C_\ R;7U+_P2EU*?5_V7]0N;G3[K
M2IYO%^O,]I<O&\L!_M";Y6,;NA/^ZQ'O7C->Y?\ !,7_ )-XUC_L<M>_].$M
M 'EVJ>,_@]X/^.'COPEXGMOB'X<@\%26EO#)/\1?$,VJZ_)=-91V[V6FQ7+3
MW%O+/>K;I-%O!FAD1E0@96Z^+/[-M_X7OM2T/7?B;JR:8(?MTC>)/&<5KI<D
MEV;7[/>3!G%K<B5)%,$H60,F&5=P->T>.?V-_A'^TC\2=2UK5KC4_$OB/PKJ
M"VX,?BR]D?PE?;]/U(+ B3XLIB8-/GVJ%.PIQY<K!ZMA_P $QO@_I.F:A8VF
MC:]:V.M-%-JMK%XEU%8-8N([A[E;JZ3S]L]P9I'=I7!9R06)*IM /*-,\7_!
M+Q?^T%X8^'OAX?%#4-4U?6+O1M5%[XS\4Z5<:')#ITU^C-!<S(\BRI"5!7 Z
M\DJ13O&?Q1_9D^'^O:MI.JZ_\7[?6M&U*+2I],75/&LM\\TMM?W49C@20R21
MM#I>H.)54Q[;5SNY7=Z]\$O^";'PA_9Y\9:5KWA7P_?66I:)+YU@\VL7=RMJ
M1:S6@55DD8;1#/*,$<ERQRWS54\*?\$OO@QX+\7R:Y8>&[]-0?4/[25I-:O)
M4BF\C6(/E5I2 NS7M4XQ@FYW'E$*@'EW@/Q7\#/B[^T?H/P^\'S?$SQ NK:9
MJ.HS:TGC/Q3!I\#6BZ>_DQ323"&X<KJ$981R$Q%<,,DA<6V_:2_9'U#P\VIV
M7C;XGZE!]I2VACL=;\9W5Q=[[.ZO4FABCD:26!K6QO)1.BF(K;28;BOHCX.?
ML$?#3X"?$.R\3>%],U>PO]-M+BSLX7UR]GLK5+B.TCG9+:25HE>06-L6<+N)
M1CG+N6I^'?\ @G3\*/"WA?0=$M-$U$:1X6EFDT:TDUB[DBTQ9=.N],,40:0X
MC%G?7,:J<A0ZD<HA !XGXG^+G[,6B6FG2VWC+QG=B]OWLW#>-/%J>0L5W':2
MNVV1B#YDJ>6'"B=27C9HP7")\:OV61I.G:A-XH^+-EIVIV,.I1W=YJ_C2VA@
M@G2>2V,[/(! UQ';2O"DNUY5V%5/FQ[_ %^Z_P""8/P4N]1\0W;>$66Y\52Z
M/-J<B:E=*;A]*A\BR(Q)\NQ#\VW'F'YGW'FI_$O_  36^$'BV*WAOO#^HR64
M&EV.D-9+K=ZEI<Q6-M-;6;RPB4))+#%.X65@7R(V)+1QE0#PO5?VCOV3=$T6
MWO[KQ7\7H8KAYQY9U#QP;B!((M.FDFFB#&2&+RM7TR022*JLMY&03SB\_P ;
M_P!E*#5]+T^X\:_$>SOM5:2,6]SXD\7PR64D=Y=V)BN5:8&VD-W8W<"K-L+R
M0,JAN,^S:U_P36^#WB"YO);KPU<R/?V4NGSD:I=#?#+;:-;.O$G&8M TM<CD
M?9R>LDA;03_@G_\ "^#QMJ'B&#1]0M=4UA;I-1D@U>ZC2_2XO;V^=94$FU@+
MG4;UU&/E\]@/EP  >#>"_C%^S=\2?%6@Z5X>N/CGK#^((KJ:&6#4?&2B!(;.
MUO@TD;S+-MEMKVWDB98V#A^H/%6?AAXT^!WQD^+UQX?\/R_$BYT?3_#FHZ]?
MZK<>.?$]I+82V-[':SVLEI+.LH9=^_/< 8!# UZ[JG_!,_X/ZOH8TY]!U2*T
M_L]M)D2WUV^@,]FVE0:2]N[)*"R-9VT"$$\F,/\ ?RU6OAU_P3U^&WP<@UN3
MPIIU]IFJ:YI-_I$M[/J%Q>,L5XR/+A9)"OWXHR ,!0@5<+Q0!X3IG[0?[)VK
M6UG+'XP^*D:WMN]^@N-8\:V[1V26<-ZU]*))%,5F+:>.7[1)MB*DX;*L W4O
MCK^S'I&M?9[SQ)\2=-2WM+F:]M]1\3>,K+5+66.;1HHHOL4CB4F4ZYI^S.&;
M[1'L5P7,?J/P<_X)/?"/X8?#S3-'U'3-1\67\'A=_">HZEJNJ7DTFK6<NG6^
MG3Q,K3-LB:WMD58U.(\L5P69C2U?_@DW\._$'QEA\27\NJWVG+I,]K/;76H7
MEQJ5]?R7>B7$=_+J$EPTI:W'A[3$AC4*%\N0L7WX !YWJ_QX_9C@^']UXDT?
M4OC5XMTZQAM)KIM"U?QA=_9#<S+#'%,_GB.&?<V6AE99% Y7)4-W>FVG[/NI
M^ /'7BI=?^)D/A[X;27,/B"]N/%'BR!+.2WWB>-0\X::2-D96CB#.& 7&67/
MH&K_ /!/7X::W#K<<]MXG$?B2TM[758X?$^HPQZ@UNH6"XD1)@K3H H67&X>
M7'_<3;>/["?PXN=/^(D%YINKZFWQ5TZ'2?$MQ>ZW>3W-];0_:#"BRM+OB,9N
MIRK1E67<H!PB!0#YA\)?M+?LU7^I3V/B+4/BOX5U)O$-QH-E8W7B7Q@]U-LN
MTLXI9HO,#VQGN7$4:2@%WX4MUK?U?XZ_LDZ*^D^9\0_'$J:TMO);2V_BWQ9/
M#Y4UM8723/(DY6.+R=4T]V=R%074>XKSCW+P/_P3X^&?P[\?0^*=,LO$">(D
MNI;R?4)_$-]<37[R7/VIA.7E/FJ)MS*K?*H=U4!&*FEX$_X)H?!SX7IH7_"-
M^&KK0F\.W>H75D]EJUW&X^WSP3W,3GS,O$6M;8*C9$:01HFU1B@#Y\^%_P"T
MC^S;XM\ VVK>(]4^)/A2ZVWGVZ(^,?%E]9Z;);I=S^1)>1R^2+A[6SEN%@R)
M"FW"DNF[9;X^?LG0WEA;7'C7XEV5Y?WPT\6MYX@\8VUQ:N19,LEQ')*KV\++
MJ5BRRRA4*W*L&P'*^C>+?^"2?PAU3X?>(M$T;3=3T)]<M+Q4<:K>7-I;WUQ8
MW5B-0:U>;RI9XX;N159AG 09!1"NY\-/^"9WPN^&6IZ/J]K::_<>*-, ^T:W
M-KU\]YJA\FP@(N&:9C(GEZ99*J-D(L.%QO?< ?/VO_'KX,3_  Y^.GBKPKI/
MQ2\2:'\%OAW#X_2ZF\=^*-+C\2)(NL,(;8SRC="5TD%;J/S8W^T?+_JSN[CP
MCX^_9D\9:Z^D0>*OB99ZY%?6FF2:5J'B+Q?8W\=U<W,=M#"8)IEDW&26)F&W
M]W%+'*^V)U<^K^&?^"<7PG\*?#GQUX2MM'UB3P[\1?#$?@S6+*ZUZ^N4&C1+
M>)%8VYDE)MHD6_N@HA*8\SU (S+#_@FI\/\ 1/C[\/?'UC'>?VCX!O=9U8/?
MW4^HWFK7^HVUM:M//<SRL[".&V10K!N4A(*^7\P!X7\6OCO\#OA+X\72;K1?
MCG)9Z?XWNO!.MWP\1^+'^PR0:!<ZTUU;Q0S2/=Q>7;A&V % YE;]WL:3T'X:
M:M^S7\8/B?JG@_P[XS\;W^MZ187&I7"_\)KXGBMFM[=H%N'CN'N5AD\EKF 2
M!')0R@'!! ];\2?L+?#CQ;XZU3Q#J&EZE<7^KZO+KTZ'5[K[.M[+HTNBRS1Q
M>9LC+V$SQ,% !(5\;U#5<^$7[&?P_P#@9=:NWAO2KNSMM<BEAO+&34;BXLY!
M*(Q*1#([(K/Y:EB!R6<]7?(!\_Q_$W]F5M,T2]?7_B_;6?B"&*[M)[G5?&D$
M8LYI((H;V5GD BM)'N852XDVQ,6;#?NY-F/X?_:-_9,\3W02V\7_ !96%H1<
MBZN-4\;V]J8F@NIXY/-D=4VRI8WGEG/[TVTBIN88/MMG_P $S?A+:6.D6K:?
MXHN[31;.WTN""[\5ZI<Q2V-O);RV]E*LD["6VC>UB98GRN3+D'SI=]/7O^"7
MOPIN?AGJ?A[2-)NM':\T6VT:VNOMUQ<&S6UAU"*T?8TF',7]IW9P3\^\;B=J
MX /-=,^*'[,>JZ18WZ>(OBW#9WVL6NA"6YU?QI;"UNKM;1[43^9(OD).E]:M
M&\NU764D$B.0I2T?X[_LFZSI]Q=_\)S\1K&SM[*34A<:CXB\8V,4]JEM?71G
MC::51)&8=,U%E9<[_L4P7<5Q7H/AC_@D/\&=(TWPV^HZ9KVMZ]X>%L[:Q=>(
M+]KJ^D@73%4R$S'*#^R+#$>=H$)7&))-\_Q-_P""4OPK\>^!]!\/VFFMIFGZ
M->>'G<22S7AN++1K^\O8+/\ >2?*LC:A>Q2/R7BNI$.1MV@'._%/7?V9O@AX
MOM=!\7>-_&OAW6+T69AM;_QIXHA<B[@OKB G-QA0T>FWW)("M;E&P[*K<G+^
MT-^R6E[>VJ>-?B=<7=D(,6T&N>,Y9[MYKRTL5A@C60O-*+N_LX'CC#-')<*K
MA2&Q[K^U'_P3@^#?[9WB7^U_B1X0C\0W_P#8_P#8)D-[<6^;07<5X$(B=1E9
MH@0_W@LDJ@[97#7Y?V#/AG+K>H7O]CWZ#4_$-KXJFM4U6Z6U74K?4+?4H[A(
MA)L0F[M8964 *QW@C$CA@#R7X9Z]^S5\7=4\7V>B>+_'KR^!;2>_UHW7C#Q3
M9):V\$LT,\JO-<(LB12V\R.8RVTISC<I/F_AW]JC]F.YU374U[5/BKX6LK+6
MQI6F2ZCXE\8PSZE -.TJ]EO9+=W66UMXSJUNADE 3#(^_:_'UMX*_8]\ ^ =
M$\7:5I^E7/\ 8WCC[:-5TZ?4+B:T=;R6::Z6.-G(B61[B4D)@#< NT  <CX5
M_P"":/PH\&Z_:ZO9V/B=M:M;B2X74KGQ/J-S=N)+;3[62)I))F+1-#I6GKL/
M ^S*1@EB0#YJ^$'[3GP,\<I?2>(K3XG^&=VKW6EZ-80>+_&FI:KJOEZI?:;"
MQM452K32Z?.0B-+LQM=@P8#JQ^T/^R+)<"./X@^/IO,TJWU>%XO%'BYTN8I[
M6VO(8HB)L27+V]Y;2+;KF8B883(('O6C?\$\/A/H'C#2=>M?#MQ'J>B7YU.S
ME.IW+"*<ZA?:D6VF3!_TK4;M\$8Q(%QM50,S0_\ @F)\'?#/A&\T'3]!U6RT
M>^T^QT^6TAUV^1/]"M;2UM9U(ERL\<-C: 2J0V858DL2Q .=_97^%WPY_:F^
M%,WBRQL/B=H]JNO:SHL=O>^._$D-P1I^IW-AYDD4MS')$S_9MYB= T>_:<E<
MGXC_ &7_ -FCPMJ7[-/P\N)7\5^9<>&=-D?R_%FJQKDVL1.%6Y"J.>@  ["O
MU1^"GP4T']G[P)_PCOAQ-033C?WNJ2-?:A/?W$US>74MW<RO-,SR,7GGD;EN
M-V!@  ?G;^RA_P FM?#7_L5=+_\ 22*@"+_AEKPE_?\ %_\ X6&K_P#R31_P
MRUX2_O\ B_\ \+#5_P#Y)JY\3?$-[IOQ+^'5A#/+;6>J:M<K=%&P+GR]/NI$
M@/L6'F?]L/3-<;JGQ?UOP9X=^(,EO+%<IH_C*WTFSOK]'GM]/MKF.PDFGE"L
MK-%;R74_ 90JQ!2R*I90#IO^&6O"7]_Q?_X6&K__ "31_P ,M>$O[_B__P +
M#5__ ))KQ*Y\;?$SXI>/+"]74Y=$TJ[CT"!K:VLKN.*:*74M12XGC83H5$\=
MI;R L"R12JN1N<O<T+]L+QC#\,5OI]/LH]1@L]&C:QNK)VO(1=6UA)-J4SO-
M!$;='NI8MN8P&@8F48=8P#V'_AEKPE_?\7_^%AJ__P DT?\ #+7A+^_XO_\
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M8?\ QVO2O[(M/^?6W_[]#_"C^R+3_GUM_P#OT/\ "@#S7_AN7X*?]%A^%O\
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M)\5?$_X97/B'3[%(+Z6Q\3136[R#^X\TGF,,8Y;&3G  P![/_9MO_P \(?\
MO@4?V;;_ //"'_O@4 <1_P -5_"__HI'@+_PH+3_ ..5P'@C]ISX;0?M$>/;
MA_B%X'2"?3])6*5M=M0DA476X [\'&1G'3(KW;^S;?\ YX0_]\"O._ FGP']
MI+XA#R(<#3M'P-@]+N@#@_VMOC'X:^+/P*U/0_!?Q@\ Z)KUQ<V<JS'Q7!9B
M>"*ZBEGM_.C+O%YL*21[@K8W\@@FOG>7X2+K9T[^T/VB=!:.W6"VD3_A;5T'
M^S+I5]#)&6A,*R,;V2P?>4#,ENVXYRK_ *#G3[92,P0<\#Y!S0MA;.,B& CV
M04 ?F8_A?Q'\5]7\:V6K_&7P'!;B,Z6;S4OB-++;ZV#I.EIMCLR# L NX[F4
M7 _>E]RE ,FMOX@W7BOP%X;\7>)=%^.7@V\\46=U'=:+#;>/Y-0C\073:K(R
MR7%K(RQVD2V-P8#%$70;0YXA2OT9_LVW_P">$/\ WP*/[-M_^>$/_? HW _/
M+7/AQK5GJ/BN'1_VF/#,MK-I=KI^BW=U\2?+::")-/22WN(?+D\MW%K=?Z3'
M*7!NV;:Q=Q7H?[-FK1_"KXPZ+JNM_&KP1JGA^#P[)IM]#J/Q(&JS)/\ :'EA
M\A/+@C 5'V-))O8K'$  06/V5_9MO_SPA_[X%']FV_\ SPA_[X% 'D7QK_:B
M^&=[\&O%L,/Q$\"RRRZ+>(B)KUJS.Q@<  "3))-7_A]^U+\,K?P%HB/\1O B
M.FGP*RMK]H"I$:Y!'F5TOQSTZW'P2\8_N(?^0'>_P#_G@]<Y\1O'0^#'['6N
M^,;:PM[NY\*>#9]8BA:,$3/;V33*I]B4 _&AZ:AOH:O_  U7\+_^BD> O_"@
MM/\ XY6-;_&;X(6L=FD7BWX61II]_-JMJJZK8 6UY,93+<)\_P LKF>8LX^8
M^:^3\QSXO\1/V\+OPC#XR\)6VFVTOC#X9:-8:[JNIN8&M=6ASITDB11*,B29
M+B=&4 &']TW(ECSW_P :_P!L^Q^$WQF;P=;>$CJ\T(T^&:X^V0P%;G4/M0M$
MCB8%I$W6K>9(,",," VU]H] 6IZ%_P -5_"__HI'@+_PH+3_ ..4?\-5_"__
M **1X"_\*"T_^.5\<_"C_@H1\1;.Q\/:YXZT_2(]!E\/Z#JUZNG:?%++=MJ-
MMJ%\Q1?,!3$5H(T'S$;26W%^/6T_X*,VD?B;P_I$GP[OKJ\U;2+?7+PZ5<C4
MH=.M;F6:.!VFBB,?!A8R[VCV C:9>E 'M?\ PU7\+_\ HI'@+_PH+3_XY1_P
MU7\+_P#HI'@+_P *"T_^.5YY\"OVR$^+WCGPEHNI>!Y/"A\9^'$\1Z;+=W2S
MBY1]SK"C1QF(RK#Y<DB-(KKYJ[5=0SC@'_X*E:5?KJ,.C^ )]:OK:_-O:K#?
M+#;WMO\ V=?Z@+A998DR/*T^8?(KH2R;7<'('IN"UV/H+_AJOX7_ /12/ 7_
M (4%I_\ '*X'Q'^TY\-I/VHO!UTOQ"\#M;0^%]=BDF&NVNQ'>[T<JI;?@$A'
M('?:WH:Y?X2_MSCX\_M0>'?#.AZ%;:?X7O+34C/-=S0O>W4T%MI\Z_N5.Z%%
M^V8#$D/@G@ ;O6O$VGP?\-7^"AY$./\ A$]?.-@_Y^]%H N?\-5_"_\ Z*1X
M"_\ "@M/_CE<)^TO\:/!GQ6^"NL:!X;^+O@71=8OWMO)O8_%L5F\*)<Q/+MF
MA?S$)C5U!7G+=1UKW%K*U7.8K<;1DY0<"E_LVW_YX0_]\"@#\^KGX?W?AS0-
M:L]%^/'@._AUEIX)(-3^*E\WEVPUF>:T\J4R.T3QZ<\,1(#*S(0RR<.31?"?
MB+1M.M]2?]H?X=ZGXHCTJ/3IOM?Q)O/L%T!X8BL9-T<;IM9]5C^T&5 LNWY]
MP?Y*_07^S;?_ )X0_P#? H_LVW_YX0_]\"CI8.MS\O[#Q-XL\#?&+P+H%_\
M%K3M1TRT\V:/4-,^(3W%MI[3W]^Z"65]L<Z6T+VIECN F](XTB+X91V_PY^&
MMQ;^%["V\3?M!:!++::;K*2QV?Q?E#2:A/::?#:W$<XB5D42V]U*1*DPC>8.
M%<NRC]"?[-M_^>$/_? H_LVW_P">$/\ WP*.E@ZW/#?V9?CQX4^'OP,\/Z-X
MO^*/PTN_$-A%)'=2VGBF*YB<>:YC_>32;V;RR@8X"[@VU57:H[O_ (:K^%__
M $4CP%_X4%I_\<KM_P"S;?\ YX0_]\"C^S;?_GA#_P!\"@#PKP/^TY\-H/V@
M?'L[_$+P.D$]EI0BD;7;4)(56XW!3OP<9&<=,BNE'QF^!ZQJG_"6_"S8FH-J
MZK_:MAA;QF+&Y W_ .M+,QW_ 'LDG.:N^ ]/@/[1?Q"'D0X%CI'\ _NW->A_
MV;;_ //"'_O@4 <1_P -5_"__HI'@+_PH+3_ ..4?\-5_"__ **1X"_\*"T_
M^.5VWV*U'_+&WX.T_(.OI2_V;;_\\(?^^!0!Q'_#5?PO_P"BD> O_"@M/_CE
M4?#O[0GP=\(:6++2O'/PVTVS$LLX@MM;LHHQ)+(TLC;5<#+2.[$]V8D\FO1?
M[-M_^>$/_? H_LVW_P">$/\ WP* /.=<_:!^#GB::P?4?''PUOWTJZ6^LFN-
M:LI#:SJK(LJ9?Y7"NX##D!CZU?\ ^&J_A?\ ]%(\!?\ A06G_P <KM_[-M_^
M>$/_ 'P*/[-M_P#GA#_WP* .(_X:K^%__12/ 7_A06G_ ,<KZE_X)3>(;#Q7
M^R_J&HZ7>VFI:?=^+]>>"ZM9EFAF7^T)N5=201[@UXC_ &;;_P#/"'_O@5[Q
M_P $P4$?[.NKJH"@>,=>P .!_P 3"6@#QG]M7]@7Q#\3OCQ\4M?\)>%VMWUO
M2/ $FB:O92VJ3V^IV_BB_N-9N85F)59EL39.[.A658XUQ)LV#IO@AIG[50_:
M2\/V_C#7=6B\"Z1--!([:9I%Q%KUJE]J\:O>/&T<T-PUJNE2AH5"9*C9EIU'
MNG_#8>C_ /0F?%O_ ,(74_\ XS1_PV'H_P#T)GQ;_P#"%U/_ .,T ?-WCJ[_
M &NV^*6HG35\5)X<DUW4(M62UC\/D6^DC7[-=-DT0R?.T[:-]K>X^V;L29V
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M75U$-/BTB=[=-C!;BQU&],JL9&\R%"Y7*U[A_P -AZ/_ -"9\6__  A=3_\
MC-'_  V'H_\ T)GQ;_\ "%U/_P",T ?))G_;:\91ZW%&?%_A&WD:\O;+S6\-
MWMY;RC1KUX+03" 1R0_VDEBI?R48^9(-WE_/7I?[//@?XWZ]_P %"+?Q;\1K
M+Q*N@Z1X>\4Z7;/(=*70[..ZO]"DT]+00-]L>62"TN&F-QN57C(4J" WM?\
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MB9/M'VEMN!N5LJPX:O:O^&DM-_Z%GXB?^$I??_&Z/^&DM-_Z%GXB?^$I??\
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MCC'K'_#26F_]"S\1/_"4OO\ XW1_PTEIO_0L_$3_ ,)2^_\ C= 'S/\ LX_
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M6DL=;N+K3C:0NKI>//8P6Q_>@"0G$6XQP-]H?\-^_ C_ *+7\)/_  L-/_\
MCU'_  W[\"/^BU_"3_PL-/\ _CU 'EO['7[9OQ3^._QFCTWQCX#M/"FAZG8:
M[/;V8M;A=0TJ?3+C2(UBN)W;RI3.-3EVA4CP;%R"X<B/QKP3^V=\:OVI?BW\
M#=->UB\,^'=8\3Z-J7B9]'TK4+9K!;C0_$=[<>';V1YE87%E/IEB)I!L5WO;
M=7B50T4_UO\ \-^_ C_HM?PD_P#"PT__ ./4?\-^_ C_ *+7\)/_  L-/_\
MCU 'SIJ/[:OCOX??%#Q1;*PUJSU;X@ZWH<UHMM)>7^C+;6VFP6$%M;B6/9;R
M([W4TZB<Q&=7,)C=Y8N9T7]N_P")/Q&^ VFZGJ4J>$/$>C:YX(BM_#YL;R/5
M]3%Y>Z!'</<3LRPR078U.Y@6,1 JR;M[-'(L7U'I?[;'[.^AZAJ-W9?%OX+V
MEUK$ZW5_-!XITR.2^F6*.%9)6$N7<111(&;)"QHO10 :W^VQ^SOXF6U&H_%O
MX+Z@+*YCO+87/BG3)?L\\9RDJ;I3M=3R&'([&@#VFBO)/^&_?@1_T6OX2?\
MA8:?_P#'J/\ AOWX$?\ 1:_A)_X6&G__ !Z@#UNBO)/^&_?@1_T6OX2?^%AI
M_P#\>H_X;]^!'_1:_A)_X6&G_P#QZ@#UNBO)/^&_?@1_T6OX2?\ A8:?_P#'
MJ/\ AOWX$?\ 1:_A)_X6&G__ !Z@#UNBO)/^&_?@1_T6OX2?^%AI_P#\>H_X
M;]^!'_1:_A)_X6&G_P#QZ@#UNBO)/^&_?@1_T6OX2?\ A8:?_P#'J/\ AOWX
M$?\ 1:_A)_X6&G__ !Z@#UNBO)/^&_?@1_T6OX2?^%AI_P#\>H_X;]^!'_1:
M_A)_X6&G_P#QZ@#UNBO)/^&_?@1_T6OX2?\ A8:?_P#'J/\ AOWX$?\ 1:_A
M)_X6&G__ !Z@#UNBO)/^&_?@1_T6OX2?^%AI_P#\>H_X;]^!'_1:_A)_X6&G
M_P#QZ@#UNBO)/^&_?@1_T6OX2?\ A8:?_P#'J/\ AOWX$?\ 1:_A)_X6&G__
M !Z@#UNBO)/^&_?@1_T6OX2?^%AI_P#\>H_X;]^!'_1:_A)_X6&G_P#QZ@#U
MNOS _90_Y-:^&O\ V*NE_P#I)%7W)_PW[\"/^BU_"3_PL-/_ /CU?G!^R_\
MM1_#+2_V:/AW;7/Q%\"6]S;^&--BEBEU^T1XG6UB#*RF3(((((- '#+^W7XT
MU/3]4N;+1]#\I=72QMS- J&PA9-0=9Y]]X@:"4VL$<<S&'+RR 1LR!']"TOX
MN>,)? OCRYU%K:75-'U^VMK*PL[5HYK.UE-JP#/N;S1ME?\ >!5#;6.!T76\
M)?&GX%^ 9KN30_%WPHT>2_8-<M9:M80&X(+$;BKC."[D9Z%F]36W_P -9?"S
M_HI?P_\ _"AM/_CE" \K?]K+XAZ'H)U"]\(VFH+<VME<6\%E:7*20R7O]HPV
MT#Y+;C]JM+5'<!0JWP) $>]X?%7[0WQ!\0Z_)H^FVMC#=1:XMNRV]G<1R:2(
M-;MK1%NV+$/'>P/)<+M6/;$C8,@/F5ZU_P -9?"S_HI?P_\ _"AM/_CE'_#6
M7PL_Z*7\/_\ PH;3_P".4 >5Z7^V+XU\2ZMX0>W\')I.F^*+IE0:HOD2@126
M<$]NQDEC\N<327A3:LI=($*H0S.O2_LJ?%[Q+\7O&_B&]UQX8K8Z'H]Q'I\%
MK- FCW,LE^;BTD,A.^YB A25EV@E%^1.E=?_ ,-9?"S_ **7\/\ _P *&T_^
M.4?\-9?"S_HI?P__ /"AM/\ XY0 OBG_ ).C\#?]BMXB_P#2O0Z[^O!?$O[4
M?PRE_:5\%W*_$7P(UO#X9U^*24:_:%(W>ZT4HI/F8!8(Y [[&QT-=U_PUE\+
M/^BE_#__ ,*&T_\ CE 'H%<G\>?'&H_#'X&^,_$FD6*ZGJWA[0K[4[*S9&<7
M<\-N\D<95?F.YE PO)SQ67_PUE\+/^BE_#__ ,*&T_\ CE'_  UE\+/^BE_#
M_P#\*&T_^.4 ?-WQY_;1^)OAOP]XE\''18(?%\VD7<UO>:-IM[B"%O#6HWZ7
M,+MN7>E];PVXW'+$M\N<8J:C_P %"OBCHEKXU4^#=.MHO"+B!#?PEKUTCN8H
MO-6'[2AN6N(6>:)6^RKD*@>4MFOIS_AK+X6?]%+^'_\ X4-I_P#'*/\ AK+X
M6?\ 12_A_P#^%#:?_'*.H=#M=!U$ZOH=G=E)(C=0),4DB,3IN4'#(>5(SR#R
M.E6Z\_\ ^&LOA9_T4OX?_P#A0VG_ ,<H_P"&LOA9_P!%+^'_ /X4-I_\<H ]
M KSKP)_R<G\0O^P=H_\ *[J7_AK+X6?]%+^'_P#X4-I_\<K@/!/[47PS@_:'
M\>W#_$3P*EO/I^DK%*VO6H20J+K<%/F8.,C..F10!Z!\>OV8/!'[3>F65GXU
MTB75K>P$ZPK%J%S9D)/&8I49H)$9D=#@J20<#CBN1US]F'X+>+_$-QH\T%A_
M;IO+N4Q6GB&XM]1M;J:]AUB=XS'.LL4OVAH+C*;6173;M1L'K?\ AK+X6?\
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MNC1!+(6)7[3\)ZRWB+PMINH/%-"]]:Q7#1S0-!)&70-AHVRR$9Y4\CH:X_\
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MTN[.J7TEG,]]9ZI=V-U%):"=;=XI8)4>)E6YG7,94LLK!MPXI?\ AK+X6?\
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M)KZ3_P""8O\ R;QK'_8Y:]_Z<):^3?\ AK+X6?\ 12_A_P#^%#:?_'*^IO\
M@E+XBT_Q9^R]?ZCI5]9ZGI]WXOUZ2"ZM)EFAF7^T)N5=258>X- 'TQ)*L2Y9
M@HR!DG').!^M.KX,_;1_X)Q:I\6_CU\4_$OA7P/HMM/XCT?P!_8^MV<>GV]]
M#J5GXHU"[UFYB:7E)Q8/9,\CK^^$<:?O#'L'2?!#X?\ [4MG^TEX?_X2_P 4
MZ\G@+1)IH0%LM'O8M7M%OM71/MTBW,4Z3O:?V4XDA@EP54$(S7((!]GT5^>%
MGJ/[5OQE\>>/?^$6U7QKIWA^#QIJ6@O=W9T2WBCL(?%VE1Q/I:.IF!BT9=;$
MDEPA\PF'R_-81E=31OAQ^UY\-/$GB&ST:,7_ (6NKSQ5K=LL=WHEC>-)#>ZX
MVEVBN(2@DU-;O1YGN)(W,1L+@S8>8@@'WW17YU6/PP_;#MK:^U3[5XV.OOH^
MJ:7ITDE_H;1VD8UF.6!YK;[48WN7T]ID@?S&^>.(3/'EFKM?VA-3^/?PZ^ W
MP/\ #-CK?Q&U[QEXE\6:SI^M7&D6&BZ?K$]FNDZY=V,<C33SV4*Q20:>K2^?
MNE$7/[R4Q4 ?<%%? .@?#7]M35%OG\0>,M5M=3O-1T:RN8M'L-$33$L3K.C?
M;KNRN)+AI4ECTP:MF.2T&]Y&VLS);AUU7X>?M:7]G'I=W;ZCXFB*:3&9M9?0
M?LEHUGXAL)7FV+(YNI9=.$\A=HH&B>!MA=WBV@'W[17Y[^&OAS^V;XET?P_9
M:CKGB_0H;N*Q?Q+</?>'VOH]230M>:^>R:,2(NFR:K_PCZ0HRB=0)RRI'N:N
MK^._B_\ :*U+]H/X8^&/"\OB:'4#X+TO6-=%DNE)H\&HKJ]E'?M?/-\[Q?9&
MO%$5H68Y#*H(1U /MN.59HPR,&5N00<@TZOS%^'?P7_;.^$WPPTKPGX3TS6_
M#5MHGAFXTR#9JF@WEH;AHH)8IX_,D+13+.TZ;6CE1@K,TFUDB7W7XW?#/]HB
M3]E&RTWPT\NO?$+0O'&M7&GWVIMI4UU_9*G55TN<O*HA$H1[ ;@!+R=__+2@
M#[%)P*;'()4#*0RL,@@Y!%?%/@/P#^TUH7Q4M=-\5:AXZ\1^!$FD\FYLK[0$
MNY)I;+06+7^_RRUDET^OIL@7S0JC:I MF'F/P8^''[8_PA_9@\#_  YT[P_K
M&FOX2\-:9I[W=KJ6@NJ6T.B:#;R65LSS%OM:7$>LA'D3R=_EL96C*X /TDCE
M65<JP89(R#GD'!'YTZOSJ^!?P#_:J^'U];V=OJWC?PKX7BO->UF&V^Q^'-9O
M[NXO?$?B"\?[>QOH8A-+9W&E,AA$L:R;MWEXD#?4_P"QE%\3K7P9I]M\3;?Q
M5#K5I8S6\\E[<Z5/97K)?7"Q7/\ H[//'<2P")S$9)(8XVC02/(LC$ ]NHHH
MH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ K\P?V4)&'[+7PUY
M/_(JZ7W_ .G2*OT^K\P/V4/^36OAK_V*NE_^DD5 '?O<^61N?;N.U<MC)]*(
M[GSERK[ADKD-GD'!'X$&N!^*]E<W'Q0^&<HAEFL+;6KIIBBDB"4Z;=K%(Y[+
MS(F3QND3N17&SZ5XM'AKXB?\(O#J4*7GC:&2TCM###=/8A+%-0-L;C$2NTRW
MQ#,1DLS*=Q4T >W27JPG#RA3C."V..G]13_,;U/YU\H2_LN>-_B'XZT_7?%7
MVZYG*Z!'-YTM@S_9[74M1GDBF"J5+I$]D\GE_(\N2F[:-MG0?"GQRTSX8KIV
MW6=.U>"RT:VC^Q#23I\%LEM8+>1P1"6)EN1-]MYW)'Y>=C9$0 !]3>8WJ?SH
M\QO4_G7SEK'A7XTV7A&[O$UCQ#J^L6D>G1VEE%'IEDFI;;16NFE_>$6[/<##
M,LDH0CY(W0L#]%@Y'- '!^*9&_X:C\#<G_D5O$7?_I[T.JO[2_Q1U;X;:'X3
M32)$AO/$GBW2=$:>1!(L$$UPIG.#QN:%)$4]FD4\XQ5CQ3_R='X&_P"Q6\1?
M^E>AUTGCSX>Z3\2]'M['6;8W-O:7]IJ<&V1HVBN+:=+B&164@@K)&IZX(R#D
M$@@'E_B_]J&X^$?Q#^- UU9M0\/_  Z\(:?XSA2TB'V@0R)J"S6XY 9MVG%U
MW'_EM@G &/!?CQ_P4I^(EI;:FWA+PUI6G3^$-%\3W^MK-J,6H6\L^G:;87</
MDS*%$D0&HPL^T!BZ,@(VDM]<ZAX<\)?#74?$OBO4I-/TP^(1;1:O?ZC=!()$
MC7R((R9&V(F9" HP"TK<$L<\OIGCGX):3X'G-GK'PLMO#6F0_9IC#=V"6-I%
M>@-Y;8.Q%G"@[3@2  \XI#/(? ?_  4*U3PSK.I^'/%6G?VIK'AT7ESJ]RL\
M%CY%O9VU@91"FYA=3F:[.$38"!V.T-;\&_\ !2_4?'5EIYT_X6^)9[J]TG5M
M=$+78MO-M+&WT^??!]HCB:4R'4H8E^55\Q),,R 2'V75/$WPI;Q-,+W4/AZ=
M9T%9-:E\^>S^TZ<"B![MLG=&-ACS(<?*4R<8JIX?U3X-Z5:Z;IVE7'PSMH?$
MMK</I]K:26*+JMO.5$YB1>)8Y#&H?:"&\L9SM%,1YW\5?^"D.D?"S]F'0?B5
M)I7]IQZN+N233;6YN//B6S$IN@@:V$A>/R7#":.%58$.T>*RM?\ ^"GD6@^)
M=7TV3P3?KY6I7.DZ1<2ZM#'!J4\&N6^C.96(_P!&B\ZZA?>VX[?,^7*KO]4O
M?%?P4UCP/HUI<:E\+;KPW#YK:3#)<6#V*>0K>:8%)V#RU+;MGW03G S756?@
M_P &?$/PT+F#2_#&N:/K$$C"6.V@N;:^BF=97.X JZR.JN>H9@"<D9HZ@<S^
MQM\8M6^/'[./A_Q7K/V==1U5[LR+;LIC41W<T2 %25;"(OS X/4=:M> Y&_X
M:4^(7)_Y!VC]_:[KNM'T6S\/:;'9V%I;6-I#GRX+>)8HTR23A5  R23]2:X3
MP)_R<G\0O^P=H_\ *[H ]&\QO4_G7"_M0_%>[^!W[-GC_P 9V40N;WPIX=O]
M7MXGY622"W>1 WME1GVS76>(O$FG^$-$N=3U:_L]+TVS0R7%W=SK#! H_B=V
M(51[DUQ7CWXS?"W7/"UYH_B+QEX(;2M>TR3S[>ZUJV1+RREBP[<N,QM'(/F'
M&'!SR*'L-;G+?!K]K ^/?V@O$OPEN+64^(/ ^G13ZEK N8O)OC)#:O')%&H^
M\WGN73 \K;'G(F0UP6L_\%%G^#/[&/@OX@>*-/&N:OJ5K<?VA!9N\+W/V-9/
MM5Q#&D<G!\HN VR-0XW2*,$^EZ]\4_A/\!/#E_(NH^'VO?"FF&:X@LKB&XUE
M+9O(5Y" WG-N_<%G)^;"$D\5;\-:)\'QX7TKX?6TG@;5K/P8\.D6ND75U;W\
MVG3K"X2)ED9G$YC24_-\[ 2$Y^8T,1PG[*?[47BKXP?M#>-?#>KRV;:7H?\
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MWAK5XOV4/@S8?8;Y?&%I\2;=[PF!A)'=1ZI=/JLS<<*\"WQ+GAA+P3N&0#[
M,Q49+'\Z9%>K/]R4/P&^5L\'H:^-OVL/A7^T#\6M;^*F@Z++KB^'-<TC5;+3
M%AO-+BTRYM)-%5+6WC#_ .DI>-J1DWR/B,0LV''R8Y2;]BCXK_!;QCXKUGX>
M6GG:A/J%PNF7T\>C)=1V4>A:?:VWD'RD$3>8MW%&A B4QH6149F< ^]_,;U/
MYT>8WJ?SKXK\:^'?VH+WQ!X@D\-7GB[3]+_X1N5/#UOJ0T.><W!L) B7DJW
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M _90_P"36OAK_P!BKI?_ *214 1?\-(Z?_T*_P 1/_"6O?\ XBC_ (:1T_\
MZ%?XB?\ A+7O_P 17;:OXDLM!O=-M[NX6&;5[DV=FA!)GE$4DQ48'_/.*1N>
M,(:-"\2V7B6.Y:QN%G%G<R6<X *F*:-MKH00"/4=B"",@@D XG_AI'3_ /H5
M_B)_X2U[_P#$4?\ #2.G_P#0K_$3_P ):]_^(K<\5?&;PYX+\0-I>H7\D>H+
M#;SF"*TFG;;<3&" ?NT;YI)%<*OWB(Y"!M1B.ATS4H-9TVWN[:02VUU&LT4@
MZ.C $'\010!P7_#2.G_]"O\ $3_PEKW_ .(H_P"&D=/_ .A7^(G_ (2U[_\
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MS?:+JR:BGVJ77)+B6.%8C&\X&LND4TLC%%\PD,3\WK/@[XN_&+X0>++OPO\
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M-)O8=8A>SUS6)M!L9_*D$=Q>Q/.CQ!MN!\UM,H8X5BH"D[ER 8__  TCI_\
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M5G^(FH7]U9SV?_"&WEQ$3"MVR,;9)A/%!,T$2QS,"6\V/,<?F QFRL'F>A_
MKX@VOP8^%.D^&9[/XK^(Y-+613J&H>&K^2>;=([@%F5F*H&V+N9FVHNYF.6/
M6_\ #2.G_P#0K_$3_P ):]_^(KYY\5_M6?M :)<:U>Q^#(&TJ1;Z.SB3PGJ$
MUQI2P76E(+J3;+FZ!@O;V00HB-)]A(4D[A7M7["FI>*-9_9SM;OQC+K$^NW.
MNZ[*TFJ6-S8SO;MK%X;8BWN"9H8OLYB\N-R=D>Q0< 4P.=\$?M"6,/[0'CR;
M_A&O'Q$UGI0"KX9NRZ[5N/O+LR,YXSUYKOO^&D=/_P"A7^(G_A+7O_Q%9]AX
MLT[P'\8OBKKFL7<5AI.C:/IM]>W4I^2V@BBNGD=O954D_2O2?[;M_P"P_P"T
M<R_9?(^TY\E]^S;N^YC=G'\.,]L9I <-_P -(Z?_ -"O\1/_  EKW_XBC_AI
M'3_^A7^(G_A+7O\ \179^$O%>G>._"NFZWI%W%?Z3K%K%?65U$<I<0R('C=?
M9E8$?6L7P'\;_"GQ.U[4-,T'6K;4K_2D,EW#&K!H%%W=69)R /\ CXLKJ/CO
M"W;!('F8W_#2.G_]"O\ $3_PEKW_ .(H_P"&D=/_ .A7^(G_ (2U[_\ $5Z)
M4.HZA#I.GSW5PXBM[:-I97/1%49)/T H X'_ (:1T_\ Z%?XB?\ A+7O_P 1
M1_PTCI__ $*_Q$_\):]_^(KM?"OBBP\;^&-.UG2KE+W2]6M8KVSN$!"SPR*'
M1QG!P5(//K5^@#SO_AI'3_\ H5_B)_X2U[_\17U3_P $H]<3Q)^R[?WT=O>V
MJ7/B_7G$5W;M;SI_Q,)N&1@&4^Q%>-5[E_P3%_Y-XUC_ +'+7O\ TX2T <5\
M:O\ @E):?&6^^-^KW>O-_;_Q)UTZKX?D:6<6OAV.31M'TRXS"KA7FD339 9.
MHCF"C'S;N'^+/_!%^7XCZ_KT5OJG@S3-"NKRXELUBT8B>YLWN=-EM=,N4!\O
M[)8QV+QVZ(,*'CPL>U_,^FS\0/C@'*_\*^^#^X.(B/\ A95_D.0"%_Y ?7!!
MQZ&I?^$R^.__ $3CX2?^''U#_P"4= 'E?[*__!.[4?V;_C)XY\3/?>%M6_X3
M/2;_ $\7*V<L&H6!D\1:]JL"+,I#>5]GUB"W8*RD?V?%M.-H3SGP#_P1XU;P
MYXC\+ZS=>(?"BZCX*.DQ>'Y+?2%6?1K>S\26^J2QB>-(C+)-:1RVKS%$DE$[
M>:7W.7^FO^$R^.__ $3CX2?^''U#_P"4=1W?C[XXZ?:2SS_#WX00P0H9)))/
MB3J"I&H&2Q)T/  '>@#Y=^&/_!'/Q-I<$(\5^*_"6JK;WU[JT=I9Z,EM8PZA
M-H5MI\=Y%;Q1Q0Q2)=P&[&V/<C,OSO(OFMQ_Q/\ ^"/OQ \"?",2^&=:M/$_
MBJZNH;76#;VL'VC5[%M7\-7.R47DJP7$4$&DWX\B=BC+?RJ!^\</]HV?C[XX
MZC:17%O\/?A!/!.@DCDC^)6H,DBD9# C0\$$=#3I/'?QSBE1&^'?PA5Y20BG
MXDZ@"Y R<#^P^>!0!\]>*_\ @F[XM^.?[%OP7\%->1_#B]\#:+/IVI:;-=_;
MWF$D*PCS)K<HC2L$\R3;E=\C!68#<:/BG_@D+K%[X9^)>A6&L>")=(\;^%/$
M7A?0A?:5*S^ HM1N_$,T7]FJK;(D,6LVL$JJ$_=Z>BC<NQ8_I;_A,OCO_P!$
MX^$G_AQ]0_\ E'1_PF7QW_Z)Q\)/_#CZA_\ *.@#YR\1?\$O?B#XCUI$U#Q?
MX/UWPUI.LZAJ=KHFHV=TUMKL-YXCEUE[2_7>5,<:RK"FU6&;=&*[6V+SGPR_
MX(M:QX*T);'6/$VF>(5B\,VNA0/#/<:8;2./1X=-FLE*I)*UD[1O<K&\K1K-
M,6:&5AN/UA_PF7QW_P"B<?"3_P ./J'_ ,HZIO\ %+XT)JYT\^!?@R+]8TE-
ML?B;?><$<N$;9_8F<,8W ..2C8Z&@#6_98^"VM?!+P+:Z9KUQX<U#48-,L+*
M:_TG3QIZW;P1%"3;H%AC4<!1"B+C/RKPH]1KR3_A,OCO_P!$X^$G_AQ]0_\
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MH/AQX#TR+QFJ17DI^(.J78M81?"]>.UCETYDME:;>^(0BAV#8)4"CT [A?\
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MZK\=_B'\0M2E\0Z+':^,;+48K>XFLI9+^(7.D)816,K;]K64$Z?;%4#/FD'
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MV.QMQ"+ZYMK)Y[B7,BQ1C9&IDD(:0   GG@5B_\ "3?%G_H2OAW_ .%K>?\
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M+ZR@=)])DN-7U[4%G'S#)0:Q&O!!W0,01N&/5_\ A)OBS_T)7P[_ /"UO/\
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MKP]\.M232_$7A'X;GPW>_:M3*:)8:H-*$,5VZQ2J\\D5S'%M62"YA9'<[86
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MB+6-2@\->,+S3=8^SZ;(L-S'J%K:2V@=G9&&Q MI,@&/WD&'#(2C 'HWA_\
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M\?/^T-X\1?']DLR:?I)DE_X1V,B0$76T;?-XQS]<^U?0=>=>!/\ DY/XA?\
M8.T?^5W0!@Q7OBF;XBWOA1?BE8?VWI]C;ZC<0GPP@6*&X>=(<MYNW<YMI\+G
M.(R<8K.T70=3^+$/BFRC\?\ A_4HM)U 6.MQ7/A"$Q^>MO!.AD#R8<>1+ ZO
MR-K+@\5RW[37[".I?M+>,_B#92ZY_P (]H'C6QT*5-5M81-J%C=:?)>[TARR
M^5N$MN?,&[*FX3 WAA;A_8OU?Q=\.?BWH&KZCI>D/XYU'3/L4MI8![,06%AI
M\"F2T$@'E32VLH:#S/\ 4N$WYYH#J:^K?LY3:[XKTWQ'=>-?"DFI6-E-%;70
M\.PJ'MI8MCA@)PLL9C0@;PP4!L8YK7L?A7K=D85MO'OA*+[/"+B$1>%K5?+B
M5L[UQ+PH;G(X!KPKQ_\ \$MKS1OAIXENM#N] USQ=J-E':V,*Z+'96NE>9KT
MVIW0LT>5A%$8KAXE@+@-Y8#2@2$KD^'_ /@DGKGC'P58#6?$?A[P=.OA?4O#
MHTW2M!\[[&+RPO;(N9Q<CS,_:DN71M^)%9$EV;6 ![U/\.[Z3Q-)IS>-?#4E
MYK4;ZI-(/!$3P71MY8XR\D^_RS*DDB85VW]2H^5B.AB\)>,-&M'@3XG:%:P:
M=$FZ-?#T"):QXPF1YV%7 XZ#CBO$?B%_P2:L_$NG^([#1?$GA_1M(U^._MDT
MR;PHMS96=O=W6EW$D21K<Q;?^0<Z[T*,#=%U*,@)BU[_ ().1ZSJGC2]_P"$
MET#[7XI7?:S/HEZ#I4AN+*X 5(]02-XHI+*/R49?D4(C,ZJXD /7/C3X#^("
M?!GQ8\GQ"L9H1HMXS(/#D:[U\A\C/F\9'>M#X?\ @#XA/X"T0I\0[)$-A 57
M_A&XSM'EK@9\VN@^(NB2^&?V9==TV:Z^VS:?X8N+:2Y\E(?M#):LI?8@"IDC
M.U1@9P.*K^*_B=%\$_V4M1\97$!N8/"?A.369(0<&9;>S,Q4'WV8_&AZ M2"
M_P#A?X]U6REMKKQ_IES;3H8Y8I?"\3I(I&"K*9<$$=C6<G[/_B9)"X\5^&@Q
MM/L!8>#K?)MO^>/^L_U?^QT]JNM\9M9\/_$GX8>']7L].SXXTB]>\EMMX^S:
MA;PV\P6,$G]RR-<]<L"D?)R:\TL?^"E6B:G\4KS2K7PUXDN])DM[>/1'BM$%
MWXCO)+Z[M2MLK2!/)_T21@\K1G",2 "I)UL'2YZ!<? 7Q3>7XNI?%OAV6Y D
M F?P?;M(!(-LGS>9GY@ &]0.:1O@%XH>>ZD/BSPX9+Z+R;ESX/M]UQ'M"['/
MF?,NU5&#QA0.U<+!_P %6?A3?7#QV<FOW[1:1_:\B6]DK31?Z']M,#0EQ*L@
M@^8N4$(/RF4-Q74?%/\ ;S\&_"/X>>&_$VH6>O7NG>)M)NM<A.EQ07_V:RM4
MBDN)I'BF:(HD<H;,;N&"G:6)4, :4?P#\41:1+IZ^+/#BV$\*VTEL/!]N(9(
MESMC*>9@J,G Q@9/K3K3X$>*K"^M[J#Q=X>AN;2)8()H_"%NKPQJ&"HK"3*J
M S  <#<?6N)^(W_!2SPKX*:_BL?#?B[7)[;4#8VGDVT4<.K^5J]MI%X]N[/D
M_9[NYCC(=4WLPVY4EQTOQD_;R\#? GXFGPKKXU>*^@T:37KR6*&-X[&T2WN[
MAI'7S!*0([*X):-'4,J*6#2(K'F'D=+_ ,*^^(G_ $46Q_\ ":C_ /CU<#XC
M\">/E_:A\'(?']DUPWA?7627_A'8P$47>C[EV^;SDE3G/&WWJQ\&OV__  _\
M>/B[H/A;P_X?\02Q:UIVI7LNHNUL]O8O926R-&S12NCAA=1$/$[@%T4\E]G;
M>)_^3L/!/_8I^(/_ $LT6@ _X5]\1/\ HHMC_P"$U'_\>H_X5]\1/^BBV/\
MX34?_P >KT2B@#SO_A7WQ$_Z*+8_^$U'_P#'J/\ A7WQ$_Z*+8_^$U'_ /'J
M]$HH \[_ .%??$3_ **+8_\ A-1__'J/^%??$3_HHMC_ .$U'_\ 'J]$HH \
M[_X5]\1/^BBV/_A-1_\ QZC_ (5]\1/^BBV/_A-1_P#QZO1** /GWP1X$\?/
M^T!X\1?']DDR6>E&23_A'8SY@*W&!CS>,<_7-=]_PK[XB?\ 11;'_P )J/\
M^/50TWQ%!X0^,GQ4U:ZW?9M+T?3;N;:,MLCBNG;'O@&O+KW_ (*,K8?"F>-]
M&D/Q,L_AVOQ%GTL0-_9S60M1<.RS;\[-^ZW!^]YHSLV<T >P?\*^^(G_ $46
MQ_\ ":C_ /CU'_"OOB)_T46Q_P#":C_^/5E_$7]LCPG\,_%NCZ3>V^MW+:I;
M6%Y/=6EJ'M])@OKH6=I)<$L&"RW!V#8KD;6+!5&ZN+T3_@ISX"UZ\\*01:3X
MOAD\9VPOM-2YM+>!Y+4B4BXVO.&,6()B60-M$>6VAT+@'I'_  K[XB?]%%L?
M_":C_P#CU'_"OOB)_P!%%L?_  FH_P#X]7F%G_P5-^&]_I5I=P6?B>Z2::[C
MNOLEO;WB:<EK+8QS32R0SO$T8_M&U.8GDR'(QN4K4D'_  4G\)>']$N+CQ'9
M:M:_9K74K][FT@5[,06NJOIJ@N[J4=YA&H\P*A9SAMJL0 >E_P#"OOB)_P!%
M%L?_  FH_P#X]1_PK[XB?]%%L?\ PFH__CU<_P#!?]N+P;\=_'&G:!HD>J)>
MZEIDNJ1M=?9XXRD5S-;2*F)B9]LD$F9+<2Q %#YF)$W<KJ'_  4_^'MG_:L4
M%AXGU2^TG4FTV2RTV*UO99&%I=WAD4QW#1A?)LKDE7=9%,>&121D ]*_X5]\
M1/\ HHMC_P"$U'_\>KZI_P""45G>Z?\ LNW\.HWJZC>Q^+]>$URL @$S?VA-
MR$!(7Z9KX@\"_MTZ5\6OV@_#_A+PQI>HW6B:G;W[SZW<V_DV\DUO!9S>5!\V
MYBJW:A]Z*,\*6PV/NS_@F+_R;QK'_8Y:]_Z<): /0/BS^Q?\*OCMK/B#4/&'
M@/P[XBO?%6DVFA:O->VWF-J%C:W1N[>WD]42X/F#_: ]!B#QI^Q%\*OB'KNJ
M:GK'@O3+R^UP7PU*7?+&=06]@M;>Z28*X$B21V5H"K97-M$P 90:\4^+?_!.
M+7OB!\4?&6N_;/ 6L6WB7Q39^(G76M*EFNM3L88[&,Z#=R!B&L UK),JA2OF
M-$3$=DAF\LT[_@A9+=6D(\0>+=%\27"Q-;-->:;([);'PY<:;':1[G9E@AOI
M+>ZB3<=OV.$Y\Q%< 'W)/\!/!US:Q0OX?L&B@U__ (2F-2#A=4\PR?:^O^LW
ML6],GI7D/QQ_X)A?#OXR>'=+TZSN?$G@R+1]3GU6T.B7WRVDTT%U"Q@CN%EC
MML?;)Y%\A8\2%6YQBOG#P5_P2G^*.N^)/&FJ:MJWA+1[F[UG48%EOM/AU:?Q
MAITU_I%POVTS>?"(UCT^Z\E9(I&BDO-^Q2K"71T/_@BUJVE?#^"/6/&$>KZ_
M9:9#IIU'3H&AU(VD7A2]T?[-;322#RP;V:TO$#,$#V<1/S(K* ?5OA?]A'X5
M>$_$-OK$'A6&YUBVNH[Y+Z\NY[F;[2ERUWYXWN561KIY)W*@;Y9'=LLQ)TO
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M!V<#'J=% 'D_[1W[&7@K]JWQ3X2U#QK;WFI6OA$:@L6FK<&*TU!+VW^S31W
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M"TC;8Y" B@NK_1W[*GP4G_9U^ /A[P9<WEI?S:(DR-/:P-#"^^>24;$9F90
MX&"Q/'4T= +GA?\ 9Q\&>#=6T*_T_11'?^&DN8M-NI;J:>:UCN @F0.[LS(P
MCC^5B0/+7 &T52\3_P#)V'@G_L4_$'_I9HM>B5YWXG_Y.P\$_P#8I^(/_2S1
M: /1*\ANM9O9/V\K+3KFYN$TV+P'/<Z?;^8PBGF;4(ENG*]&9%6T )Y43'&-
MYSZ]43V<,EW'.T4;3Q*R)(5!=%;!8 ]0#M7([[1Z4=0/DOP=\8?B'X2_8_\
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MIA,4DBL9/L=SA"1(/*.4&1D [O\ X2/XH_\ 0G> ?_"QN_\ Y64?\)'\4?\
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MR30R.6QE2L>/DRV748YH ZS_ (2/XH_]"=X!_P#"QN__ )64?\)'\4?^A.\
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MZS!%Y\Q0JR*F&4*&<+D;ADZ!U*WA/]KB76/'>C^%]1\-?8-=UJ^N;&W2"_\
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M!KS7Q=\%_$^J?L8>'OA;HOPX\::A?_#>\\-?8[C5=3LX)+E[::.XGDW^>(9
ML,>S"/(@>X51@Q.4Q_B=^QSJOQ9^)?Q<UC5?A)JNG6?B?^SH;.VT:ZT21-?6
MSOTO/M-XEU*T<\\LO!6:,(D$6P,S-BAO4%L>T>#_ /@G+X(\':YI5\NJ^*KY
M_#\MO_9$=U=0%-,MH!?"*SCV0J6B!U"X.9"\I.S,A"XKU_X4?#BP^#GPM\-^
M$=*>YDTOPMI5KI%F]RX>9H;>)8D+L  6VH,D #.>!67^SGX=USP?\ O!>D^)
M;31+#7],T6TM+^UT>(16%M-'"JM' @ 58U(P H  ' QBNTHVT#?4*\Z\"?\
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M%%O_ /)%'_#55U_T2KXM?^"BW_\ DBO6Z* /)/\ AJJZ_P"B5?%K_P %%O\
M_)%'_#55U_T2KXM?^"BW_P#DBO6Z* /)/^&JKK_HE7Q:_P#!1;__ "11_P -
M577_ $2KXM?^"BW_ /DBO6Z* /)/^&JKK_HE7Q:_\%%O_P#)%'_#55U_T2KX
MM?\ @HM__DBO6Z* /)/^&JKK_HE7Q:_\%%O_ /)%'_#55U_T2KXM?^"BW_\
MDBO6Z* /)/\ AJJZ_P"B5?%K_P %%O\ _)%'_#55U_T2KXM?^"BW_P#DBO6Z
M* /)/^&JKK_HE7Q:_P#!1;__ "11_P -577_ $2KXM?^"BW_ /DBO6Z* /)/
M^&JKK_HE7Q:_\%%O_P#)%'_#55U_T2KXM?\ @HM__DBO6Z* /)/^&JKK_HE7
MQ:_\%%O_ /)%'_#55U_T2KXM?^"BW_\ DBO6Z* /)/\ AJJZ_P"B5?%K_P %
M%O\ _)%'_#55U_T2KXM?^"BW_P#DBO6Z* /)/^&JKK_HE7Q:_P#!1;__ "11
M_P -577_ $2KXM?^"BW_ /DBO6Z* /)/^&JKK_HE7Q:_\%%O_P#)%'_#55U_
MT2KXM?\ @HM__DBO6Z* /)/^&JKK_HE7Q:_\%%O_ /)%'_#55U_T2KXM?^"B
MW_\ DBO6Z* /)/\ AJJZ_P"B5?%K_P %%O\ _)%'_#55U_T2KXM?^"BW_P#D
MBO6Z* /)/^&JKK_HE7Q:_P#!1;__ "11_P -577_ $2KXM?^"BW_ /DBO6Z*
M /)/^&JKK_HE7Q:_\%%O_P#)%'_#55U_T2KXM?\ @HM__DBO6Z* /)/^&JKK
M_HE7Q:_\%%O_ /)%?FY^S!\=9[']FGX>0#P)X^G$/AG34$L6GQ&.3%K$-RGS
M1D'J.*_7ZOS _90_Y-:^&O\ V*NE_P#I)%0!%_PT!/\ ]$_^(G_@NA_^/5Y7
M\:?"5C\=?$:WVK^$/B=;K#;3PV_V/1+&.XA:6UEMBWGEC(RJLS.(V)7S C$$
M*%KZ8KRC]I/XC>,O ^N^$+?PCI5YJ O[]/[09--ENH! +FUCD1WC5C$QBFF=
M2VU?W+$N-NQP#R[7/!]WXJT;6=)U30?B3?Z7KEY%J]^L_A^QE&I7JR+D3Q,_
ME/;B&&WB$6.0A+$MAJV?#>D0^&=*B@3PO\5KV6S\-1^&+.6_TJSN1;0!BTS;
M&?8QFQ")%(VE;>( +BM73=:^(4/P/\,S7.IZ^==L_%:6^M2C0',\ED+J2-@(
M0F7BVF,^;&"-OS9P":X?3?''QP^'WP]TS3H+22_:6*QE?4+[1KR6731*NJ>9
M$ZQ)/+,5>VT\,?++ 7;$[ R%#H'4]$^#'BJ/X)_#NT\.6'@;XE7%K:37$R%]
M*MHUC\Z>2<QQQI(J1Q(9"D<:@!$55'3-=5_PT!/_ -$_^(G_ (+H?_CU=SH4
MUU<:'9R7RPI>O C7"PAO+60J-P7< VW.<;@#CJ,U;H \"\2_'6=_VE/!<_\
MP@GCX&+PUKZ>4=/B\Q]UUHIW >=T&WGG^)?7CN?^&@)_^B?_ !$_\%T/_P >
MJ7Q3_P G1^!O^Q6\1?\ I7H==_0!YW_PT!/_ -$_^(G_ (+H?_CU'_#0$_\
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M3^(7_8.T?^5W0 O_  T!/_T3_P"(G_@NA_\ CU'_  T!/_T3_P"(G_@NA_\
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MFL&QL=7M")6NKE6D@5"R+&HCCADF,CS(',(25H]?]KK_ (*@>#?V5]"\??\
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MGC#X6Z5IO@_4_&FD^)]7UBVTJQO- N9H$T\3N!->71C!'DP0++(-^%+JB=7
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M0K("BA=LD^0-PS[WXG_Y.P\$_P#8I^(/_2S1:]$KSOQ/_P G8>"?^Q3\0?\
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MH5T],_X)41S^,9[S6M=T#5--GUB*_N[7^P</XAA74YKYAJ3-*RW,NV;R%8J
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M.ED\O]E7+6MY&JJD<QLM4AD""5I%W*71%9&< ^F/^&]O@E_T5GX>?^#^V_\
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M@TKP=<>$;W4?%VFZ'87&A:E9SRWM_9>1:?:[F"9)XTMDMK=I9&DDCE5F,48
M:1<^IEF7QQ3DI2M:W2^[MW1$Y<IV'_#6'PQ_Z'_PA_X-8?\ XJOGOQ;IGP]U
MOXB:EKUM\0/!D,5M]IET:Q7QHT2QW5UJ%K?378?RF^SMYMJK>6%F5C(X)53M
MK8\(_P#!3_XD>(?A?>>(C9_#DKCP=K*@0W48T^PUW5+FQEL)1Y[>9?6ZP*YD
MS$F)"3$-N&],^#?_  4"UCX@?M$^,_"]]H\$=EIVL76F:'9I;PV\EU!9ZO;Z
M7=7CWLEZ58K)<)(+<VT+NKH(FG;(KU89!AYM)57K_=_X/=$.JTMCQCQSHGA#
MQA^SQI7@6+XU^"K$Z#9R)!<&\AN([^YE@='DF1V)4(\LIC 9L!E)RRJ1H:_/
MX%\4W?B*&;XC> [+2=3\S[/:KXHEN8_M,\\IN-0$;D);RF&XG!@CS%*TS"0E
M>*^B?&OQP\<>%OVX]%\'QZQX%D\ R>'[SQ+KT4^D7$&HZ!90JL,4KWQO/(/G
M73-M4VRXBMY_FRFX_/WQ<_X*9?%_X;_%/Q1X5;PCHD>H_P!HB#0+8:'<7=QY
M!UA[*$J!>QQZA)<6J_:5"R6@CV3(Q8QG+J</T:>LJCW:^'M\_P"OD"J,[']G
MGXQ^"_A+X2OM(U;XJ^#-4@74))--VZK"3;VQ5<*S'!9RX=R6+',AR[GFN^_X
M:P^&/_0_^$/_  :P_P#Q5>;_ +/G_!4R]^+W[0'PW\-:BGA73-!\2>!_[:U>
M_P#)NXMVIBQM+V3[+)*51;-(KD@M("Q='4E3&=_0_%S]LCQ_X1TO]H)K?4_A
M[H\WPBN[.72VFT:[U<ZC;3V@E2U>)+RW9KN69XHU*LJJS[-K_>H_U?H./,JK
M?R[*_?L)57V*'B/]IGX>7'[1G@Z_3QMX7>QM?#FNV\UPNI1&.&26YT=HT9MV
M S"*4@'J(WQT-=M_PUA\,?\ H?\ PA_X-8?_ (JN2^!W[:WQ*\1?M/Z/X#\8
M6/@BW;[:WAO6+'3;>X6]MM1A\/66KSWJ2/.Z_8VEN7MTC,988C8S,6*U]=5O
M2X7IU$W&J]--O^"+VS['SE_PUA\,?^A_\(?^#6'_ .*H_P"&L/AC_P!#_P"$
M/_!K#_\ %5]&T5K_ *HQ_P"?OX?\$/;^1\Y?\-8?#'_H?_"'_@UA_P#BJ/\
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M?_"'_@UA_P#BJ\?^&/\ P4K^(_BKP9H&J7L7PUGCU+Q!X+BNKBTANHHH;#Q
M+<O;(IN'W75N)CF8NJ%=C& ;L#U7X'?M=>,=8^._C?P;XSLM%_M#3]8C&C:?
MI]I%9F#1I]0O;6VOI;Q]0FCNG>.VC8Q+%;S*Q<")\C;G#AZC-I*J]?[O_!#V
MKM>Q;_X:P^&/_0_^$/\ P:P__%4?\-8?#'_H?_"'_@UA_P#BJTIOCEXWTO\
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M]48_\_?P_P""'M_(^<O^&L/AC_T/_A#_ ,&L/_Q5'_#6'PQ_Z'_PA_X-8?\
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MXYU?Q)/K-W'^SK<ZQ<PK;S7TWPSN'N98U$85&D.H[BH$40 )P/+3^Z,?1=%
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M3E>XN[N=YYI&9M5)Y=R ,X10J* JJ![Y10!Y)_PC?QW_ .AS^$G_ (1FH?\
MRTH_X1OX[_\ 0Y_"3_PC-0_^6E>MT4 >2?\ "-_'?_H<_A)_X1FH?_+2C_A&
M_CO_ -#G\)/_  C-0_\ EI7K=% 'DG_"-_'?_H<_A)_X1FH?_+2C_A&_CO\
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M]_T5?X:_^%/9?_':]&]'^;\?^"1J']@_&+_H:OAI_P"$K>__ "QH_L'XQ?\
M0U?#3_PE;W_Y8TA_;2^#@<+_ ,+9^&>X@D#_ (2BQR0,9_Y:^X_.E_X;/^#W
M_15_AK_X4]E_\=HO2_G_ !_X(]0_L'XQ?]#5\-/_  E;W_Y8T?V#\8O^AJ^&
MG_A*WO\ \L:/^&S_ (/?]%7^&O\ X4]E_P#':/\ AL_X/?\ 15_AK_X4]E_\
M=HO2_G_'_@AJ<U\2_$WQA^'4&B.=?^&MW_;.L6ND@#PS>IY1G;;YG_'^<X].
M,^HJEJGQL\0Z'=Z_!>_&3X!V<_A-$DUR.?3Y8WT97("M<@ZIF$$D %\9)%9W
M[1/[7/PHU:R\'"U^)WP]N3;^+=-GE$7B.S?RXUD)9VQ)PH[D\"OF_P#:$\-Z
M/\</BWX\\0O\3_V=K5M0;3+?PU>V?Q#33[VRL;/5+;4'C;9;/Y-W/+$\ANP\
MWEM' JQ<,YXZ]=0?N._S?8I+N?4GBGXQ^)? _@[2_$6M?&'X#:/X?UQD73=3
MOM-EM[/4"ZET$,SZF$D+*"PVDY )'%:%AXX\=:IJ$UI;?$[X+7%U;W_]ERPQ
M:+</)%=[6;[.RC4\B7:C'8?FPI..#7RGX@TVQN/V3/!?P_LOB]^S_%XB\"6T
M<>A>(X/B&+*72+EK6:![QHD@9+MD\TCRW$:SY9F,1.T;DGA[P7X4_:5M/'W@
M[XX?!?0E.NI/?VLGBNWNA=VDLZW%_.%G\Q8KFX>:]01P^4L0F!21=\ZRS]8?
M-Y:=?OZ]/ZZV5M#ZO_L'XQ?]#5\-/_"5O?\ Y8T?V#\8O^AJ^&G_ (2M[_\
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M+=FFCC9#+K%M&&XS7Z.K:QH^X1H#MVY"C./3Z4/:Q2* T<; # !4<#_('Y4
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MDXO3LN,R*ZVA0Q;Y4B\PIN8[21Y3<?#/]IC0ICK2WGQ'\0ZCJ/A&'3/+CO\
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M_P!!-7_R3_Y$/[4J=D?U5_\ $4'^R1_T-FO?^"D__%T?\10?[)'_ $-FO?\
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M]T?\A?7I=C]]?%/_  7'_9]U?X^^&]>B\0ZC_9NG>&M:TR>0V@#+-=7&EO$
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MQ=:U8Q6GA![1;M[CQ&NNM%JSQ7RRZ@B-''!$4>W:-!N4YQ@_XB'Q-_T'5/\
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M';;Q[X6_:+\=7?A6Y!/VRXBL+3R,2-'B5)8E:(EE. X!/!'!%=K;_P#!GO\
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M:CRKP:=)F33/DNCT@/R<2G^Y][VJQ=?\&>WP'L=6EL)OCKX]AOH+8WDML_\
M9JRQP#K*5,>0@_O$8]Z]O\!_\&YMK\-]+M4TOXCZ0FMZ=KMCJEIXEG\.:A<Z
MOY5M)>MB99=6:REGDBOIXF=K7RV61V:%F*&/9_X*>_\ !%SQE^UQ\4?'OQ)\
M+^.=&?6-5T"YTS1_#MUHBVI4W&EC3I4DOTFQ(A&9AYL#/NQ'YJ1A2A_Q$/B;
M_H.J?^!,/JM'^5'S5%_P:,_L[S*I3]H3Q@P>W-VI6?2SNA 8F0?)]S".=W3"
M-Z&I6_X-#/V?46W)^/WC4"\M6OH"9-,_?VZC<TR_)\T8')8< =Z]?^%/_!OG
M-X^^"_B/_A.KOPGX+\7Z[X=3PWIW]BZ0]V=)2'Q->ZW]LDE>Z9_,O1=+%=6\
M$RH$WI'+L*A-#4O^#;#0]0%\J^.=(MX=3\-7FB>4NC:O(NAW,\>L1BYT_P S
M66*(?[8F9X+DW*,5?9Y0DVH?\1#XF_Z#JG_@3']4H_RH\/L?^#0_]GO4VE%M
M\?\ QI<&"&2XD$4NEOY<4;;9'.$X56!!/0$8-1-_P:-_L[(L!/[0?C'_ $F#
M[3#B;2SYT6';S%^3YEQ'(<CC"-Z&OH/Q%_P;7^"[WPSKMAHOC*R\*S:VM]$U
MUI/A2*UD$%QINB6BVSF.=6>W$VD2SM'E0_\ :$ZC8<R/<\-_\&Z7A73_ !CH
MVNWGBC0EN],O-%NS#9>&9WCC6SUO4=5O(H'O;^ZFB2]&H&&1?,9!Y9;:RMY:
MG_$0^)O^@ZI_X$Q?5:/\J/F?X;_\&FG[-OQAT'2=3\*_M$>,/$%AKUBNIZ=-
M82Z9,+VU/ GCQ'EH\\;AQFCXG?\ !I=^SO\ !WP]JFI>(/CK\2K6+1].EU6Y
MMX+&TN[TVT2EG>.UA@>>; 4X6-&8D8 )XKZ@^ O_  1:^('[$UQX3UWX5?$+
MX=_\)3X2\+VW@]6E\%S:?!K=NLX5;R^_TZX1IX();J0&WBA>>60J\HC;:O.?
MMT?\$>?B/^V3_P %"_'?B22/P;9_#_QUX9;PY%KM[YEU?^'HY-#O;"2YMX4E
MBWW FNMHAD5XC$\C^;'(%4'_ !$/B;_H.J?^!,?U2C_*CPS_ (A&/V>4T9-0
MD^/_ (W@LGA-QYL[:;$JQAQ&6;=&-N)"$.<88[3@\5;L?^#/KX"ZGK;Z9;?'
M;QW<:C&GF/:1'37G1?E^8H(]P'S+SC^(>M>^>-?^#<K1/$FI^*;N#XEW134?
M$EEKF@:9>Z-(VFZ%;)-J%U>Z<R6]W!++!=7FI3W!*2Q-&\5OC<(^>_\ V0?^
M"'GA_P#9$_:'\*?$32_%-C+J'AJ^N9FAMM!>%[FSE\/6&CQV'VF:[GN/(A>Q
M-R@EDE.9BI)8&5C_ (B'Q-_T'5/_  )B^JT?Y4?GWX,_X-MOV0?B+\5=,\&:
M%^TWXQU;7=8T^\U*S6U2PDM[B.TOEL+A%G$7EF5+IO+\K=OR&(7 )KK?$'_!
MJ-^S+X5U+2;/4?VC_%=I=:[JQT'3XI)]+#7>H"-Y3:H/+YF\N-VV=<*>*^D[
M?_@W"\/V]Q>;/&_A^WCM9;^3P]-;>!HH;W1VN?%%GKXF>;[4?,N8UMI+)98U
MA_<2(-H$95]#X8?\&_A\"_$>R\7ZE\2O#GB+7]-\:Z/XMA-UX!C2TE6P@U2W
M:"2W2\"!I4U%6WP^5'')9PL(6Q@'_$0^)O\ H.J?^!,?U2C_ "H^,[C_ (-J
M/V3+7QIX[T%_VB?B8MY\,;*XU#Q1-_8T9L=&CMX(KB=9+O[+]G\V.&>*1H5D
M,BK("5KES_P01_8B&E>!M0'[4GQ!?3?B181:GH%ZFC(]K<VTMU'9QRRS"TV6
MRM<RQ0_Z0T?[QU3[QQ7Z3_M1_P#!&*__ &GOCQX_\3?\+0M_ V@?$BPCT?Q#
MIGACPV]K=>([+[39/*FHRO>/;W,PM[66WBG%K&\:7;A_."A:\]UO_@W8%[K=
MBEM\9KW^PM'U*\NM)6\\-^9JFAPW&LVNM$6MS#=PPI.EY!,RR-;/&%N2!""@
M:C_B(?$W_0=4_P# F'U6C_*CX3C_ ."#O[%4^F17D7[1GQFFMKO5)]&LI(O!
M5U(-5NK?[3]I2TVZ>?M2P?9+CS7@WI%Y9WLN1GKOA'_P;6?LD?'7XS>(OA[X
M6_:/^(NH^,O"TUY!J.F/I<-M(K6=P+6Z,32VR).L,Y6-VA9U5F4$C<,_:5W_
M ,$'M7_X9]U+X>6GQ)\#6T,_B2\\1Z;XC7P'?)XCT2XN;F\N#<VUXFLJ(KN'
M[64BEBC1-J$2Q3;N/<_V8?\ @E#X,_9RU?XFZ_)J^L>(?''Q*U#Q!+)XDGGF
MCN])LM6NS=26MM&97AB82;&>6*.,S/$C,OR@ _XB'Q-_T'5/_ F+ZK1_E1^:
M'A;_ (-<_P!EOQEXP\6:'8?M%>.9+SP3/9VVKNZ:?';6\MU&9($69HA&[,JG
MA&)!!!P>*ZS4?^#0;X :1-?QW?Q\\;VLFE(DM\LSZ8ALT?&QI 8_D#9&"V,Y
MXKUW0O\ @VM;0O 2:8OQ0\&R745I'IBQ-\-4_LB6W70I-$-S+9_;_P!YJ/D.
M)Q=&3B<R'RRK[%U)O^#;S2K-O&7V7XB6FI76OHQTO6=?TG5+S6=(E-Q87"NT
ML&K6\$_E2Z?$\>;=2"J!BZ*R2'_$0^)O^@ZI_P"!,/JM'^5'B5]_P9]? 72]
M1M+2Y^.WCNWN[\J+6"4Z:DESNSMV*8\MG!QCK@UA^)_^#4;]F7P9=Z=!JO[1
M_BNQFU?6%\/V:2SZ6&N-19'D6T4>7_KBD;MLZX4\5]T_M,?\$9M/_:9\=^$/
M$NI^.(X->\&^$_#WANPU$^&X&N;>?2]<M-5>^@9)(Q;R7"VS0%8E4(LQ() \
ML^5?#+_@W4L?AYJWA/4Y/B%X=U34_ NK:#>:49_ J?9=1M]+;5#G4XOMF;R^
MG&J/YEV'BYMXCY1P11_Q$/B;_H.J?^!,/JM'^5'R'>?\&T/[*=AJ_P 3-/D_
M:!^*3:A\(2!XHLH-&BN+NTS9PWN8H([9I;D>1<1-^X23EMOW@17<Q?\ !HO^
MSS,%Q^T!XU!>X6S"M)IBMY[$@0E3'D2$JPV$;LJ1C@U]3?MA?\$!M'_:P^,_
MQ&\<#X@1>'=9^(E[?S3W$?AE+BYM[:Y\+#0!:&;[0C21(X^U@'"E_EV@_O*Q
M_'/_  ;H^%?%NEZ2J^*])DNX?$OB?7=8:[\/W,<6NIK5]'=JLILM0M9_/M!$
MD44QG(V[_P!V,@*_^(A\3?\ 0=4_\"8_JE'^5'QS\:?^#:3]DK]GSQ =(\6?
MM*>.--UA+K2;273Q#8RW5NVIW?V.R>2-(2R123Y7S& 1=K$D $UT>F_\&I7[
M-FJ^+M1T2/X^_$=+W3(;*XDDGLK2"TG2[$AM_(N7@$-P6$3Y$+N5P-P7<N?O
M#]LC_@C/H?[7G[64OQ*O-=\/6EEJL'AB#6=)O_"4>I2WZZ+J[:@$2Y,Z!(KF
M-OL\R/%)E8XCG";#YA\#O^#<SPY\+/BGX6US6?B"GBK2?#-S#<)I$_AB..-O
M)M-;M[<(S7$BQM"VKQR1L$.QK&/ &X%#_B(?$W_0=4_\"8?5*/\ *CY5\'_\
M&K_[,OCWQYXQ\-Z5^T%\0+O4O ,5I-KI6"Q%O8K="4PYF,7EL3Y,F0K$J5PV
M":Z.U_X-"_V?;XV'D_'WQK-_:K.EELDTQOMC)D.(\)\Y7!SMSC'->^Z?_P $
M-/$/P _X)U?M"_#+PCXG\,^*_$OQ2\$Z;X6TI+;PZGAR#=IUM+;0S7+">;SK
MB9'#33';ND#' !"J_0_^#?"\L/&OA+6'^*GAZT@T/QM%XYO-*TKP"FGV*74>
MI6MZ(+!4O-UI 4MA"8Y&N$S))(JJ[&C_ (B'Q-_T'5/_  )A]4H_RH^2_&'_
M  ;(_LG>"-1GLKK]I/QQ=ZE;V<&H/I^EV]GJE\;::Y2UCF6WMH))6C\Z15+*
MI"@EF(4%AVC?\&A?[/J>9GX_>-1Y-X-.DS)IG[NY/2 _)Q(?[GWO:O?T_P"#
M<#PQH/@7P/HV@>+O#6CS>'/!FF>$]7U!? L1NM8ELM8M]4_M&-TND,%Q*\!B
MD+F;='(1GCFOX&_X-S;;X=:5;II?Q'TA-;T_7;'5+3Q+/X<U"YUCRK:2];$P
MEU9K*6=X[^>)G:U\ME=RT+,4,9_Q$/B;_H.J?^!,/JE'^5'RY\>?^#7;]F']
MFB;1(?&'Q]^)MA=>(KMK+3[2WTRVO;NXD6UN;HX@@@>4CRK2<@A<%D"C+,JG
M<T3_ (--/V</$'A^WU.#]H+QS':W,4$P^U+I]K+$)QF(212Q+)$[8(V.JME6
M!&017V5^V=_P1'C_ &N?VI?$?Q%_X6!IVB0^);6))8)_"BW^I64L>C:AI*K;
MWOVF,Q6C)J#3/;^6=\L2MO&:\^U7_@VV\,WGPIAT,>--)O=5/B:\UN_O+_PS
M,+?6;6YT==+^QW*VM_;W#^4GFR1.MRNPSRKM(=B3_B(?$W_0=4_\"8OJM'^5
M'S7X_P#^#5']F'X6:E:6?B']I#Q;I%[?WJZ;;6UQ+IBSS730R3K J>7N,C10
MRN%QDJA(J/X$_P#!JI^S5^TI\+/#7C+P=\?OB'JN@^+K2.]TN4VUC#+/')"L
MR@Q/")%?RV5BC*& () KZZ7_ (('VMO/:^7XQ\$7(T7XBR>/]*O-2^'_ -OU
M243K?B>PO[Q[[S;R)?MV8&)0Q&WB+"8C-9?[('_!$OQ5^Q_^TW#K7A?QM96^
MB^$?AQIFAZ!J%]I@N;>;Q(8[:QU'5?[.69=C/INFV4',V<S2'+8.5_Q$/B;_
M *#JG_@3#ZK1_E1XC_Q!B_![_HL'Q._\!K#_ .-4?\08OP>_Z+!\3O\ P&L/
M_C5?LH.E%'_$0^)O^@ZI_P"!,/JM'^5'XU_\08OP>_Z+!\3O_ :P_P#C5'_$
M&+\'O^BP?$[_ ,!K#_XU7[*44?\ $0^)O^@ZI_X$P^JT?Y4?C7_Q!B_![_HL
M'Q._\!K#_P"-4?\ $&+\'O\ HL'Q._\  :P_^-5^RE%'_$0^)O\ H.J?^!,/
MJM'^5'XU_P#$&+\'O^BP?$[_ ,!K#_XU1_Q!B_![_HL'Q._\!K#_ .-5^RE%
M'_$0^)O^@ZI_X$P^JT?Y4?C7_P 08OP>_P"BP?$[_P !K#_XU1_Q!B_![_HL
M'Q._\!K#_P"-5^RE%'_$0^)O^@ZI_P"!,/JM'^5'XU_\08OP>_Z+!\3O_ :P
M_P#C5'_$&+\'O^BP?$[_ ,!K#_XU7[*44?\ $0^)O^@ZI_X$P^JT?Y4?C7_Q
M!B_![_HL'Q._\!K#_P"-5]U?\$>_V8=-_8P_8]E^%VCZE?ZQIG@OQ9KNGV][
M>JBW%PHU"9MSA %S\W85]55Y%^R+_P B[XX_['S7_P#TNDKR\UXHS?,Z:HYA
MB)U(IW2D[I/:YI"C"#O!6/GW]O?]D7Q_X5UC5?BG\._'_P 9-:\4Z]XN\-0#
MP[8:F_\ 9VD::VLZ&M_Y$$"JPB%I8S%]Q8;+J[W9$C5\[^'?VS/^"A7AGX-Q
MZ[?_  VE\5Z[-H^C7)TE?!CZ=-!>ZG8ZO"\7^L.4L+^WTF6?HPBN9L@#8!]5
M_&G_ (+>? CX ?&+6_ 'B34_$%MXQT*]O=.ETM-,+SSSV]O8W")$-WS&XCU"
M P=/,*RCC8:\/_:6_P"#D/X?^&? ]YJ/PETS_A.+K2GU1KL:BS6EO+;VVBZY
MJ$,\+Q[R1+-HSQE) DBHX<H R%O!-# \8_M=?MT>%-4^)\<WARPDA\+7\UKI
MEG9>!-:N[_6(+>_C2&:RGAL);(F]LQ(^6EF$4SH'6WC#LG/Z_P#M%?MY^#YO
M':>']-\4ZA>6VK>+M=LK76?AVUU&+.WM;*YT;3X)HI!$_P!I=[F#$;NR&-AD
ML5(^V/BK_P %0_AW\ /$OPZT#QJ-7LM:^(NDV^I6:V-J+M%:6*618A&K?:)"
M3!(H,<3@$H&*[USG:W_P5_\ @]X6_91\)?&G5;G6['P#XRN+NULKW[/%<&&6
MWLKN\*2^3*ZHSQV4J*NXMYI2-@KD@ 'SI??M/?MP^'?C;X>\*R>'-*N=!M/$
M=_8S^)KGP7J:V_B*WBU>")%>.SANOLBMI[2R1S2-#"SX+3'RRC\G\(_C_P#M
MT>,/%'PBF\>67B31-(_M[PKJ/B:72_A_(C);:CIFK_;[&>$,[-':W5M8+)(H
M!C:\5WVJH6O4/B7_ ,'$?PRT2RT[6_!N@Z[XZ\,W-@+EY;6)H;J:5YO#Z*L"
ME3&RH-?A$A9U998VC"DAB/4/V&?^"L.D?M<?%3QSX#U+PGXB\,^,?"VJ>)18
MVLEFQ@UC3M(U;^SGEBD)P9PTD DCX"O+@%MI( /&?VM/VPOVOO#W[37Q)\/_
M  Q\!:Y/X8TNW2#1KN\\%SW4*SB]T-%N(94 BN8I+>[U1BHG:0&T<M';A%,O
M :Q\;?VR_BE\<_ACX1\7>&_&&F>'M"^(&DO=:IHG@VY@A\46=IXMO8+BZO+E
M'V6, TRWT^;RCE9TN9&&Y,^7Z5\$/^#ASP?\2/B?X4@\2>!?%?@GP5XT\+Z)
MK%EK-W;^>+&\U+5;_3HHKID.U(&>TC"2C)9I&R %+5Z;'_P6T^%?CC]A_P"+
M?QK\"PZEXBLOA5I<>H/IUX!8MJCW%NLUBB2KYJH)S(B<@R1,662)67;0!Y9^
MTK^U9^V9X<_:'^+^G^"_!MG_ &!X=)A\&6!\*:EJ#:^#%IS6DZWB6XL@LMQ)
M>0S^9>(\,67$(\GS)/&/!O\ P4V_;6\5_$O5?#^@>"9O$OC7POHNGW6K^$;S
MP+-86UI=77AZ_O)TN+_S0L'E:C#:06Z,<W,<I92P.Y/I/X6_\%WO"%SH6H_\
M+#\$>)_"^J:6MS>22Z%#/KNCW>G+>M86E]!=M!;/)%>WJFVMQY :67&T,GSU
MM6?_  7%^ =MXP6SCL/&EOKESK,'A[Q$!X=Q)X;OFU"ZTV&#4I0VU6\ZSO-N
MUI (X';[N,@'S[X>_:X_;TO=$LK_ /X1RWOH=,L'UB2&'X?:I%/JY&IZ+;C3
M9A>6]H\,X@O-3D+PQ,ACLE*L^':O/-4\:?MK?&/XP7OB&X\/?$K2M?NI=)T@
MVT&@ZAI&D>&IHKGQ07\@+.L-_%&LFELUS(6AE$L08-Y:E?L;3_\ @O)\%;RT
M\-W,ND_$RPM/$L.EW27%WX;:*.P@U)9Y+":X._\ =I/%:W4R]3Y5NSD!6C+Y
MFA_\'#'[/^IJSWMM\2]!@6U>Z$VI^%)X8WQID&J11*06W2S6UQ"8T&26EC!V
M^9'O /!/ O[;'[;'ACX/:#HC>!?''B+Q0?"^GZ@NIZA\.[J O,GAO66OX;EB
M @N5UN#3(54[6F1MZ*4F!KJ-8_:3_;J\.>.X]$>S\/+!'X-BU%=5O/A]K5Q;
MZA>W&DW=S*1'I]M<K#+:7YMK?R))TDDCA8K%,\HV_4D'_!5;X<2? -O'TNE>
M.;:)O&4W@"WT.71O^)Q>ZW"[I-:1PARI,9AN"SEP@%O*=V%R>%_X)[_\%I?
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MPG\8^"9_A[XM\;?VIJ?A71HA L::';SRI;2SG>$%S)''YCV]OYIA$J>9LW4
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M>(\:?\%[/AG 8;?PWHWB>\U!M;@T^.#5-.ELUU>W.HW>FSRV+H)!,R7=G-$
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M*S_\@Z74(M9O[0L&P&FU2W@8%< 0!T_B((![G\5O@%^QU^T+\1[3X@^*M/\
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M15\4:%KD.BZ/8RPP"#3-?M-3BB8"-6>2.W@DMDEF>5OF!!C1O*2I_P %+_\
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MD7=S7K'C3X(_#;XD_M">'/$&MV]EJ?C[P7;C4=(MY=5E+:>C>? MX+(2>46
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MI^S+K"WGB'3/A/X,N4\7V&H+<7*P.R7]MJA6:ZX+8 E.#D %>B[1Q7R)J/\
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MORE_:"_X(1?%GP/X)U!/A]X@TSQ#I/\ ;<"Z9X32\N+:"TLKC5?"DUP&9Y5
MB0:/J$TBHV]A=$)EB0?T7_X)\?LT:U^R%^R;X;\ ^(-:MM=U/29[^X>6U\W[
M):)<WT]S':6_FDR>1;I,L$>\YV1+P.% ![31110 5Y%^R+_R+OCC_L?-?_\
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MO^'FD_VI;:?>RS7UKK&-#DUMX?MUK;R6T,HM8I&$9D:1Q&Y1&VE: /G+2O\
M@MM^UGKOPWBU*Z_9^TKP?>1WZZ'>W&JZ/?RV5KJ/V;4KQ03]IBQ;31)I$*S;
M_DEGN?EF81PGLK7_ (*T_M1^+OBUJWANP^$7A3P\S^+[+PK:IJNE:C=2Z,D^
ML6U@+^<1W"&ZM7MYWNUE"6RJL>T&4%I%^S/ W_!2/X/^.O@]XZ\=0>*C!X7^
M&/F1^*=3FTN^BLM.GBW":&*:2!5NGC=&0K;^8=Q48RZ@X'B3_@KQ^S_X+U"2
MUUOQCK&A3VUHUW=IJ?A#6K+^SL6]S=""Y,MHHM[IX+.XECM9MD\J1Y2-@RY
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MWXE^%]UJ.N^#8=+U+4]*U?69KS1A'8P/!M,-T5EN1!+< JJ^9N0DU]1>$_\
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M\0+V[O-'UC_A'[VUT[PKK.H7%MJ'^GD6K1P6COYI73;R0+CF.-9!E)8F?E_
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M&TG_ .$_NHQ<W4]I-'+X8U>*;26AGM[>22_C:U#V$(ENK9?.NA%$3,F'(.:
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M><Q'868J7(SY@.#7FNH_\$R?VP+;1?$[P_%G5]6\0S>)4U"Q>Y^)VK6VBZG
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MOJJB@#YAM_\ @D%\$M-\16.LZ=I?B;1]9TU;9+74-.\27UK<PI!HT.B(@=)
M=IL8(HV'\13<?F)-6OA%_P $N_ 7P?\ A[XW\"6>I^+;KX:>-O#LOAN3PI+K
M$ZV%E%<SWT]_<1!7!2YN9+^3?(FS:D4*(%6,5]*44 ?)7A7_ ((C_L^>$?#]
M[IUMX;UAX=1M9+.Z:36KDM*DFHV6I/T8!<W6GVK_ "@ !"H 5B*Z+X5_\$GO
M@S\&_"7Q T+1=*\0#1_B3X<D\(:I:76OWEU';:0[7C_8;022'[-"K7]T56+&
MTRD]:^DZ* /F_1O^"4GP:T;PM\4='&CZU<V?QAT.'PWXE^T:S<R27&G0I,D5
MNCE\H$6>4*P^8*54-L1%7(\5?\$:/@+XQ\9:IKMYX>UM;WQ!?S7VMK!K]Y##
MKBRRV<SVUU&L@66V,MC;/Y1& 4/9W#?4]% '@0_X)H?";_A3"?#XZ5K#^$8/
M&7_">6NGR:S=.ECJ?VTWV827+1P_:6>3R0=F9'X^8UQFH?\ !$[]G;5_#>D:
M3=^#;NZL="F\/36:2ZM<L4.AVDEE8*3ORR"WFDCD4\2AOG#5]844 ?+NG?\
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)_P#]+I* /__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
