<SEC-DOCUMENT>0001292814-17-002113.txt : 20170821
<SEC-HEADER>0001292814-17-002113.hdr.sgml : 20170821
<ACCEPTANCE-DATETIME>20170821113618
ACCESSION NUMBER:		0001292814-17-002113
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170930
FILED AS OF DATE:		20170821
DATE AS OF CHANGE:		20170821

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:		171042495

	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>sbs20170728_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>

<HTML>
<HEAD>
   <TITLE>sbs20170728_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;July, 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></P>

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

<P></P>

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

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



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name="page_1"></A>

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

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%; TEXT-INDENT: 0in"><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="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=PT-BR style="FONT-SIZE: 13pt" face=arial,sans-serif>
<IMG border=0 src="sbs_logo.gif"></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=PT-BR style="FONT-SIZE: 13pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=PT-BR style="FONT-SIZE: 13pt" face=arial,sans-serif>COMPANHIA DE SANEAMENTO B&#193;SICO DO ESTADO DE S&#195;O PAULO - SABESP</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%; TEXT-INDENT: 0in" align=center><FONT style="LINE-HEIGHT: 107%" face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 11pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%; TEXT-INDENT: -0.5pt" align=center><FONT style="LINE-HEIGHT: 107%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif>PUBLICLY-HELD COMPANY</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%; TEXT-INDENT: -0.5pt" align=center><FONT style="LINE-HEIGHT: 107%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif>Corporate Taxpayer&#8217;s ID (CNPJ) 43.776.517/0001-80</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%; TEXT-INDENT: -0.5pt" align=center><FONT style="LINE-HEIGHT: 107%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif>State Registry (NIRE) 35300016831</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%; TEXT-INDENT: 0in" align=center><FONT style="LINE-HEIGHT: 107%" color=windowtext face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=windowtext face=arial,sans-serif>&nbsp;</FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=windowtext face=arial,sans-serif>NOTICE TO THE MARKET</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 107%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 107%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0.2pt 0.05pt 0in; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo &#8211; Sabesp</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif> (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif>Company</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif>&#8221; or &#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif>Sabesp</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif>&#8221;), referring to the Material Fact disclosed on June 7, 2017, announces to its shareholders and to the market in general that:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0.2pt 0.05pt 0in; TEXT-INDENT: 0in">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0.2pt 0.05pt 0in; TEXT-INDENT: 0in"></P>

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



<TR>

   <TD vAlign=top width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.75in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>i)</FONT></P></TD>

   <TD vAlign=top width="95%" align=left>

   <P align=justify><FONT style="FONT-SIZE: 11pt" face=Arial>On July 7, 2017, the Company received an official letter from the Municipality of Guaruj&#225; informing the conditions required for Sabesp to continue to provide the service and;</FONT></P></TD></TR>

<TR>

   <TD vAlign=top width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.75in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="95%">

   <P align=justify><FONT face=Arial></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.75in; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif>ii)</FONT></P></TD>

   <TD vAlign=top width="95%">

   <P align=justify><FONT style="FONT-SIZE: 11pt" face=Arial>On this date, Sabesp has dispatched an answer to the Municipality of Guaruj&#225;, with a notice stating that the full compliance with the requirements in the official letter: a) do not take into account the concept of gradual implementation of the sanitation system, provided for in Law 11445/07 and b) would result in a significant impact on the economic and financial equilibrium of the services being provided. </FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0.2pt 0.05pt 0in; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.75in"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>The Company reiterated its interest in continuing to provide the services to the Municipality of Guaruj&#225; and made itself available to subsidize the work of structuring the future contract.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>In this sense, submitted to the Municipality (a)</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face=Arial,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>the fundamental grounds of the gradual and progressive goals plan for the serviceable area of the city, and (b) the standard draft of the Metropolitan Agreement and Contract of the State of S&#227;o Paulo, approved by the State Attorney General's Office.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=Arial,sans-serif>In the event that the Municipality declares that it has no interest in the continuation of the&nbsp; proposed above, the Company reaffirms its intention and the conditions informed in June 2017.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 107%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif>The Company will keep the market up to date on any further developments in this matter.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 107%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%; TEXT-INDENT: -0.5pt" align=center><FONT style="LINE-HEIGHT: 107%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif>S&#227;o Paulo, July 27, 2017</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 107%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 107%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 107%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 107%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%; TEXT-INDENT: -0.5pt" align=center><FONT style="LINE-HEIGHT: 107%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif>Edison Airoldi</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%; TEXT-INDENT: -0.5pt" align=center><FONT style="LINE-HEIGHT: 107%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif>Technology, Enterprises and Environment Officer</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 107%; TEXT-INDENT: -0.5pt" align=center><FONT style="LINE-HEIGHT: 107%" face=arial,sans-serif><I><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face=arial,sans-serif>Answering for the Economic and Financial Office and the Investor Relations Office</FONT></I></FONT></P></DIV>

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

<P style="MARGIN: 0in 0in 0pt"><FONT></FONT></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;July 28, 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>sbs_logo.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 sbs_logo.gif
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MQLK6G? 5&,'$_KQRIA@^I6P#F4<F>@#(INS23'OS)5*4@9%@0!)Y#"E&'W9
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M+X3;U^Y(*2I@@ (8H *S)H@[4%!L B @ ZDHR (,, IJ>*#<"UA!N <"#Q9
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@R$81?3>"+YD1GB=L,XD1!PT'"C>I$2 0 J48$0$! #L!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
