<SEC-DOCUMENT>0001292814-17-002267.txt : 20170911
<SEC-HEADER>0001292814-17-002267.hdr.sgml : 20170911
<ACCEPTANCE-DATETIME>20170911143720
ACCESSION NUMBER:		0001292814-17-002267
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20170630
FILED AS OF DATE:		20170911
DATE AS OF CHANGE:		20170911

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:		171078804

	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>sbsitr2q17_6k.htm
<DESCRIPTION>ITR 2Q17
<TEXT>

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   <TITLE>sbsitr2q17_6k.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<DIV><FONT size=1></FONT>&nbsp;</DIV>

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

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

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

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

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

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

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

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

<DIV align=center>

<DIV><FONT color=#000000 size=2 face="Times New Roman"><B>For&nbsp;August, 2017</B></FONT></DIV><FONT color=#000000 size=2 face="Times New Roman"><B>(Commission File No. 1-31317) </B></FONT></DIV>

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<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP </B></FONT></DIV>

<DIV align=center><FONT color=#000000 size=2 face="Times New Roman"><I>(Exact name of registrant as specified in its charter) </I></FONT></DIV>

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

<DIV align=center></DIV>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>Basic Sanitation Company of the State of Sao Paulo - SABESP </B></FONT></DIV>

<DIV align=center><FONT color=#000000 size=2 face="Times New Roman"><I>(Translation of Registrant's name into English) </I></FONT></DIV>

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<BR>

<DIV align=center><FONT color=#000000 size=2 face="Times New Roman"><B>Rua Costa Carvalho, 300 <BR>S&#227;o Paulo, S.P., 05429-900 <BR>Federative Republic of Brazil </B></FONT></DIV>

<DIV align=center><FONT color=#000000 size=2 face="Times New Roman"><I>(Address of Registrant's principal executive offices) </I></FONT></DIV><BR>

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<BR>

<DIV align=center><FONT color=#000000 size=2 face="Times New Roman">Indicate by check mark whether the registrant files or will file <BR>annual reports under cover Form 20-F or Form 40-F. <BR><BR>Form 20-F ___X___ Form 40-F ______</FONT></DIV>

<DIV align=center><FONT color=#000000 size=2 face="Times New Roman">Indicate by check mark if the registrant is submitting the Form 6-K <BR>in paper as permitted by Regulation S-T Rule 101(b)(1)__.</FONT></DIV>

<DIV align=center><FONT color=#000000 size=2 face="Times New Roman">Indicate by check mark if the registrant is submitting the Form 6-K <BR>in paper as permitted by Regulation S-T Rule 101(b)(7)__.</FONT></DIV>

<P></P>

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

<P></P>

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

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   <TD align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Notes to the Inter</FONT><FONT style="FONT-SIZE: 10pt"><FONT face=Arial,Helvetica,sans-serif>i</FONT><FONT face=Arial,Helvetica,sans-serif>m </FONT><FONT face=Arial,Helvetica,sans-serif>F</FONT><FONT face=Arial,Helvetica,sans-serif>i</FONT><FONT face=Arial,Helvetica,sans-serif>n</FONT><FONT face=Arial,Helvetica,sans-serif>an</FONT><FONT face=Arial,Helvetica,sans-serif>c</FONT><FONT face=Arial,Helvetica,sans-serif>i</FONT><FONT face=Arial,Helvetica,sans-serif>a</FONT><FONT face=Arial,Helvetica,sans-serif>l </FONT><FONT face=Arial,Helvetica,sans-serif>In</FONT><FONT face=Arial,Helvetica,sans-serif>f</FONT><FONT face=Arial,Helvetica,sans-serif>o</FONT><FONT face=Arial,Helvetica,sans-serif>r</FONT><FONT face=Arial,Helvetica,sans-serif>ma</FONT><FONT face=Arial,Helvetica,sans-serif>t</FONT><FONT face=Arial,Helvetica,sans-serif>i</FONT><FONT face=Arial,Helvetica,sans-serif>o</FONT><FONT face=Arial,Helvetica,sans-serif>n</FONT>&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>21</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>C</FONT><FONT style="FONT-SIZE: 10pt"><FONT face=Arial,Helvetica,sans-serif>ommen</FONT><FONT face=Arial,Helvetica,sans-serif>t</FONT><FONT face=Arial,Helvetica,sans-serif>s o</FONT><FONT face=Arial,Helvetica,sans-serif>n t</FONT><FONT face=Arial,Helvetica,sans-serif>he Co</FONT><FONT face=Arial,Helvetica,sans-serif>mp</FONT><FONT face=Arial,Helvetica,sans-serif>an</FONT><FONT face=Arial,Helvetica,sans-serif>y</FONT><FONT face=Arial,Helvetica,sans-serif>&#8217;</FONT><FONT face=Arial,Helvetica,sans-serif>s Pr</FONT><FONT face=Arial,Helvetica,sans-serif>o</FONT><FONT face=Arial,Helvetica,sans-serif>j</FONT><FONT face=Arial,Helvetica,sans-serif>e</FONT><FONT face=Arial,Helvetica,sans-serif>c</FONT><FONT face=Arial,Helvetica,sans-serif>t</FONT><FONT face=Arial,Helvetica,sans-serif>i</FONT><FONT face=Arial,Helvetica,sans-serif>o</FONT><FONT face=Arial,Helvetica,sans-serif>ns</FONT>&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>77</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>O</FONT><FONT style="FONT-SIZE: 10pt"><FONT face=Arial,Helvetica,sans-serif>t</FONT><FONT face=Arial,Helvetica,sans-serif>he</FONT><FONT face=Arial,Helvetica,sans-serif>r Inf</FONT><FONT face=Arial,Helvetica,sans-serif>o</FONT><FONT face=Arial,Helvetica,sans-serif>r</FONT><FONT face=Arial,Helvetica,sans-serif>ma</FONT><FONT face=Arial,Helvetica,sans-serif>t</FONT><FONT face=Arial,Helvetica,sans-serif>i</FONT><FONT face=Arial,Helvetica,sans-serif>o</FONT><FONT face=Arial,Helvetica,sans-serif>n </FONT><FONT face=Arial,Helvetica,sans-serif>D</FONT><FONT face=Arial,Helvetica,sans-serif>ee</FONT><FONT face=Arial,Helvetica,sans-serif>med a</FONT><FONT face=Arial,Helvetica,sans-serif>s </FONT><FONT face=Arial,Helvetica,sans-serif>R</FONT><FONT face=Arial,Helvetica,sans-serif>e</FONT><FONT face=Arial,Helvetica,sans-serif>l</FONT><FONT face=Arial,Helvetica,sans-serif>e</FONT><FONT face=Arial,Helvetica,sans-serif>va</FONT><FONT face=Arial,Helvetica,sans-serif>n</FONT><FONT face=Arial,Helvetica,sans-serif>t by </FONT><FONT face=Arial,Helvetica,sans-serif>t</FONT><FONT face=Arial,Helvetica,sans-serif>he Com</FONT><FONT face=Arial,Helvetica,sans-serif>pa</FONT><FONT face=Arial,Helvetica,sans-serif>ny</FONT>&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>78</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0.12pt" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>R</FONT></B><FONT style="FONT-SIZE: 10pt"><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif>ep</FONT></B><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif>or</FONT></B><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif>t</FONT></B><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif>s a</FONT></B><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif>n</FONT></B><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif>d </FONT></B><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif>S</FONT></B><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif>ta</FONT></B><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif>t</FONT></B><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif>em</FONT></B><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif>e</FONT></B><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif>nt</FONT></B><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif>s</FONT></B>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 10.08pt" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Un</FONT><FONT style="FONT-SIZE: 10pt"><FONT face=Arial,Helvetica,sans-serif>q</FONT><FONT face=Arial,Helvetica,sans-serif>u</FONT><FONT face=Arial,Helvetica,sans-serif>a</FONT><FONT face=Arial,Helvetica,sans-serif>l</FONT><FONT face=Arial,Helvetica,sans-serif>if</FONT><FONT face=Arial,Helvetica,sans-serif>i</FONT><FONT face=Arial,Helvetica,sans-serif>e</FONT><FONT face=Arial,Helvetica,sans-serif>d Re</FONT><FONT face=Arial,Helvetica,sans-serif>p</FONT><FONT face=Arial,Helvetica,sans-serif>o</FONT><FONT face=Arial,Helvetica,sans-serif>r</FONT><FONT face=Arial,Helvetica,sans-serif>t</FONT><FONT face=Arial,Helvetica,sans-serif>s o</FONT><FONT face=Arial,Helvetica,sans-serif>n S</FONT><FONT face=Arial,Helvetica,sans-serif>pe</FONT><FONT face=Arial,Helvetica,sans-serif>c</FONT><FONT face=Arial,Helvetica,sans-serif>ia</FONT><FONT face=Arial,Helvetica,sans-serif>l Re</FONT><FONT face=Arial,Helvetica,sans-serif>v</FONT><FONT face=Arial,Helvetica,sans-serif>i</FONT><FONT face=Arial,Helvetica,sans-serif>e</FONT><FONT face=Arial,Helvetica,sans-serif>w</FONT>&nbsp;</FONT></TD>

   <TD align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>80</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR></TABLE></DIV>

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<H2 style="MARGIN: 4.6pt 0in 0in 7.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif>Company Information / Capital Breakdown</FONT></B></H2>

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   <P style="MARGIN: 4.55pt 0in 0pt 2pt; LINE-HEIGHT: 9.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Number of Shares</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 4.55pt 278.25pt 0pt 0in; LINE-HEIGHT: 9.5pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Current Quarter</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 2pt; LINE-HEIGHT: 10.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>(Units)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 278.25pt 0pt 0in; LINE-HEIGHT: 10.2pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>06/30/2017</FONT></B></P></TD></TR>

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   <P style="MARGIN: 4.5pt 0in 0pt 2pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Paid-in Capital</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="times new roman"></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 2.5pt 0in 0pt 2pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Common </FONT></B></P></TD>

   <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="72%">

   <P style="TEXT-ALIGN: right; MARGIN: 2.5pt 278.25pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>683,509,869</FONT></P></TD></TR>

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   <P style="MARGIN: 2.35pt 0in 0pt 2pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Preferred</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.35pt 278.25pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>0</FONT></P></TD></TR>

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   <P style="MARGIN: 2pt 0in 0pt 2pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2pt 278.25pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>683,509,869</FONT></P></TD></TR>

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   <P style="MARGIN: 4.5pt 0in 0pt 2pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Treasury Shares</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="times new roman"></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 2.5pt 0in 0pt 2pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Common</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.5pt 278.25pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>0</FONT></P></TD></TR>

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   <P style="MARGIN: 2.35pt 0in 0pt 2pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Preferred</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 2.35pt 278.25pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>0</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 2pt 278.25pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>0</FONT></P></TD></TR></TABLE></DIV>

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<H2 style="MARGIN: 4.6pt 0in 0in 8.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif>Company Information / Cash Proceeds</FONT></B></H2>

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   <TD align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Event</FONT></B>&nbsp;</TD>

   <TD align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Approval</FONT></B>&nbsp;</TD>

   <TD align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Proceeds</FONT></B>&nbsp;</TD>

   <TD align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Date of Payment</FONT></B>&nbsp;</TD>

   <TD align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Type of Share</FONT></B>&nbsp;</TD>

   <TD align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Class of Share</FONT></B>&nbsp;</TD>

   <TD align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Earnings per Share</FONT></B>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(Reais / share)</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 1.68pt" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Board of Directors&#8217;</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 2.52pt" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>03/27/2017</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1.68pt" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Interest on Capital</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=center><FONT size=2 face=Arial,Helvetica,sans-serif>06/27/2017</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1.8pt" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Common</FONT>&nbsp;</TD>

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

   <TD align=right><FONT size=2 face=Arial,Helvetica,sans-serif>1.20480</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 1.68pt" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>M</FONT><FONT size=2 face=Arial,Helvetica,sans-serif>eet</FONT><FONT size=2 face=Arial,Helvetica,sans-serif>i</FONT><FONT size=2 face=Arial,Helvetica,sans-serif>n</FONT><FONT size=2 face=Arial,Helvetica,sans-serif>g</FONT>&nbsp;</TD>

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<H2 style="MARGIN: 4.6pt 68.5pt 0in 7.3pt; LINE-HEIGHT: 200%"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif>Parent Company&#8217;s Financial Statements / Statement of Financial Position - Assets </FONT></B></H2>

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   <TD width="15%"></TD></TR>

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   <TD width="70%" colSpan=2 align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>(R$ thousand)</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Code</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="55%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Description</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current Quarter</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Previous Year</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="55%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>06/30/2017</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2016</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Total Assets</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>37,136,341</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>36,745,034</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1.01</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Current Assets</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>3,329,030</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>3,823,635</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1.01.01</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Cash and Cash Equivalents</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1,367,605</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1,886,221</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1.01.03</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Accounts Receivable</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1,686,110</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1,760,025</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1.01.03.01</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Trade Receivables</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1,481,552</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1,557,472</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1.01.03.02</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Other Receivables</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>204,558</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>202,553</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1.01.03.02.01 </FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial>Related-Party Balances</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>204,558</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>202,553</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1.01.04</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Inventories</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>66,677</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>58,002</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1.01.06</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Recoverable Taxes</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>82,139</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>42,633</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1.01.06.01</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Current Recoverable Taxes</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>82,139</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>42,633</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1.01.08</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Other Current Assets</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>126,499</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>76,754</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1.01.08.03</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Other</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>126,499</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>76,754</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1.01.08.03.01 </FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial>Restricted Cash</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>30,597</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>24,078</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1.01.08.03.20 </FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial>Other Receivables</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>95,902</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>52,676</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1.02</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Noncurrent Assets</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>33,807,311</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>32,921,399</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1.02.01</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Long-Term Assets</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1,260,525</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1,283,164</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1.02.01.03</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Accounts Receivable</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>186,176</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>153,834</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1.02.01.03.01 </FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial>Trade Receivables</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>186,176</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>153,834</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1.02.01.06</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Deferred Taxes</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>170,801</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>186,345</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1.02.01.06.01 </FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial>Deferred Income Tax and Social Contribution</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>170,801</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>186,345</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1.02.01.08</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Receivables from Related Parties</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>638,951</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>669,156</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1.02.01.08.03 </FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial>Receivables from Controlling Shareholders</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>638,951</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>669,156</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1.02.01.09</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Other Noncurrent Assets</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>264,597</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>273,829</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1.02.01.09.04 </FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial>Escrow Deposits</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>56,611</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>77,915</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1.02.01.09.05 </FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial>ANA &#8211; Water National Agency</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>82,926</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>81,221</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1.02.01.09.20 </FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial>Other Receivables</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>125,060</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>114,693</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1.02.02</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Investments</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>92,476</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>89,064</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1.02.02.01</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Equity Investments</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>34,563</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>31,096</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1.02.02.01.04 </FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial>Other Equity Investments</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>34,563</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>31,096</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1.02.02.02</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Investment Properties</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>57,913</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>57,968</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1.02.03</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Property, Plant and Equipment</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>273,352</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>302,383</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1.02.04</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Intangible Assets</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>32,180,958</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>31,246,788</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1.02.04.01</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Intangible Assets</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>32,180,958</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>31,246,788</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1.02.04.01.01 </FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial>Concession Contracts</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>8,870,360</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>8,864,607</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1.02.04.01.02 </FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial>Program Contracts</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>7,439,063</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>7,399,237</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1.02.04.01.03 </FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial>Service Contracts</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>15,447,102</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>14,552,707</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1.02.04.01.04 </FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial>Software License</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>424,433</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>430,237</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>3</FONT></P>

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<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp; </FONT></B><FONT lang=PT-BR><BR clear=all></FONT>

<P style="MARGIN: 4.6pt 68.5pt 0pt 7.3pt; LINE-HEIGHT: 200%"><FONT style="LINE-HEIGHT: 200%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Parent Company&#8217;s Financial Statements / Statement of Financial Position - Liabilities (R$ thousand)</FONT></B></FONT></P>

<P style="MARGIN: 4.6pt 68.5pt 0pt 7.3pt; LINE-HEIGHT: 200%">&nbsp;</P>

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



<TR>

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   <TD width="55%"></TD>

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   <TD width="70%" colSpan=2 align=left><B><FONT size=3 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(R$ thousand)</FONT></B>&nbsp;</TD>

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

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

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   <TD width="15%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Code</FONT></B>&nbsp;</TD>

   <TD width="55%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Description</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current Quarter</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Previous Year</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="55%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>06/30/2017</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2016</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>2</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Total Liabilities</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>37,136,341</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>36,745,034</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>2.01</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Current Liabilities</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>3,814,174</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>4,302,508</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>2.01.01</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Labor and Pension Plan Liabilities</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>511,541</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>458,299</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>2.01.01.01</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Social Security Liabilities</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>15,811</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>43,257</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>2.01.01.02</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Labor Liabilities</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>495,730</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>415,042</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>2.01.02</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Trade Payable</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>384,174</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>311,960</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>2.01.02.01</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Domestic Suppliers</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>384,174</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>311,960</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>2.01.03</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Tax Liabilities</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>112,525</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>168,757</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>2.01.03.01</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Federal Tax Liabilities</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>100,256</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>159,176</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>2.01.03.01.02 </FONT></TD>

   <TD width="55%" align=left><FONT size=2 face=Arial>PIS-PASEP and COFINS Payable</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>42,624</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>49,132</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>2.01.03.01.03 </FONT></TD>

   <TD width="55%" align=left><FONT size=2 face=Arial>INSS (social security contribution) Payable</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>36,554</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>35,376</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>2.01.03.01.20 </FONT></TD>

   <TD width="55%" align=left><FONT size=2 face=Arial>Other Federal Taxes</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>21,078</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>74,668</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>2.01.03.03</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Municipal Tax Liabilities</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>12,269</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>9,581</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>2.01.04</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Borrowings and Financing</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>1,342,046</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>1,246,567</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>2.01.04.01</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Borrowings and Financing</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>679,113</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>635,701</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>2.01.04.01.01 </FONT></TD>

   <TD width="55%" align=left><FONT size=2 face=Arial>In Domestic Currency</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>219,395</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>269,042</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>2.01.04.01.02 </FONT></TD>

   <TD width="55%" align=left><FONT size=2 face=Arial>In Foreign Currency</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>459,718</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>366,659</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>2.01.04.02</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Debentures</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>646,907</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>595,952</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>2.01.04.03</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Financing through Finance Lease</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>16,026</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>14,914</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>2.01.05</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Other Liabilities</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>736,917</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>1,386,591</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>2.01.05.01</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Payables to Related Parties</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>492</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>1,853</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>2.01.05.01.03 </FONT></TD>

   <TD width="55%" align=left><FONT size=2 face=Arial>Payables to Controlling Shareholders</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>492</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>1,853</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>2.01.05.02</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>736,425</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>1,384,738</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>2.01.05.02.01 </FONT></TD>

   <TD width="55%" align=left><FONT size=2 face=Arial>Dividends and Interest on Capital Payable</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>276</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>700,034</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>2.01.05.02.04 </FONT></TD>

   <TD width="55%" align=left><FONT size=2 face=Arial>Services Payable</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>480,873</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>460,054</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>2.01.05.02.05 </FONT></TD>

   <TD width="55%" align=left><FONT size=2 face=Arial>Refundable Amounts</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>10,584</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>12,240</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>2.01.05.02.06 </FONT></TD>

   <TD width="55%" align=left><FONT size=2 face=Arial>Program Contract Commitments</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>103,841</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>109,042</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>2.01.05.02.07 </FONT></TD>

   <TD width="55%" align=left><FONT size=2 face=Arial>Public-Private Partnership - PPP</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>33,193</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>31,898</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>2.01.05.02.09 </FONT></TD>

   <TD width="55%" align=left><FONT size=2 face=Arial>Indemnities</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>11,221</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>9,379</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>2.01.05.02.20 </FONT></TD>

   <TD width="55%" align=left>&nbsp;<FONT size=2 face=Arial>Other Payables</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>96,437</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>62,091</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>2.01.06</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Provisions</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>726,971</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>730,334</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>2.01.06.01</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Tax, Social Security, Labor and Civil Provisions</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>175,769</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>180,165</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>2.01.06.01.01 </FONT></TD>

   <TD width="55%" align=left><FONT size=2 face=Arial>Tax Provisions</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>35,440</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>27,677</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>2.01.06.01.02 </FONT></TD>

   <TD width="55%" align=left><FONT size=2 face=Arial>Social Security and Labor Provisions</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>41,190</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>47,873</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>2.01.06.01.04 </FONT></TD>

   <TD width="55%" align=left><FONT size=2 face=Arial>Civil Provisions</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>99,139</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>104,615</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>2.01.06.02</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Other Provisions</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>551,202</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>550,169</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>2.01.06.02.03 </FONT></TD>

   <TD width="55%" align=left><FONT size=2 face=Arial>Provisions for Environmental Liabilities and Decommissioning</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>10,928</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>10,691</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>2.01.06.02.04 </FONT></TD>

   <TD width="55%" align=left><FONT size=2 face=Arial>Provisions for Customers</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>469,996</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>462,965</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>2.01.06.02.05 </FONT></TD>

   <TD width="55%" align=left><FONT size=2 face=Arial>Provisions for Suppliers</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>70,278</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>76,513</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>2.02</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Noncurrent Liabilities</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>16,959,505</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>17,023,315</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>2.02.01</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Borrowings and Financing</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>10,282,765</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>10,717,576</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>2.02.01.01</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Borrowings and Financing</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>7,336,788</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>7,244,771</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>2.02.01.01.01 </FONT></TD>

   <TD width="55%" align=left><FONT size=2 face=Arial>In Domestic Currency</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>2,102,294</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>1,951,067</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>2.02.01.01.02 </FONT></TD>

   <TD width="55%" align=left>&nbsp;<FONT size=2 face=Arial>In Foreign Currency</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>5,234,494</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>5,293,704</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>2.02.01.02</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Debentures</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>2,407,940</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>2,935,203</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>2.02.01.03</FONT>&nbsp;</TD>

   <TD width="55%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Financing through Finance Lease</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>538,037</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>537,602</FONT>&nbsp;</TD></TR></TABLE><FONT style="LINE-HEIGHT: 200%" face=arial,sans-serif></FONT>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>4</FONT></P>

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

<P style="MARGIN: 0.3pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 4.6pt 55pt 0pt 7.3pt; LINE-HEIGHT: 200%"><FONT style="LINE-HEIGHT: 200%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>&nbsp;Parent Company&#8217;s Financial Statements / Statement of Financial Position - Liabilities </FONT></B></FONT></P>

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



<TR>

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   <TD width="15%"></TD>

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<TR vAlign=bottom>

   <TD width="70%" colSpan=2 align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>(R$ thousand)</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Code</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="55%" align=left><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Description</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current Quarter</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Previous Year</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="55%" align=left><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>06/30/2017</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-SIZE: 10pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2016</FONT></B><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>2.02.02</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Other Payables</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>6,213,069</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>5,862,998</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>2.02.02.02</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Other</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>6,213,069</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>5,862,998</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>2.02.02.02.04 </FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial>Pension Plan Liabilities</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>3,310,339</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>3,265,250</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>2.02.02.02.05 </FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial>Program Contract Commitments</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>47,723</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>69,051</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>2.02.02.02.06 </FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial>Public-Private Partnership - PPP</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>2,526,187</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>2,217,520</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>2.02.02.02.07&nbsp;</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial>Indemnities</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>26,708</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>11,247</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>2.02.02.02.08 </FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial>Labor Liabilities</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>42,653</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>29,625</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>2.02.02.02.09 </FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial>Deferred COFINS / PASEP</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>134,624</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>138,071</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>2.02.02.02.20 </FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial>Other Payables</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>124,835</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>132,234</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>2.02.04</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Provisions</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>463,671</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>442,741</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>2.02.04.01</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Tax, Pension Plan, Labor and Civil Provisions</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>300,413</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>287,590</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>2.02.04.01.01 </FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial>Tax Provisions</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>39,737</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>39,234</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>2.02.04.01.02 </FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial>Pension Plan and Labor Provisions</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>251,726</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>234,338</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>2.02.04.01.04 </FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial>Civil Provisions</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>8,950</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>14,018</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>2.02.04.02</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Other Provisions</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>163,258</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>155,151</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>2.02.04.02.03 </FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial>Provisions for Environmental Liabilities and Decommissioning</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>142,013</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>138,431</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>2.02.04.02.04 </FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial>Provisions for Customers</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>3,500</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>12,074</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>2.02.04.02.05 </FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial>Provisions for Suppliers</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>17,745</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>4,646</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>2.03</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Equity</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>16,362,662</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>15,419,211</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>2.03.01</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Paid-Up Capital</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>10,000,000</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>10,000,000</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>2.03.04</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Profit Reserve</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>6,182,140</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>6,244,859</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>2.03.04.01</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Legal Reserve</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>932,310</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>932,310</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>2.03.04.08</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Additional Dividend Proposed</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>62,719</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>2.03.04.10</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Reserve for Investments</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>5,249,830</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>5,249,830</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>2.03.05</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Retained Earnings/Accumulated Losses</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>1,006,170</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>2.03.06</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="55%" align=left><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>Equity Valuation Adjustments</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>-825,648</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 10pt" face=Arial,Helvetica,sans-serif>-825,648</FONT><FONT style="FONT-SIZE: 10pt">&nbsp;</FONT></TD></TR></TABLE></DIV>

<P align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: Arial">5</FONT></P>

&nbsp; <A name="page_7"></A>

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

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV>

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

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif>Parent Company&#8217;s Financial Statements / Income Statement </FONT></B></P></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial></FONT>&nbsp;</P>

<DIV style="PAGE-BREAK-BEFORE: always">

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



<TR>

   <TD width="10%"></TD>

   <TD width="30%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" colSpan=2 align=left><B><FONT style="FONT-SIZE: 8pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>(R$ thousand)</FONT></B><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><B><FONT style="FONT-SIZE: 8pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Code</FONT></B><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="30%" align=left><B><FONT style="FONT-SIZE: 8pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Description</FONT></B><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current Quarter</FONT></B><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>YTD Current Year</FONT></B><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Same Quarter</FONT></B><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>YTD Previous Year</FONT></B><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="30%" align=left><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>04/01/2017 to 06/30/2017</FONT></B><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>01/01/2017 to 06/30/2017</FONT></B><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Previous Year</FONT></B><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>01/01/2016 to 06/30/2016</FONT></B><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=left><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" align=left><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=left><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=left><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>04/01/2016 to 06/30/2016</FONT></B><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=left><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>3.01</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 0pt" width="30%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>Revenue from Sales and/or Services</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>3,494,635</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>7,053,460</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>3,438,589</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>6,466,431</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>3.02</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 0pt" width="30%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>Cost of Sales and/or Services</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-2,241,443</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-4,302,859</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-2,267,151</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-4,208,427</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>3.02.01</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 0pt" width="30%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>Cost of Sales and/or Services</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-1,477,216</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-2,831,403</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-1,389,764</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-2,718,654</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>3.02.02</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 0pt" width="30%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>Construction Cost</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-764,227</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-1,471,456</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-877,387</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-1,489,773</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>3.03</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 0pt" width="30%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>Gross Profit</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>1,253,192</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>2,750,601</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>1,171,438</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>2,258,004</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>3.04</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 0pt" width="30%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>Operating Income/Expenses</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-493,246</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-958,626</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-332,371</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-790,274</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>3.04.01</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 0pt" width="30%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>Selling Expenses</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-213,438</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-452,118</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-134,942</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-340,220</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>3.04.02</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 0pt" width="30%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>General and Administrative Expenses</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-293,914</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-533,048</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-213,278</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-473,472</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>3.04.04</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 0pt" width="30%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>Other Operating Income</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>14,586</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>23,283</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>22,121</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>29,750</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>3.04.04.01</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 0pt" width="30%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>Other Operating Income</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>17,715</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>29,283</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>27,127</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>37,271</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>3.04.04.02</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 0pt" width="30%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>COFINS and PASEP</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-3,129</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-6,000</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-5,006</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-7,521</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>3.04.05</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 0pt" width="30%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>Other Operating Expenses</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-2,077</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-210</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-5,938</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-8,085</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>3.04.05.01</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 0pt" width="30%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>Loss on Write-off of Property, Plant and Equipment Items</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-94</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>1,972</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-5,415</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-4,484</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>3.04.05.03</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 0pt" width="30%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>Tax Incentives</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-732</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-732</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>3.04.05.04</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 0pt" width="30%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>Surplus Cost of Electricity Sold</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-1,251</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-1,251</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-147</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-3,102</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>3.04.05.20</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 0pt" width="30%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>Other</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>0</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-199</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-376</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-499</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>3.04.06</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 0pt" width="30%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>Equity Results</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>1,597</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>3,467</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-334</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>1,753</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>3.05</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 0pt" width="30%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>Income before Financial Result and Taxes</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>759,946</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>1,791,975</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>839,067</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>1,467,730</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>3.06</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 0pt" width="30%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>Financial Result</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-281,216</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-277,418</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>372,720</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>712,880</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>3.06.01</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 0pt" width="30%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>Financial Income</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>98,220</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>179,118</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>104,897</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>245,133</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>3.06.01.01</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 0pt" width="30%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>Financial Income</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>102,938</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>187,489</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>110,918</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>257,670</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>3.06.01.02</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 0pt" width="30%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>Exchange Gains</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>68</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>347</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>72</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>111</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>3.06.01.03</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 0pt" width="30%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>COFINS and PASEP</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-4,786</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-8,718</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-6,093</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-12,648</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>3.06.02</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 0pt" width="30%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>Financial Expenses</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-379,436</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-456,536</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>267,823</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>467,747</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>3.06.02.01</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 0pt" width="30%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>Financial Expenses</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-167,359</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-333,847</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-192,978</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-476,334</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>3.06.02.02</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 0pt" width="30%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>Exchange Losses</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-212,077</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-122,689</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>460,801</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>944,081</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>3.07</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 0pt" width="30%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>Earnings before Income Tax</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>478,730</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>1,514,557</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>1,211,787</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>2,180,610</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>3.08</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 0pt" width="30%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>Income Tax and Social Contribution</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-146,922</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-508,387</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-414,256</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-754,290</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>

<P align=center><FONT style="FONT-SIZE: 9pt; FONT-FAMILY: Arial">6</FONT></P>

&nbsp; <A name="page_8"></A>

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

<a name="_bclHeader8"></a><DIV><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>&nbsp;</FONT><FONT style="LINE-HEIGHT: 200%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Parent Company&#8217;s Financial Statements / Income Statement </FONT></B></FONT></DIV>

<a name="_bclHeader8"></a><DIV><FONT style="LINE-HEIGHT: 200%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>(R$ thousand)</FONT></B></FONT></DIV>

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<TR>

   <TD width="10%"></TD>

   <TD width="30%"></TD>

   <TD width="15%"></TD>

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   <TD width="40%" colSpan=2 align=left><B><FONT style="FONT-SIZE: 8pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>(R$ thousand)</FONT></B><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><B><FONT style="FONT-SIZE: 8pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Code</FONT></B><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="30%" align=left><B><FONT style="FONT-SIZE: 8pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Description</FONT></B><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current Quarter</FONT></B><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>YTD Current Year</FONT></B><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Same Quarter</FONT></B><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>YTD Previous Year</FONT></B><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="30%" align=left><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>04/01/2017 to 06/30/2017</FONT></B><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>01/01/2017 to 06/30/2017</FONT></B><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Previous Year</FONT></B><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>01/01/2016 to 06/30/2016</FONT></B><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=left><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" align=left><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=left><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=left><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>04/01/2016 to 06/30/2016</FONT></B><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=left><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>3.08.01</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 0pt" width="30%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>Current</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-142,403</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-492,843</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-412,214</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-751,203</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>3.08.02</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 0pt" width="30%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>Deferred</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-4,519</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-15,544</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-2,042</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>-3,087</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>3.09</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 0pt" width="30%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>Net Result from Continued Operations</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>331,808</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>1,006,170</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>797,531</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>1,426,320</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>3.11</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 0pt" width="30%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>Profit/Loss for the Period</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>331,808</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>1,006,170</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>797,531</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>1,426,320</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>3.99</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 0pt" width="30%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>Earnings per Share - (Reais / Share)</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>3.99.01</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 0pt" width="30%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>Basic Earnings per Share</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>3.99.01.01</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 0pt" width="30%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>Common Share</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>0.48545</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>1.47207</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>1.16682</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>2.08676</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>3.99.02</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 0pt" width="30%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>Diluted Earnings per Share</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=left><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>3.99.02.01</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="TEXT-INDENT: 0pt" width="30%" align=left><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>Common Share</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>0.48545</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>1.47207</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>1.16682</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,Helvetica,sans-serif>2.08676</FONT><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR></TABLE><FONT style="LINE-HEIGHT: 200%" face=arial,sans-serif></FONT>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>7</FONT></P>

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<P style="MARGIN: 4.6pt 0in 0pt 8.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Parent Company&#8217;s Financial Statements / Statement of Comprehensive Income</FONT></B></P>

<P style="MARGIN: 0.5pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 8.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>(R$ thousand)</FONT></B></P>

<P style="MARGIN: 3.7pt 0pt 0pt 8.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

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



<TR>

   <TD width="8%">&nbsp;</TD>

   <TD width="32%"></TD>

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   <TD width="15%"></TD>

   <TD width="15%"></TD>

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   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="32%" align=left>&nbsp;</TD>

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

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

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

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

<TR vAlign=bottom>

   <TD width="8%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Code</FONT></B>&nbsp;</TD>

   <TD width="32%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Description</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current Quarter</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>YTD Current Year</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right>&nbsp;<STRONG><FONT size=1 face=Arial>Same Quarter</FONT></STRONG></TD>

   <TD width="15%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>YTD Previous Year</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="32%" align=left>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>04/01/2017 to 06/30/2017</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>01/01/2017 to 06/30/2017</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right>&nbsp;<STRONG><FONT size=1 face=Arial>Previous Year</FONT></STRONG></TD>

   <TD width="15%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>01/01/2016 to 06/30/2016</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="32%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>04/01/2016 to 06/30/2016</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="8%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>4.01</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1.08pt" width="32%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Net Income for the Period</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>331,808</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,006,170</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>797,531</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,426,320</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" width="8%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>4.03</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1.081pt" width="32%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Comprehensive Income for the Period</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>331,808</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,006,170</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>797,531</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,426,320</FONT>&nbsp;</TD></TR></TABLE>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>8</FONT></P>

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<H2 style="MARGIN: 32.5pt 59.5pt 0pt 7.3pt; LINE-HEIGHT: 200%"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif>&nbsp;Parent Company&#8217;s Financial Statements / Statement of Cash Flows &#8211; Indirect Method</FONT></B></H2>

<H2 style="MARGIN: 0pt 59.5pt 0pt 7.3pt; LINE-HEIGHT: 200%"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif>&nbsp;(R$ thousand)</FONT></B></H2>

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<TR>

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<TR vAlign=bottom>

   <TD width="10%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Code</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" width="50%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Description</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>YTD Current Year</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>YTD Previous Year</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="50%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>01/01/2017 to 06/30/2017</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>01/01/2016 to 06/30/2016</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>6.01</FONT>&nbsp;</TD>

   <TD width="50%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Net Cash from Operating Activities</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>1,487,029</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>1,375,046</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>6.01.01</FONT>&nbsp;</TD>

   <TD width="50%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Cash from Operations</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>3,072,821</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>2,352,731</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>6.01.01.01</FONT>&nbsp;</TD>

   <TD width="50%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Profit (Loss) before Income Tax and Social Contribution</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>1,514,557</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>2,180,610</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>6.01.01.02</FONT>&nbsp;</TD>

   <TD width="50%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Provision and Inflation Adjustments on Provisions</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>127,706</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>147,862</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>6.01.01.04</FONT>&nbsp;</TD>

   <TD width="50%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Finance Charges from Customers</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-89,398</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-112,094</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>6.01.01.05</FONT>&nbsp;</TD>

   <TD width="50%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Residual Value of Property, Plant and Equipment,</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>11,408</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>4,106</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="50%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Intangible Assets and Investment Properties Written-off</FONT>&nbsp;</TD>

   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="20%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>6.01.01.06</FONT>&nbsp;</TD>

   <TD width="50%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Depreciation and Amortization</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>649,971</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>578,838</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>6.01.01.07</FONT>&nbsp;</TD>

   <TD width="50%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Interest on Borrowings and Financing Payable</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>191,428</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>239,883</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>6.01.01.08</FONT>&nbsp;</TD>

   <TD width="50%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Monetary and Exchange Change on Borrowings and</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>163,480</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-858,439</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="50%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Financing</FONT>&nbsp;</TD>

   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="20%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>6.01.01.09</FONT>&nbsp;</TD>

   <TD width="50%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Interest and Monetary Changes on Liabilities</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>5,347</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>17,224</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>6.01.01.10</FONT>&nbsp;</TD>

   <TD width="50%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Interest and Monetary Changes on Assets</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-24,965</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-55,343</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>6.01.01.11</FONT>&nbsp;</TD>

   <TD width="50%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Estimated Losses with Doubtful Accounts</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>121,860</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>20,473</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>6.01.01.12</FONT>&nbsp;</TD>

   <TD width="50%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Provision for Consent Decree (TAC)</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>82,754</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>6,423</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>6.01.01.13</FONT>&nbsp;</TD>

   <TD width="50%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Equity Results</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-3,467</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-1,753</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>6.01.01.14</FONT>&nbsp;</TD>

   <TD width="50%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Provision for Sabesprev Mais</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>4,585</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>6.01.01.15</FONT>&nbsp;</TD>

   <TD width="50%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Other Adjustments</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-14,205</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-6,559</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>6.01.01.16</FONT>&nbsp;</TD>

   <TD width="50%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Transfer of Funds to S&#227;o Paulo Municipal Government</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>214,959</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>12,962</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>6.01.01.17</FONT>&nbsp;</TD>

   <TD width="50%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Construction Margin over Intangible Assets Resulting from</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-30,893</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-32,667</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="50%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Concession Contracts</FONT>&nbsp;</TD>

   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="20%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>6.01.01.18</FONT>&nbsp;</TD>

   <TD width="50%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Pension Plan Liabilities</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>152,279</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>206,620</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>6.01.02</FONT>&nbsp;</TD>

   <TD width="50%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Changes in Assets and Liabilities</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-703,615</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-134,593</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>6.01.02.01</FONT>&nbsp;</TD>

   <TD width="50%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Trade Receivables</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>32,730</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-31,286</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>6.01.02.02</FONT>&nbsp;</TD>

   <TD width="50%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Related-Party Balances and Transactions</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>28,330</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-8,364</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>6.01.02.03</FONT>&nbsp;</TD>

   <TD width="50%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Inventories</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-8,639</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>15,626</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>6.01.02.04</FONT>&nbsp;</TD>

   <TD width="50%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Recoverable Taxes</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-39,506</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>66,159</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>6.01.02.05</FONT>&nbsp;</TD>

   <TD width="50%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Other Receivables</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-55,298</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>99,990</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>6.01.02.06</FONT>&nbsp;</TD>

   <TD width="50%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Escrow Deposits</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>24,525</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>21,172</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>6.01.02.08</FONT>&nbsp;</TD>

   <TD width="50%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Contractors and Suppliers</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-252,487</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-15,166</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>6.01.02.09</FONT>&nbsp;</TD>

   <TD width="50%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Payroll, Provisions and Social Contribution</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-29,512</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>19,755</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>6.01.02.10</FONT>&nbsp;</TD>

   <TD width="50%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Pension Plan Liabilities</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-107,190</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-90,135</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>6.01.02.11</FONT>&nbsp;</TD>

   <TD width="50%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Taxes and Contributions Payable</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-46,352</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-101,364</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>6.01.02.12</FONT>&nbsp;</TD>

   <TD width="50%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Services Payable</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-194,140</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>3,305</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>6.01.02.13</FONT>&nbsp;</TD>

   <TD width="50%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Other Liabilities</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>57,510</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-35,223</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>6.01.02.14</FONT>&nbsp;</TD>

   <TD width="50%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Provisions</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-110,139</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-79,632</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>6.01.02.15</FONT>&nbsp;</TD>

   <TD width="50%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Deferred COFINS/PASEP</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-3,447</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>570</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>6.01.03</FONT>&nbsp;</TD>

   <TD width="50%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-882,177</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-843,092</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>6.01.03.01</FONT>&nbsp;</TD>

   <TD width="50%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Interest Paid</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-382,910</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-415,747</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>6.01.03.02</FONT>&nbsp;</TD>

   <TD width="50%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Income Tax and Social Contribution Paid</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-499,267</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-427,345</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>6.02</FONT>&nbsp;</TD>

   <TD width="50%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Net Cash from Investing Activities</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-687,697</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-871,006</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>6.02.01</FONT>&nbsp;</TD>

   <TD width="50%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Acquisition of Property, Plant and Equipment</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-10,859</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-18,949</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>6.02.02</FONT>&nbsp;</TD>

   <TD width="50%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Acquisition of Intangible Assets</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-670,319</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-854,534</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>6.02.04</FONT>&nbsp;</TD>

   <TD width="50%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Restricted Cash</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-6,519</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>2,477</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>6.03</FONT>&nbsp;</TD>

   <TD width="50%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Net Cash from Financing Activities</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-1,317,948</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-768,854</FONT>&nbsp;</TD></TR></TABLE><FONT style="LINE-HEIGHT: 200%" face=georgia></FONT>

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<P style="MARGIN: 0.3pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
<H2 style="MARGIN: 4.6pt 64pt 0in 7.3pt; LINE-HEIGHT: 200%"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif>&nbsp;Parent Company&#8217;s Financial
Statements / Statement of Cash Flows &#8211; Indirect Method</FONT></B></H2>
<H2 style="MARGIN: 4.6pt 64pt 0in 7.3pt; LINE-HEIGHT: 200%"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif>&nbsp;(R$
thousand)</FONT></B></H2>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 0in 0in 0pt 2pt; LINE-HEIGHT: 10.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Code</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="50%">
      <P style="MARGIN: 0in 0in 0pt 7.75pt; LINE-HEIGHT: 10.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Description</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 5.9pt 0pt 23pt; LINE-HEIGHT: 10.05pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>YTD Current Year</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 1.9pt 0pt 0in; LINE-HEIGHT: 10.05pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>YTD Previous Year</FONT></B></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="50%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 6.9pt 0pt 0in; LINE-HEIGHT: 10.15pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>01/01/2017 to 06/30/2017</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 1.85pt 0pt 0in; LINE-HEIGHT: 10.15pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>01/01/2016 to 06/30/2016</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 2.05pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>6.03.01</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="50%">
      <P style="MARGIN: 2.05pt 0in 0pt 7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Funding</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.05pt 6.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>302,803</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.05pt 1.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>370,426</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 1.75pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>6.03.02</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="50%">
      <P style="MARGIN: 1.75pt 0in 0pt 7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Amortization</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 6.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-802,548</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 1.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-854,994</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 1.75pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>6.03.03</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="50%">
      <P style="MARGIN: 1.75pt 0in 0pt 7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Payment of Interest on
      Capital </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 6.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-765,933</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 1.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-139,395</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 1.75pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>6.03.04</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="50%">
      <P style="MARGIN: 1.75pt 0in 0pt 7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Public-Private Partnership -
      PPP</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 6.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-15,556</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 1.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-15,888</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 1.75pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>6.03.05</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="50%">
      <P style="MARGIN: 1.75pt 0in 0pt 7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Program Contract
      Commitments</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 6.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-36,714</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 1.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-129,003</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 1.75pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>6.05</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="50%">
      <P style="MARGIN: 1.75pt 0in 0pt 7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Increase (Decrease) in Cash
      and Cash Equivalents</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 6.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-518,616</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 1.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-264,814</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 1.75pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>6.05.01</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="50%">
      <P style="MARGIN: 1.75pt 0in 0pt 7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Opening Cash and Cash
      Equivalents</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 6.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>1,886,221</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 1.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>1,639,214</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 1.75pt 0in 0pt 2pt; LINE-HEIGHT: 9.35pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>6.05.02</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="50%">
      <P style="MARGIN: 1.75pt 0in 0pt 7.75pt; LINE-HEIGHT: 9.35pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Closing Cash and
      Cash Equivalents </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 6.9pt 0pt 0in; LINE-HEIGHT: 9.35pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>1,367,605</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 1.9pt 0pt 0in; LINE-HEIGHT: 9.35pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>1,374,400</FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 200%" face=georgia></FONT>
<a name="_bclFooter11"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT size=2 face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT size=2 face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT size=2 face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT size=2 face=Georgia></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>10</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_12></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader12"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0.3pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
<H2 style="MARGIN: 4.6pt 218.15pt 0in 7.3pt; LINE-HEIGHT: 200%"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif>&nbsp;Parent Company&#8217;s
Financial Statements / Statement of Changes in Equity / 01/01/2017 to 06/30/2017
</FONT></B></H2>
<H2 style="MARGIN: 4.6pt 218.15pt 0in 7.3pt; LINE-HEIGHT: 200%"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif>(R$
thousand)</FONT></B></H2>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="6%">
      <P style="MARGIN: 0in 4.95pt 0pt 2pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Code</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="22%">
      <P style="MARGIN: 0in 0in 0pt 5.95pt; LINE-HEIGHT: 7.8pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Description</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">
      <P style="MARGIN: 0in 8.85pt 0pt 61pt; TEXT-INDENT: -2.75pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Paid-up Capital
      </FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 14.75pt 0pt 9.8pt; TEXT-INDENT: 4.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Capital Reserves,
      Options Granted and Treasury Shares</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 12.65pt 0pt 0in; LINE-HEIGHT: 7.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Profit Reserves</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="MARGIN: 0in 0in 0pt 12.75pt; LINE-HEIGHT: 7.8pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Retained Earnings
      / Accumulated Losses</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="MARGIN: 0in 0in 0pt 14.85pt; LINE-HEIGHT: 7.8pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Other
      Comprehensive Income</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 1.85pt 0pt 0in; LINE-HEIGHT: 7.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Total Equity</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="6%">
      <P style="MARGIN: 1.9pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>5.01</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="22%">
      <P style="MARGIN: 1.9pt 0in 0pt 5.95pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Opening
Balances</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.9pt 9.7pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>10,000,000</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.9pt 14.75pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.9pt 12.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>6,244,859</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.9pt 14.75pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.9pt 14.2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-825,648</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.9pt 1.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>15,419,211</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="6%">
      <P style="MARGIN: 2.95pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>5.03</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="22%">
      <P style="MARGIN: 2.95pt 0in 0pt 5.95pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Restated Opening
      Balances</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 9.7pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>10,000,000</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 14.75pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 12.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>6,244,859</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 14.75pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 14.2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-825,648</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 1.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>15,419,211</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="6%">
      <P style="MARGIN: 2.95pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>5.04</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="22%">
      <P style="MARGIN: 2.95pt 0in 0pt 5.95pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Capital Transactions with
      Partners</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 9.7pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 14.75pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 12.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-62,719</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 14.75pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 14.2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 1.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-62,719</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="6%">
      <P style="MARGIN: 2.95pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>5.04.12</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="22%">
      <P style="MARGIN: 2.95pt 0in 0pt 5.95pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Additional Proposed Dividends
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 9.7pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 14.75pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 12.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-62,719</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 14.75pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 14.2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 1.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-62,719</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="6%">
      <P style="MARGIN: 2.95pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>5.05</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="22%">
      <P style="MARGIN: 2.95pt 0in 0pt 5.95pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Total Comprehensive
      Income</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 9.7pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 14.75pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 12.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 14.75pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>1,006,170</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 14.2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 1.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>1,006,170</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="6%">
      <P style="MARGIN: 2.95pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>5.05.01</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="22%">
      <P style="MARGIN: 2.95pt 0in 0pt 5.95pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Net Income for the
      Period</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 9.7pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 14.75pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 12.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 14.75pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>1,006,170</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 14.2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 1.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>1,006,170</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="6%">
      <P style="MARGIN: 2.95pt 0in 0pt 2pt; LINE-HEIGHT: 7.05pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>5.07</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="22%">
      <P style="MARGIN: 2.95pt 0in 0pt 5.95pt; LINE-HEIGHT: 7.05pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Closing
      Balances</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 9.7pt 0pt 0in; LINE-HEIGHT: 7.05pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>10,000,000</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 14.75pt 0pt 0in; LINE-HEIGHT: 7.05pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 12.65pt 0pt 0in; LINE-HEIGHT: 7.05pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>6,182,140</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 14.75pt 0pt 0in; LINE-HEIGHT: 7.05pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>1,006,170</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 14.2pt 0pt 0in; LINE-HEIGHT: 7.05pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-825,648</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 1.85pt 0pt 0in; LINE-HEIGHT: 7.05pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>16,362,662</FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 4.6pt 218.15pt 0in 7.3pt; LINE-HEIGHT: 200%">&nbsp;</P><FONT style="LINE-HEIGHT: 200%" face=georgia></FONT>
<a name="_bclFooter12"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>11</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_13></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader13"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0.3pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 4.6pt 218.15pt 0pt 7.3pt; LINE-HEIGHT: 200%"><FONT style="LINE-HEIGHT: 200%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>&nbsp;Parent Company&#8217;s Financial
Statements / Statement of Changes in Equity / 01/01/2016 to
06/30/2016</FONT></B></FONT></P>
<P style="MARGIN: 4.6pt 218.15pt 0pt 7.3pt; LINE-HEIGHT: 200%"><FONT style="LINE-HEIGHT: 200%" face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>&nbsp;(R$
thousand)</FONT></B></FONT></P>
<P style="MARGIN: 4.6pt 218.15pt 0pt 7.3pt; LINE-HEIGHT: 200%">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="6%">
      <P style="MARGIN: 0in 4.95pt 0pt 2pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Code</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="22%">
      <P style="MARGIN: 0in 0in 0pt 5.95pt; LINE-HEIGHT: 7.8pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Description</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">
      <P style="MARGIN: 0in 8.85pt 0pt 61pt; TEXT-INDENT: -2.75pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Paid-up Capital
      </FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 14.75pt 0pt 9.8pt; TEXT-INDENT: 4.25pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Capital Reserves,
      Options Granted and Treasury Shares</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 12.65pt 0pt 0in; LINE-HEIGHT: 7.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Profit Reserves</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="MARGIN: 0in 0in 0pt 12.75pt; LINE-HEIGHT: 7.8pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Retained Earnings
      / Accumulated Losses</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="MARGIN: 0in 0in 0pt 14.85pt; LINE-HEIGHT: 7.8pt"><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Other
      Comprehensive Income</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 1.85pt 0pt 0in; LINE-HEIGHT: 7.8pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Total Equity</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="6%">
      <P style="MARGIN: 1.9pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>5.01</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="22%">
      <P style="MARGIN: 1.9pt 0in 0pt 5.95pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Opening
Balances</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.9pt 9.7pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>10,000,000</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.9pt 14.75pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.9pt 12.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>4,069,988</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.9pt 14.75pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.9pt 14.2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-353,382</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.9pt 1.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>13,716,606</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="6%">
      <P style="MARGIN: 2.95pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>5.03</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="22%">
      <P style="MARGIN: 2.95pt 0in 0pt 5.95pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Restated Opening
      Balances</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 9.7pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>10,000,000</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 14.75pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 12.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>4,069,988</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 14.75pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 14.2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-353,382</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 1.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>13,716,606</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="6%">
      <P style="MARGIN: 2.95pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>5.04</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="22%">
      <P style="MARGIN: 2.95pt 0in 0pt 5.95pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Capital Transactions with
      Partners</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 9.7pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 14.75pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 12.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-11,453</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 14.75pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 14.2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 1.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-11,453</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="6%">
      <P style="MARGIN: 2.95pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>5.04.08</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="22%">
      <P style="MARGIN: 2.95pt 0in 0pt 5.95pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Additional Approved Dividends
      </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 9.7pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 14.75pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 12.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-11,453</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 14.75pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 14.2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 1.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-11,453</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="6%">
      <P style="MARGIN: 2.95pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>5.05</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="22%">
      <P style="MARGIN: 2.95pt 0in 0pt 5.95pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Total Comprehensive
      Income</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 9.7pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 14.75pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 12.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 14.75pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>1,426,320</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 14.2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 1.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>1,426,320</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="6%">
      <P style="MARGIN: 2.95pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>5.05.01</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="22%">
      <P style="MARGIN: 2.95pt 0in 0pt 5.95pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Net Income for the
      Period</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 9.7pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 14.75pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 12.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 14.75pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>1,426,320</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 14.2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 1.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>1,426,320</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="6%">
      <P style="MARGIN: 2.95pt 0in 0pt 2pt; LINE-HEIGHT: 7.05pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>5.07</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="22%">
      <P style="MARGIN: 2.95pt 0in 0pt 5.95pt; LINE-HEIGHT: 7.05pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Closing
      Balances</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 9.7pt 0pt 0in; LINE-HEIGHT: 7.05pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>10,000,000</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 14.75pt 0pt 0in; LINE-HEIGHT: 7.05pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 12.65pt 0pt 0in; LINE-HEIGHT: 7.05pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>4,058,535</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 14.75pt 0pt 0in; LINE-HEIGHT: 7.05pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>1,426,320</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 14.2pt 0pt 0in; LINE-HEIGHT: 7.05pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>-353,382</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.95pt 1.85pt 0pt 0in; LINE-HEIGHT: 7.05pt" align=right><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>15,131,473</FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 200%" face=arial,sans-serif></FONT>
<a name="_bclFooter13"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>12</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_14></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader14"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=arial,sans-serif></FONT></B>&nbsp;</P></DIV>
<H2 style="MARGIN: 4.6pt 149.5pt 0in 7.3pt; LINE-HEIGHT: 200%"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif>&nbsp;Parent Company&#8217;s
Financial Statements / Statement of Value Added </FONT></B></H2>
<H2 style="MARGIN: 4.6pt 149.5pt 0in 7.3pt; LINE-HEIGHT: 200%"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif>(R$
thousand)</FONT></B></H2>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 0in 0in 0pt 2pt; LINE-HEIGHT: 10.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Code</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="50%">
      <P style="MARGIN: 0in 0in 0pt 7.75pt; LINE-HEIGHT: 10.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Description</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0in 0in 0pt 42.25pt; LINE-HEIGHT: 10.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>YTD Current
      Year</FONT></B></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 1.9pt 0pt 0in; LINE-HEIGHT: 10.05pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>YTD Previous Year</FONT></B></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="50%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 6.9pt 0pt 0in; LINE-HEIGHT: 10.15pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>01/01/2017 to 06/30/2017</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 1.85pt 0pt 0in; LINE-HEIGHT: 10.15pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>01/01/2016 to 06/30/2016</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 2.05pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>7.01</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="50%">
      <P style="MARGIN: 2.05pt 0in 0pt 7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Revenue</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.05pt 6.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>7,340,654</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.05pt 1.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>6,833,327</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 1.75pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>7.01.01</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="50%">
      <P style="MARGIN: 1.75pt 0in 0pt 7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Goods, Products and Services
      Sold</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 6.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>5,930,882</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 1.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>5,294,089</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 1.75pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>7.01.02</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="50%">
      <P style="MARGIN: 1.75pt 0in 0pt 7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Other Revenue </FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 6.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>29,283</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 1.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>37,271</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 1.75pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>7.01.03</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="50%">
      <P style="MARGIN: 1.75pt 0in 0pt 7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Revenue from Construction of
      own Assets</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 6.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>1,502,349</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 1.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>1,522,440</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 1.75pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>7.01.04</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="50%">
      <P style="MARGIN: 1.75pt 0in 0pt 7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Allowance for/Reversal of
      Doubtful Accounts</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 6.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-121,860</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 1.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-20,473</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 1.75pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>7.02</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="50%">
      <P style="MARGIN: 1.75pt 0in 0pt 7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Inputs Acquired from Third
      Parties</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 6.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-2,691,764</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 1.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-2,729,963</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 1.75pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>7.02.01</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="50%">
      <P style="MARGIN: 1.75pt 0in 0pt 7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Costs of Sales and
      Services</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 6.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-2,241,245</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 1.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-2,347,376</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 1.75pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>7.02.02</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="50%">
      <P style="MARGIN: 1.75pt 0in 0pt 7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Materials, Electricity,
      Outside Services and Others</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 6.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-450,309</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 1.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-374,502</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 1.75pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>7.02.04</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="50%">
      <P style="MARGIN: 1.75pt 0in 0pt 7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Other</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 6.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-210</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 1.95pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-8,085</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 1.75pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>7.03</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="50%">
      <P style="MARGIN: 1.75pt 0in 0pt 7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Gross Value
    Added</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 6.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>4,648,890</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 1.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>4,103,364</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 1.75pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>7.04</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="50%">
      <P style="MARGIN: 1.75pt 0in 0pt 7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Retentions</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 6.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-649,971</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 1.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-578,838</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 1.75pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>7.04.01</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="50%">
      <P style="MARGIN: 1.75pt 0in 0pt 7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Depreciation, Amortization
      and Depletion</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 6.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-649,971</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 1.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-578,838</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 1.75pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>7.05</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="50%">
      <P style="MARGIN: 1.75pt 0in 0pt 7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Net Value Added
      Produced</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 6.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>3,998,919</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 1.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>3,524,526</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 1.75pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>7.06</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="50%">
      <P style="MARGIN: 1.75pt 0in 0pt 7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Wealth Received in
      Transfer</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 6.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>191,303</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 1.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>259,534</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 1.75pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>7.06.01</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="50%">
      <P style="MARGIN: 1.75pt 0in 0pt 7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Equity Results</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 6.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>3,467</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 1.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>1,753</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 1.75pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>7.06.02</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="50%">
      <P style="MARGIN: 1.75pt 0in 0pt 7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Finance Income</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 6.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>187,836</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 1.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>257,781</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 1.75pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>7.07</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="50%">
      <P style="MARGIN: 1.75pt 0in 0pt 7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Total Value Added to
      Distribute</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 6.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>4,190,222</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 1.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>3,784,060</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 1.75pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>7.08</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="50%">
      <P style="MARGIN: 1.75pt 0in 0pt 7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Value Added
      Distribution</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 6.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>4,190,222</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 1.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>3,784,060</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 1.75pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>7.08.01</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="50%">
      <P style="MARGIN: 1.75pt 0in 0pt 7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Personnel</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 6.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>1,191,169</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 1.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>1,103,641</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 1.75pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>7.08.01.01</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="50%">
      <P style="MARGIN: 1.75pt 0in 0pt 7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Salaries and
    Wages</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 6.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>765,321</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 1.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>705,436</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 1.75pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>7.08.01.02</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="50%">
      <P style="MARGIN: 1.75pt 0in 0pt 7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Benefits</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 6.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>296,478</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 1.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>336,092</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 1.75pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>7.08.01.03</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="50%">
      <P style="MARGIN: 1.75pt 0in 0pt 7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Government Severance
      Indemnity Fund for Employees (FGTS)</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 6.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>129,370</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 1.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>62,113</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 1.75pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>7.08.02</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="50%">
      <P style="MARGIN: 1.75pt 0in 0pt 7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Taxes and
      Contributions</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 6.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>1,189,669</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 1.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>1,383,993</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 1.75pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>7.08.02.01</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="50%">
      <P style="MARGIN: 1.75pt 0in 0pt 7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Federal</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 6.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>1,118,174</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 1.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>1,325,753</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 1.75pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>7.08.02.02</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="50%">
      <P style="MARGIN: 1.75pt 0in 0pt 7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Sate</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 6.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>47,783</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 1.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>39,788</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 1.75pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>7.08.02.03</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="50%">
      <P style="MARGIN: 1.75pt 0in 0pt 7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Municipal</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 6.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>23,712</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 1.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>18,452</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 1.75pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>7.08.03</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="50%">
      <P style="MARGIN: 1.75pt 0in 0pt 7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Value Distributed to
      Providers of Capital</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 6.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>803,214</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 1.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-129,894</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 1.75pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>7.08.03.01</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="50%">
      <P style="MARGIN: 1.75pt 0in 0pt 7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Interest</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 6.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>768,552</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 1.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>-174,395</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 1.75pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>7.08.03.02</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="50%">
      <P style="MARGIN: 1.75pt 0in 0pt 7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Rental</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 6.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>34,662</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 1.85pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>44,501</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 1.75pt 0in 0pt 2pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>7.08.04</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="50%">
      <P style="MARGIN: 1.75pt 0in 0pt 7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Value Distributed to
      Shareholders</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 6.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>1,006,170</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 1.9pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>1,426,320</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 1.75pt 0in 0pt 2pt; LINE-HEIGHT: 9.35pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>7.08.04.03</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="50%">
      <P style="MARGIN: 1.75pt 0in 0pt 7.75pt; LINE-HEIGHT: 9.35pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Retained Earnings
      / Accumulated Loss for the Period</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 6.9pt 0pt 0in; LINE-HEIGHT: 9.35pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>1,006,170</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.75pt 1.9pt 0pt 0in; LINE-HEIGHT: 9.35pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>1,426,320</FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 200%" face=georgia></FONT>
<a name="_bclFooter14"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>13</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_15></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader15"></a><DIV><FONT style="LINE-HEIGHT: 5%"></FONT>&nbsp;</DIV>
<P style="MARGIN: 0.05pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>
<TABLE style="WIDTH: 384pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Comments on the Company&#8217;s
      Performance</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></B></P>
<P style="MARGIN: 4.55pt 0in 0pt 41.25pt; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=arial,sans-serif>1.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=navy face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=arial,sans-serif>Financial
highlights</FONT></B></P>
<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>

  <TR>
    <TD width="4%">&nbsp;</TD>
    <TD width="40%"></TD>
    <TD width="7%"></TD>
    <TD width="7%"></TD>
    <TD width="7%"></TD>
    <TD width="7%"></TD>
    <TD width="7%"></TD>
    <TD width="7%"></TD>
    <TD width="7%"></TD>
    <TD width="7%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="4%" align=left>&nbsp;</TD>
    <TD width="40%" align=left>&nbsp;</TD>
    <TD width="7%" align=left>&nbsp;</TD>
    <TD width="7%" align=left>&nbsp;</TD>
    <TD width="7%" align=left>&nbsp;</TD>
    <TD width="7%" align=left>&nbsp;</TD>
    <TD width="7%" align=left>&nbsp;</TD>
    <TD width="7%" align=left>&nbsp;</TD>
    <TD width="7%" align=left>&nbsp;</TD>
    <TD width="7%" align=right><B><I><FONT size=1 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>R$
      million</FONT></I></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#333399 width="4%" align=left>&nbsp;</TD>
    <TD bgColor=#333399 width="40%" align=left>&nbsp;</TD>
    <TD bgColor=#333399 width="7%" align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2Q17</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="14%" colSpan=2 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2Q16
      Chg. (R$)</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="7%" align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="7%" align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1H17</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="14%" colSpan=2 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1H16
      Chg. (R$)</FONT></B>&nbsp;</TD>
    <TD style="TEXT-INDENT: 10.08pt" bgColor=#333399 width="7%" align=left><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#eeece1 width="4%" align=left>&nbsp;</TD>
    <TD bgColor=#eeece1 width="40%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Gross operating revenue</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,901.6</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,723.4</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>178.2</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>6.5</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>5,930.9</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>5,294.1</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>636.8</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>12.0</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="4%" align=left>&nbsp;</TD>
    <TD width="40%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Construction revenue</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>779.4</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>897.2</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(117.8)</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(13.1)</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,502.4</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,522.4</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(20.0)</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(1.3)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#eeece1 width="4%" align=left>&nbsp;</TD>
    <TD bgColor=#eeece1 width="40%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>COFINS and PASEP taxes</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(186.4)</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(182.0)</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(4.4)</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2.4</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(379.8)</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(350.1)</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(29.7)</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>8.5</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="4%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>(=)</FONT>&nbsp;</TD>
    <TD width="40%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Net operating revenue</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3,494.6</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3,438.6</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>56.0</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1.6</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>7,053.5</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>6,466.4</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>587.1</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>9.1</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#eeece1 width="4%" align=left>&nbsp;</TD>
    <TD bgColor=#eeece1 width="40%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Costs and expenses</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(1,984.6)</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(1,738.0)</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(246.6)</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>14.2</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(3,816.6)</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(3,532.3)</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(284.3)</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>8.0</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="4%" align=left>&nbsp;</TD>
    <TD width="40%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Construction costs</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(764.2)</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(877.4)</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>113.2</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(12.9)</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(1,471.4)</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(1,489.8)</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>18.4</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(1.2)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#eeece1 width="4%" align=left>&nbsp;</TD>
    <TD bgColor=#eeece1 width="40%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Equity result</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1.6</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(0.3)</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1.9</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(633.3)</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3.5</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1.8</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1.7</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>94.4</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="4%" align=left>&nbsp;</TD>
    <TD width="40%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Other operating revenue (expenses),
      net</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>12.5</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>16.2</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(3.7)</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(22.8)</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>23.0</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>21.6</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1.4</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>6.5</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#eeece1 width="4%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>(=)</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="40%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Earnings before financial result, income
      tax and social contribution</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>759.9</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>839.1</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(79.2)</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(9.4)</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,792.0</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,467.7</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>324.3</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>22.1</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="4%" align=left>&nbsp;</TD>
    <TD width="40%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Financial result</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(281.2)</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>372.7</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(653.9)</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(175.4)</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(277.4)</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>712.9</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(990.3)</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(138.9)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#eeece1 width="4%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>(=)</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="40%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Earnings before income tax and social
      contribution</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>478.7</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,211.8</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(733.1)</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(60.5)</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,514.6</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,180.6</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(666.0)</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(30.5)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="4%" align=left>&nbsp;</TD>
    <TD width="40%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Income tax and social
    contribution</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(146.9)</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(414.3)</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>267.4</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(64.5)</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(508.4)</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(754.3)</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>245.9</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(32.6)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#eeece1 width="4%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>(=)</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="40%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Net income</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>331.8</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>797.5</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(465.7)</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(58.4)</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,006.2</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,426.3</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(420.1)</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(29.5)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Earnings per share*
    (R$)</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.49</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1.17</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1.47</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2.09</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=10 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>* Total shares =
  683,509,869</FONT></TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt 21pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0.45pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=arial,sans-serif></FONT>&nbsp;</P>
<H3 style="TEXT-ALIGN: left; MARGIN: 4.7pt 0in 0pt 21pt; TEXT-INDENT: 0in" align=left><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif>Adjusted EBITDA Reconciliation (Non-accounting
measures)</FONT></B></H3>
<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>

  <TR>
    <TD width="4%">&nbsp;</TD>
    <TD width="40%"></TD>
    <TD width="7%"></TD>
    <TD width="7%"></TD>
    <TD width="7%"></TD>
    <TD width="7%"></TD>
    <TD width="7%"></TD>
    <TD width="7%"></TD>
    <TD width="7%"></TD>
    <TD width="7%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="4%" align=left>&nbsp;</TD>
    <TD width="40%" align=left>&nbsp;</TD>
    <TD width="7%" align=left>&nbsp;</TD>
    <TD width="7%" align=left>&nbsp;</TD>
    <TD width="7%" align=left>&nbsp;</TD>
    <TD width="7%" align=left>&nbsp;</TD>
    <TD width="7%" align=left>&nbsp;</TD>
    <TD width="7%" align=left>&nbsp;</TD>
    <TD width="7%" align=left>&nbsp;</TD>
    <TD width="7%" align=right><B><I><FONT size=1 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>R$
      million</FONT></I></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#333399 width="4%" align=left>&nbsp;</TD>
    <TD bgColor=#333399 width="40%" align=left>&nbsp;</TD>
    <TD bgColor=#333399 width="7%" align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2Q17</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="7%" align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2Q16</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="7%" align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Chg. (R$)</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="7%" align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="7%" align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1H17</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="7%" align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1H16</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="7%" align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Chg. (R$)</FONT></B>&nbsp;</TD>
    <TD style="TEXT-INDENT: 10.08pt" bgColor=#333399 width="7%" align=left><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#eeece1 width="4%" align=left>&nbsp;</TD>
    <TD bgColor=#eeece1 width="40%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Net income</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>331.8</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>797.5</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(465.7)</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(58.4)</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,006.2</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,426.3</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(420.1)</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(29.5)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="4%" align=left>&nbsp;</TD>
    <TD width="40%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Income tax and social
    contribution</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>146.9</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>414.3</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(267.4)</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(64.5)</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>508.4</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>754.3</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(245.9)</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(32.6)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#eeece1 width="4%" align=left>&nbsp;</TD>
    <TD bgColor=#eeece1 width="40%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Financial result</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>281.2</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=center><FONT size=1 face=Arial,Helvetica,sans-serif>(372.7)</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>653.9</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(175.4)</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>277.4</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(712.9)</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>990.3</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(138.9)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="4%" align=left>&nbsp;</TD>
    <TD width="40%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Other operating revenues (expenses),
      net</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(12.5)</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(16.2)</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3.7</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(22.8)</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(23.0)</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(21.6)</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(1.4)</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>6.5</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#eeece1 width="4%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>(=)</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="40%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Adjusted EBIT*</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>747.4</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>822.9</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(75.5)</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(9.2)</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,769.0</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,446.1</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>322.9</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>22.3</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="4%" align=left>&nbsp;</TD>
    <TD width="40%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Depreciation and
    amortization</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>318.0</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>294.2</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>23.8</FONT>&nbsp;</TD>
    <TD width="7%" align=center><FONT size=1 face=Arial,Helvetica,sans-serif>8.1</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>650.0</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>578.8</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>71.2</FONT>&nbsp;</TD>
    <TD width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>12.3</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#eeece1 width="4%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>(=)</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="40%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Adjusted EBITDA **</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,065.4</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,117.1</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(51.7)</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(4.6)</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,419.0</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2,024.9</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>394.1</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>19.5</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="4%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>(%) Adjusted EBITDA
    margin</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>30.5</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>32.5</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>34.3</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>31.3</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=left>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0.05pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 1.1pt 57pt 0pt 20.95pt; TEXT-INDENT: 1.9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>* Adjusted EBIT is net income
before: (i) other operating revenues/expenses, net; (ii) financial result; and
(iii) income tax and social contribution.</FONT></P>
<P style="MARGIN: 1.1pt 57pt 0pt 20.95pt; TEXT-INDENT: 1.9pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>(**) Adjusted EBITDA is net income
before: (i) depreciation and amortization expenses; (ii) income tax and social
contribution; (iii) financial result; and (iv) other operating
revenues/expenses, net.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.85pt 58.5pt 0pt 21pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>In 2QT17, net operating revenue,
including construction revenue, reached R$ 3,494.6 million; a 1.6% increase
compared to the same period in 2016.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.85pt 37pt 0pt 21pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Costs and expenses, including
construction costs, totaled R$ 2,748.8 million, 5.1% higher than in
2Q16.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.85pt 58.5pt 0pt 21pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Adjusted EBIT, in the amount of R$
747.4 million, decreased 9.2% from R$ 822.9 million recorded in 2Q16.
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.85pt 58.5pt 0pt 21pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Adjusted EBITDA, in the amount of
R$ 1,065.4 million, decreased 4.6% from R$ 1,117.1 million recorded in 2Q16. (R$
4,965.5 million in the last twelve months).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.85pt 58.5pt 0pt 21pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The adjusted EBITDA margin was
30.5% in 2Q17 against 32.5% in 2Q16 (33.8% in the last twelve months). Excluding
construction revenues and construction costs, the adjusted EBITDA margin was
38.7% in 2Q17 (43.1% in 2Q16 and 44.5% in the last twelve months).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.85pt 58.5pt 0pt 21pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>In 2Q17 the Company recorded a net
income of R$ 331.8 million, in comparison to a net income of R$ 797.5 million in
2Q16.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0.45pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 38.95pt; TEXT-INDENT: -17.95pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=arial,sans-serif>2.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=navy face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=arial,sans-serif>Gross
operating revenue</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.85pt 58.5pt 0pt 21pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Gross operating revenue from
sanitation services, not including construction revenue, totaled R$ 2,901.6
million, an increase of R$ 178.2 million or 6.5%, when compared to the R$
2,723.4 million recorded in 2Q16.</FONT></P>
<a name="_bclFooter15"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>14</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_16></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader16"></a><DIV><FONT style="HEIGHT: 25px; WIDTH: 384px; POSITION: absolute; MARGIN-LEFT: 47px; MARGIN-TOP: 53px"></FONT><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>
<P style="MARGIN: 0.35pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=arial,sans-serif>
<TABLE style="WIDTH: 384pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Comments on the Company&#8217;s
      Performance</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></P>
<P style="MARGIN: 4.7pt 0in 0pt 21pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The main factors that led to this variation
were:</FONT></P>
<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 15pt" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0in 39pt; TEXT-INDENT: -18.05pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Tariff increase of 8.4%
since May 2016;</FONT></P>
<P style="MARGIN: 0in 0in 0pt 20.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0in 39pt; TEXT-INDENT: -18.05pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Increase
of 2.7% in the Company&#8217;s total billed volume (2.9% in water and 2.4% in sewage);
</FONT></P>
<P style="MARGIN: 0in 0in 0in 72.6pt; TEXT-INDENT: -27.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 39pt; TEXT-INDENT: -18.05pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Bonus
granted in 2Q16 amounting to R$ 33.6 million, within the Water Consumption
Reduction Incentive Program ended in April 2016; and</FONT></P>
<P style="MARGIN: 0in 0in 0in 72.6pt; TEXT-INDENT: -27.6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 39pt; TEXT-INDENT: -18.05pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Lower
provisioning for loss of wholesale revenue in 2Q17, in the amount of R$ 21.0
million, due to the payment received in the period.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 58.5pt 0pt 21pt; LINE-HEIGHT: 103%"><FONT style="LINE-HEIGHT: 103%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The increase resulting from the
above mentioned factors was partially offset by the suspension of the
Contingency Tariff in April 2016, in the amount of R$ 64.2 million in
2Q16.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0.2pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 14.5pt" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0in 36.55pt; TEXT-INDENT: -15.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=arial,sans-serif>3.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=navy face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=arial,sans-serif>Construction
revenue</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6.4pt 58.5pt 0pt 21pt; LINE-HEIGHT: 103%"><FONT style="LINE-HEIGHT: 103%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Construction revenue decreased R$
117.8 million or 13.1%, when compared to 2Q16. The variation was mainly due to
lower investments in the municipalities served by the
Company.</FONT></FONT></P><FONT style="LINE-HEIGHT: 103%" face=arial,sans-serif></FONT>
<a name="_bclFooter16"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>15</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_17></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader17"></a><DIV><FONT style="HEIGHT: 25px; WIDTH: 384px; POSITION: absolute; MARGIN-LEFT: 47px; MARGIN-TOP: 53px"></FONT><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>
<P style="MARGIN: 0.05pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>
<TABLE style="WIDTH: 384pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Comments on the Company&#8217;s
      Performance</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></P>
<P style="MARGIN: 4.55pt 0in 0pt 36.55pt; TEXT-INDENT: -15.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=arial,sans-serif>4.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=navy face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=arial,sans-serif>Billed
volume</FONT></B></P>
<P style="MARGIN: 0.25pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 21pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 21pt; LINE-HEIGHT: 103%"><FONT style="LINE-HEIGHT: 103%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The following tables show the
water and sewage billed volume, on quarter-on-quarter and year-to-date basis,
per customer category and region.</FONT></FONT></P>
<P style="MARGIN: 0in 57pt 0pt 21pt; LINE-HEIGHT: 103%">&nbsp;</P>
<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>

  <TR>
    <TD width="19%"></TD>
    <TD width="9%"></TD>
    <TD width="9%"></TD>
    <TD width="9%"></TD>
    <TD width="9%"></TD>
    <TD width="9%"></TD>
    <TD width="9%"></TD>
    <TD width="9%"></TD>
    <TD width="9%"></TD>
    <TD width="9%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%" colSpan=10 align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>WATER AND SEWAGE BILLED
      VOLUME </FONT></B><B><SUP><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1) </FONT></SUP></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>PER CUSTOMER CATEGORY
      - million m</FONT></B><B><SUP><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3</FONT></SUP></B></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#333399 width="19%" align=left>&nbsp;</TD>
    <TD bgColor=#333399 width="9%" align=right>&nbsp;</TD>
    <TD bgColor=#333399 width="9%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Water</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="9%" align=right>&nbsp;</TD>
    <TD bgColor=#333399 width="9%" align=right>&nbsp;</TD>
    <TD bgColor=#333399 width="9%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Sewage</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="9%" align=right>&nbsp;</TD>
    <TD bgColor=#333399 width="18%" colSpan=2 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Water +
      Sewage</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="9%" align=right>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#333399 width="19%" align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Category</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="9%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2Q17</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="9%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2Q16</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="9%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="9%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2Q17</FONT></B>&nbsp;</TD>
    <TD style="TEXT-INDENT: 8.279pt" bgColor=#333399 width="9%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2Q16</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="9%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="9%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2Q17</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="9%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2Q16</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="9%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#eeece1 width="19%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Residential</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>384.8</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>377.5</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>1.9</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>328.2</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>320.0</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>2.6</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>713.0</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>697.5</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>2.2</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="19%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Commercial</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>40.8</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>41.0</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(0.5)</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>39.3</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>39.0</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>0.8</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>80.1</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>80.0</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>0.1</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#eeece1 width="19%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Industrial</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>8.0</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>8.0</FONT>&nbsp;</TD>
    <TD style="TEXT-INDENT: 5.16pt" bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>9.4</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>9.8</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(4.1)</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>17.4</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>17.8</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(2.2)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="19%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Public</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>10.4</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>10.7</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(2.8)</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>9.3</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>9.4</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(1.1)</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>19.7</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>20.1</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(2.0)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#eeece1 width="19%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total
    retail</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>444.0</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>437.2</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1.6</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>386.2</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>378.2</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2.1</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>830.2</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>815.4</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1.8</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="19%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Wholesale </FONT><SUP><FONT size=2 face=Arial,Helvetica,sans-serif>(3)</FONT></SUP>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>64.5</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>56.9</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>13.4</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>8.9</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>7.5</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>18.7</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>73.4</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>64.4</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>14.0</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 width="19%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>508.5</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>494.1</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2.9</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>395.1</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>385.7</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2.4</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>903.6</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>879.8</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2.7</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#333399 width="19%" align=left>&nbsp;</TD>
    <TD bgColor=#333399 width="9%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1H17</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="9%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1H16</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="9%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="9%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1H17</FONT></B>&nbsp;</TD>
    <TD style="TEXT-INDENT: 8.279pt" bgColor=#333399 width="9%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1H16</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="9%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="9%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1H17</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="9%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1H16</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="9%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#eeece1 width="19%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Residential</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>783.7</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>758.0</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>3.4</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>666.3</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>640.4</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>4.0</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>1,450.0</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>1,398.4</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>3.7</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="19%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Commercial</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>82.3</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>81.4</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>1.1</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>78.8</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>77.2</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>2.1</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>161.1</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>158.6</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>1.6</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#eeece1 width="19%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Industrial</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>15.8</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>15.7</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>0.6</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>18.7</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>19.2</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(2.6)</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>34.5</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>34.9</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(1.1)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="19%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Public</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>20.3</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>20.3</FONT>&nbsp;</TD>
    <TD style="TEXT-INDENT: 5.16pt" width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>17.9</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>17.8</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>0.6</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>38.2</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>38.1</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>0.3</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#eeece1 width="19%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total
    retail</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>902.1</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>875.4</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3.1</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>781.7</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>754.6</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3.6</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,683.8</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,630.0</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3.3</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="19%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Wholesale </FONT><SUP><FONT size=2 face=Arial,Helvetica,sans-serif>(3)</FONT></SUP>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>126.3</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>108.8</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>16.1</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>18.0</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>13.2</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>36.4</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>144.3</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>122.0</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>18.3</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 width="19%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,028.4</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>984.2</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.5</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>799.7</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>767.8</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.2</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,828.1</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,752.0</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.3</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>

  <TR>
    <TD width="19%"></TD>
    <TD width="9%"></TD>
    <TD width="9%"></TD>
    <TD width="9%"></TD>
    <TD width="9%"></TD>
    <TD width="9%"></TD>
    <TD width="9%"></TD>
    <TD width="9%"></TD>
    <TD width="9%"></TD>
    <TD width="9%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%" colSpan=10 align=center><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>WATER AND SEWAGE BILLED
      VOLUME </FONT></B><B><SUP><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1) </FONT></SUP></B><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>PER REGION - million
      m</FONT></B><B><SUP><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3</FONT></SUP></B></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#333399 width="19%" align=left>&nbsp;</TD>
    <TD bgColor=#333399 width="18%" colSpan=2 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Water</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="9%" align=left>&nbsp;</TD>
    <TD bgColor=#333399 width="18%" colSpan=2 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Sewage</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="9%" align=left>&nbsp;</TD>
    <TD bgColor=#333399 width="18%" colSpan=2 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Water +
      Sewage</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="9%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#333399 width="19%" align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Region</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="9%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2Q17</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="9%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2Q16</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="9%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="9%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2Q17</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="9%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2Q16</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="9%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="9%" align=center><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2Q17</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="9%" align=center><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2Q16</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="9%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#eeece1 width="19%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Metropolitan</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>289.5</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>283.5</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>2.1</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>252.4</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>246.8</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>2.3</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>541.9</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>530.3</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>2.2</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="19%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Regional </FONT><SUP><FONT size=2 face=Arial,Helvetica,sans-serif>(2)</FONT></SUP>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>154.5</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>153.7</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>0.5</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>133.8</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>131.4</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>1.8</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>288.3</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>285.1</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>1.1</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#eeece1 width="19%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total
    retail</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>444.0</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>437.2</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1.6</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>386.2</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>378.2</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2.1</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>830.2</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>815.4</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1.8</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="19%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Wholesale </FONT><SUP><FONT size=2 face=Arial,Helvetica,sans-serif>(3)</FONT></SUP>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>64.5</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>56.9</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>13.4</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>8.9</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>7.5</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>18.7</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>73.4</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>64.4</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>14.0</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#eeece1 width="19%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>508.5</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>494.1</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2.9</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>395.1</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>385.7</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2.4</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>903.6</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>879.8</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2.7</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#333399 width="19%" align=left>&nbsp;</TD>
    <TD bgColor=#333399 width="9%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1H17</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="9%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1H16</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="9%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="9%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1H17</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="9%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1H16</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="9%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="9%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1H17</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="9%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1H16</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="9%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#eeece1 width="19%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Metropolitan</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>582.3</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>562.5</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>3.5</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>506.3</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>488.3</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>3.7</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>1,088.6</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>1,050.8</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>3.6</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="19%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Regional </FONT><SUP><FONT size=2 face=Arial,Helvetica,sans-serif>(2)</FONT></SUP>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>319.8</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>312.9</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>2.2</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>275.4</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>266.3</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>3.4</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>595.2</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>579.2</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>2.8</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#eeece1 width="19%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total
    retail</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>902.1</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>875.4</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3.1</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>781.7</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>754.6</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3.6</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,683.8</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,630.0</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3.3</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="19%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Wholesale </FONT><SUP><FONT size=2 face=Arial,Helvetica,sans-serif>(3)</FONT></SUP>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>126.3</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>108.8</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>16.1</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>18.0</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>13.2</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>36.4</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>144.3</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>122.0</FONT>&nbsp;</TD>
    <TD width="9%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>18.3</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 width="19%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,028.4</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>984.2</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.5</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>799.7</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>767.8</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.2</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,828.1</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,752.0</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 width="9%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.3</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0in 35.45pt; TEXT-INDENT: -10.5pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face=arial,sans-serif>(1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">
</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Unaudited</FONT></P>
<P style="MARGIN: 0in 0in 0in 35.45pt; TEXT-INDENT: -10.5pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face=arial,sans-serif>(2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">
</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Including
coastal and interior regions</FONT></P>
<P style="MARGIN: 0in 0in 0in 35.45pt; TEXT-INDENT: -10.5pt"><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face=arial,sans-serif>(3)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">
</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif>Reused
water volume and non-domestic sewage are included in</FONT></P>
<a name="_bclFooter17"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>16</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_18></A>
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<P style="MARGIN: 0.05pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>
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      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Comments on the Company&#8217;s
      Performance</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
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    <TD></TD></TR></TABLE></FONT></P>
<H1 style="TEXT-ALIGN: justify; MARGIN: 4.55pt 0in 0in 36.55pt; TEXT-INDENT: -15.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=Arial,sans-serif>5.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=navy face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=Arial,sans-serif>Costs,
administrative, selling and construction expenses</FONT></B></H1>
<P style="TEXT-ALIGN: justify; MARGIN: 5.9pt 58.5pt 0pt 21pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>In 2Q17, costs, administrative,
selling and construction expenses, grew 5.1% (R$ 133.4 million). Excluding
construction costs, total costs and expenses increased by 14.2% (R$ 246.6
million).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.9pt 37.05pt 0pt 21pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>As a percentage of net revenue,
costs and expenses were 78.7% in 2Q17 compared to 76.1% in 2Q16.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.9pt 37.05pt 0pt 21pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 6pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P>
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    <TD width="10%"></TD>
    <TD width="10%"></TD>
    <TD width="10%"></TD>
    <TD width="10%"></TD>
    <TD width="10%"></TD>
    <TD width="10%"></TD>
    <TD width="10%"></TD></TR>
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    <TD width="20%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="10%" align=right><B><I><FONT size=1 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>R$
      million</FONT></I></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#333399 width="20%" align=left>&nbsp;</TD>
    <TD bgColor=#333399 width="10%" align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2Q17</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="10%" align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2Q16&nbsp;</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="10%" align=right><STRONG><FONT color=#ffffff size=1 face=Arial>Chg. (R$)</FONT></STRONG>&nbsp;</TD>
    <TD bgColor=#333399 width="10%" align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="10%" align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1H17</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="10%" align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1H16&nbsp;</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="10%" align=right><STRONG><FONT color=#ffffff size=1 face=Arial>Chg. (R$)</FONT></STRONG>&nbsp;</TD>
    <TD style="TEXT-INDENT: 14.4pt" bgColor=#333399 width="10%" align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B>&nbsp;</TD></TR>
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    <TD bgColor=#eeece1 width="20%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Salaries and payroll charges and Pension
      plan obligations</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>716.0</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>621.3</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>94.7</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>15.2</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,304.5</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,195.7</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>108.8</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>9.1</FONT>&nbsp;</TD></TR>
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    <TD width="20%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>General supplies</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>41.6</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>42.7</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(1.1)</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(2.6)</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>77.6</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>78.9</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(1.3)</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(1.6)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#eeece1 width="20%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Treatment supplies</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>67.6</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>66.3</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1.3</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>2.0</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>138.8</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>141.4</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(2.6)</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(1.8)</FONT>&nbsp;</TD></TR>
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    <TD width="20%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Services</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>349.8</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>316.3</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>33.5</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>10.6</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>632.5</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>598.7</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>33.8</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>5.6</FONT>&nbsp;</TD></TR>
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    <TD bgColor=#eeece1 width="20%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Electricity</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>187.9</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>242.8</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(54.9)</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(22.6)</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>387.6</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>483.2</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(95.6)</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(19.8)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="20%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>General expenses</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>239.6</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>166.7</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>72.9</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>43.7</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>449.5</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>391.3</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>58.2</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>14.9</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#eeece1 width="20%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Tax expenses</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>28.4</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>23.3</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>5.1</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>21.9</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>54.3</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>43.9</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>10.4</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>23.7</FONT>&nbsp;</TD></TR>
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    <TD bgColor=#eeece1 width="20%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Sub-total</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,630.9</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,479.4</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>151.5</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10.2</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,044.8</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,933.1</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>111.7</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3.8</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="20%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Depreciation and
    amortization</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>318.0</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>294.2</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>23.8</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>8.1</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>650.0</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>578.8</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>71.2</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>12.3</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#eeece1 width="20%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Allowance for doubtful
    accounts</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>35.7</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(35.6)</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>71.3</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(200.3)</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>121.8</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>20.4</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>101.4</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>497.1</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="20%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Sub-total</FONT></B>&nbsp;</TD>
    <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>353.7</FONT></B>&nbsp;</TD>
    <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>258.6</FONT></B>&nbsp;</TD>
    <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>95.1</FONT></B>&nbsp;</TD>
    <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>36.8</FONT></B>&nbsp;</TD>
    <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>771.8</FONT></B>&nbsp;</TD>
    <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>599.2</FONT></B>&nbsp;</TD>
    <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>172.6</FONT></B>&nbsp;</TD>
    <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>28.8</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#eeece1 width="20%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Costs, administrative and
      selling expenses</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,984.6</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,738.0</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>246.6</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>14.2</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,816.6</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,532.3</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>284.3</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>8.0</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="20%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Construction costs</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>764.2</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>877.4</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(113.2)</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(12.9)</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,471.4</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,489.8</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(18.4)</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>(1.2)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#eeece1 width="20%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Costs, adm., selling and
      construction expenses</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,748.8</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,615.4</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>133.4</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5.1</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5,288.0</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5,022.1</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>265.9</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5.3</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>% of net revenue</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>78.7</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>76.1</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>75.0</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>77.7</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=left>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: center; MARGIN: 0.4pt 0in 0pt" align=center>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0.4pt 0in 0pt" align=center><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0in 40.45pt; TEXT-INDENT: -19.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt" color=navy face=arial,sans-serif>5.1.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" color=navy face="times new roman">&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=arial,sans-serif>Salaries and payroll
charges and Pension plan obligations</FONT></B></P>
<P style="MARGIN: 0.45pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 21pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>There was an increase of R$ 94.7 million in 2Q17, mainly
due to:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.5pt 58.5pt 0pt 39pt; LINE-HEIGHT: 103%; TEXT-INDENT: -18.05pt"><FONT style="LINE-HEIGHT: 103%" 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;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT style="LINE-HEIGHT: 103%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Increase of R$ 76.0
million&nbsp; in provisions for severance pay (TAC), mainly due to the higher
number of retired employees&nbsp; in 2Q17; and </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.5pt 37.05pt 0pt 39pt; LINE-HEIGHT: 103%; TEXT-INDENT: -18.05pt"><FONT style="LINE-HEIGHT: 103%" 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;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT style="LINE-HEIGHT: 103%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Increase of R$ 20.2
million, mostly due to the 1% increase related to the Career and Salary Plan
since December 2016 and the 3.71% pay rise in May 2017.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0.25pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 14.5pt" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0in 40.4pt; TEXT-INDENT: -19.4pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt" color=navy face=arial,sans-serif>5.2.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" color=navy face="times new roman">&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=arial,sans-serif>Services</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 16pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 21pt; LINE-HEIGHT: 103%"><FONT style="LINE-HEIGHT: 103%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Service expenses totaled R$ 349.8
million, R$ 33.5 million more&nbsp; than the R$ 316.3 million recorded in 2Q16,
mostly due to an increase in water and sewage connections and network
maintenance services.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0in 40.45pt; TEXT-INDENT: -19.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt" color=navy face=arial,sans-serif>5.3.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" color=navy face="times new roman">&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=arial,sans-serif>Electricity</FONT></B></P>
<P style="MARGIN: 0.05pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 15.5pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 21pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Electricity expenses totaled R$
187.9 million in 2Q17, a decrease of R$ 54.9 million or 22.6% in comparison to
the R$ 242.8 million in 2Q16. The main factors that contributed to this decrease
were:</FONT></P>
<P style="MARGIN: 5.45pt 37.1pt 0pt 39pt; LINE-HEIGHT: 103%; TEXT-INDENT: -18.05pt"><FONT style="LINE-HEIGHT: 103%" 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;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT style="LINE-HEIGHT: 103%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Average reduction of
16.1% in the free market tariffs, with an 21.9% increase in
consumption;</FONT></FONT></P>
<P style="MARGIN: 5.45pt 58.5pt 0pt 39pt; LINE-HEIGHT: 103%; TEXT-INDENT: -18.05pt"><FONT style="LINE-HEIGHT: 103%" 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;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT style="LINE-HEIGHT: 103%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Average reduction of
27.7% in the grid market tariff (TUSD), with a 20.3% rise in consumption;
and</FONT></FONT></P>
<P style="MARGIN: 5.45pt 37.1pt 0pt 39pt; LINE-HEIGHT: 103%; TEXT-INDENT: -18.05pt"><FONT style="LINE-HEIGHT: 103%" 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;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT style="LINE-HEIGHT: 103%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Average reduction of
7.6% in the regulated market tariffs, with a 11.2%.decrease in
consumption.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.45pt 58.5pt 0pt 21pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>In 2Q17, the free market accounted
for 35.2% of the total electricity consumed by the Company, the grid market
accounted for 31.6% and the regulated market accounted for 33.2% of total
consumption.</FONT></P>
<a name="_bclFooter18"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>17</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_19></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader19"></a><DIV><FONT style="HEIGHT: 25px; WIDTH: 384px; POSITION: absolute; MARGIN-LEFT: 47px; MARGIN-TOP: 53px"></FONT><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>
<TABLE style="WIDTH: 384pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Comments on the Company&#8217;s
      Performance</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></P>
<P style="MARGIN: 0.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 14pt" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 4.7pt 0in 0pt 40.45pt; TEXT-INDENT: -19.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt" color=navy face=arial,sans-serif>5.4.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" color=navy face="times new roman">&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=arial,sans-serif>General
expenses</FONT></B></P>
<P style="MARGIN: 0.45pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 57pt 0pt 21pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>General expenses increased R$ 72.9
million, or 43.7%, totaling R$ 239.6 million in 2Q17, versus the <BR>R$ 166.7
million recorded in 2Q16, mainly due to:</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 5.9pt 37.05pt 0pt 39pt; LINE-HEIGHT: 103%; TEXT-INDENT: -18.05pt"><FONT style="LINE-HEIGHT: 103%" 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;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT style="LINE-HEIGHT: 103%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Increase of R$ 42.3
million in provisions for court proceedings in 2Q17; and</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.9pt 58.5pt 0pt 39pt; LINE-HEIGHT: 103%; TEXT-INDENT: -18.05pt"><FONT style="LINE-HEIGHT: 103%" 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;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT style="LINE-HEIGHT: 103%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Higher provision for
the Municipal Fund for Environmental Sanitation and Infrastructure, in the
amount of <BR>R$ 16.0 million, as a result of the increase in revenues with the
municipality of S&#227;o Paulo.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0.55pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 40.45pt; TEXT-INDENT: -19.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt" color=navy face=arial,sans-serif>5.5.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" color=navy face="times new roman">&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=arial,sans-serif>Depreciation and
amortization</FONT></B></P>
<P style="MARGIN: 0.45pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 21pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Depreciation and amortization
increased R$ 23.8 million or 8.1%, reaching R$ 318.0 million in 2Q17 in
comparison to the R$
294.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million
recorded in 2Q16, largely due to the beginning of operations of intangible
assets, in the amount of R$ 1.6 billion.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 40.45pt; TEXT-INDENT: -19.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt" color=navy face=arial,sans-serif>5.6.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" color=navy face="times new roman">&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=arial,sans-serif>Allowance for doubtful
accounts</FONT></B></P>
<P style="MARGIN: 0.5pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 58.5pt 0pt 21pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Increase of R$ 71.3 million, mainly resulting from the
receipt of non-recurring court-ordered debt payments from the city of Guarulhos
in 2Q16, amounting to R$ 57.8 million.</FONT></P>
<P style="MARGIN: 0in 57pt 0pt 21pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 20.95pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 20.95pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=arial,sans-serif>6. Financial
result</FONT></B></P>
<P style="MARGIN: 0in 57pt 0pt 21pt">&nbsp;</P>
<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>

  <TR>
    <TD width="60%"></TD>
    <TD width="10%"></TD>
    <TD width="10%"></TD>
    <TD width="10%"></TD>
    <TD width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="60%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="10%" align=right><B><I><FONT size=2 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>R$
      million</FONT></I></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#333399 width="60%" align=left>&nbsp;</TD>
    <TD bgColor=#333399 width="10%" align=center><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2Q17</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="10%" align=center><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2Q16</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="10%" align=center><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Chg.</FONT></B>&nbsp;</TD>
    <TD style="TEXT-INDENT: 16.44pt" bgColor=#333399 width="10%" align=center><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#eeece1 width="60%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Financial expenses, net of
    income</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(72.0)</FONT>&nbsp;</TD>
    <TD style="TEXT-INDENT: 8.279pt" bgColor=#eeece1 width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(81.8)</FONT>&nbsp;</TD>
    <TD style="TEXT-INDENT: 15.72pt" bgColor=#eeece1 width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>9.8</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(12.0)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="60%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Net monetary and exchange
    variation</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(209.2)</FONT>&nbsp;</TD>
    <TD style="TEXT-INDENT: 6pt" width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>454.5</FONT>&nbsp;</TD>
    <TD style="TEXT-INDENT: 2.279pt" width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(663.7)</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(146.0)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 width="60%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Financial
    result</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 width="10%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(281.2)</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 6pt" bgColor=#eeece1 width="10%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>372.7</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2.279pt" bgColor=#eeece1 width="10%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(653.9)</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 width="10%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(175.4)</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 20.95pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=arial,sans-serif>6.1. Financial income
and expenses</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 20.95pt">&nbsp;</P>
<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>

  <TR>
    <TD width="60%"></TD>
    <TD width="10%"></TD>
    <TD width="10%"></TD>
    <TD width="10%"></TD>
    <TD width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="60%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="10%" align=right><B><I><FONT size=2 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>R$
      million</FONT></I></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#333399 width="60%" align=left>&nbsp;</TD>
    <TD bgColor=#333399 width="10%" align=center><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2Q17</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="10%" align=center><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2Q16</FONT></B>&nbsp;</TD>
    <TD bgColor=#333399 width="10%" align=center><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Chg.</FONT></B>&nbsp;</TD>
    <TD style="TEXT-INDENT: 16.44pt" bgColor=#333399 width="10%" align=center><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#eeece1 width="60%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Financial expenses</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=left>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=left>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=left>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=left>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 8.994pt" width="60%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Interest and charges on international
      loans and financing</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(29.4)</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(24.3)</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(5.1)</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>21.0</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 8.994pt" bgColor=#eeece1 width="60%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Interest and
      charges on domestic loans and financing</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(66.0)</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(73.1)</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>7.1</FONT>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(9.7)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 8.994pt" width="60%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Other financial expenses</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(45.4)</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(51.3)</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>5.9</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(11.5)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#eeece1 width="60%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total financial
      expenses</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(140.8)</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(148.7)</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7.9</FONT></B>&nbsp;</TD>
    <TD bgColor=#eeece1 width="10%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(5.3)</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="60%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Financial income</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>68.8</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>66.9</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>1.9</FONT>&nbsp;</TD>
    <TD width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>2.8</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 width="60%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Financial expenses net of
      income</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 width="10%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(72.0)</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 width="10%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(81.8)</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 width="10%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9.8</FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 width="10%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(12.0)</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=navy face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 20.95pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=arial,sans-serif>6.1.1. Financial
expenses </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=navy face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=navy face=Georgia></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 57pt 0pt 21pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Decrease of R$ 7.9 million, mainly due to the following
events:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 20.95pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.45pt 58.5pt 0pt 39pt; LINE-HEIGHT: 103%; TEXT-INDENT: -18.05pt"><FONT style="LINE-HEIGHT: 103%" 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;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT style="LINE-HEIGHT: 103%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Interest and charges on
international loans and financing: increase of R$ 5.1 million, mainly due to the
appreciation of the dollar and the yen against the real at the end of 2Q17 (4.4%
and 3.5%, respectively), versus a depreciation in 2Q16 (-9.8% and -1.4%,
respectively);&nbsp; </FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.45pt 58.5pt 0pt 39pt; LINE-HEIGHT: 103%; TEXT-INDENT: -18.05pt"><FONT style="LINE-HEIGHT: 103%" 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;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT style="LINE-HEIGHT: 103%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Interest and charges on
domestic loans and financing: reduction of R$ 7.1 million, mainly due to a
decline in the debt balance following the partial amortizations of the
10<SUP>th</SUP> and 15<SUP>th</SUP> debenture issues in January and February
2017, respectively, and the full amortization of the 19<SUP>th</SUP> issue
in&nbsp; June 2017; and</FONT></FONT></P><FONT style="LINE-HEIGHT: 103%" face=arial,sans-serif></FONT>
<a name="_bclFooter19"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>18</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
&nbsp; <A name="page_20"></A>

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

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

<TABLE style="WIDTH: 384pt" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD>

   <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">

   <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Comments on the Company&#8217;s Performance</FONT></B></FONT></FONT></B></P></DIV></TD></TR>

<TR>

   <TD></TD></TR></TABLE></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 5.05pt 58.5pt 0pt 39pt; LINE-HEIGHT: 103%; TEXT-INDENT: -18.05pt"><FONT style="LINE-HEIGHT: 103%" 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;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 103%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial expenses: reduction of R$ 5.9 million, mostly due to lower provisioning for interest on court proceedings in 2Q17.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 5.05pt 37.05pt 0pt 0in; LINE-HEIGHT: 103%"><FONT style="LINE-HEIGHT: 103%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 20.95pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=arial,sans-serif>6.2. Monetary and exchange rate variation on assets and liabilities</FONT></B></P>

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

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



<TR>

   <TD width="60%"></TD>

   <TD width="10%"></TD>

   <TD width="10%"></TD>

   <TD width="10%"></TD>

   <TD width="10%"></TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=left>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="10%" align=right><B><I><FONT size=2 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>R$ million</FONT></I></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#333399 width="60%" align=left>&nbsp;</TD>

   <TD bgColor=#333399 width="10%" align=center><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2Q17</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="10%" align=center><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2Q16</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="10%" align=center><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Chg.</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 16.44pt" bgColor=#333399 width="10%" align=center><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 width="60%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Monetary variation on loans and financing</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(19.1)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 8.279pt" bgColor=#eeece1 width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(32.8)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>13.7</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(41.8)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Currency exchange variation on loans and financing</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(212.1)</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>460.8</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(672.9)</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(146.0)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 width="60%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Other monetary variations</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(7.5)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 8.279pt" bgColor=#eeece1 width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(11.4)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>3.9</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(34.2)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Monetary/exchange rate variation on liabilities</FONT></B>&nbsp;</TD>

   <TD width="10%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(238.7)</FONT></B>&nbsp;</TD>

   <TD width="10%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>416.6</FONT></B>&nbsp;</TD>

   <TD width="10%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(655.3)</FONT></B>&nbsp;</TD>

   <TD width="10%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(157.3)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 width="60%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Monetary/exchange rate variation on assets</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>29.5</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>37.9</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(8.4)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(22.2)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="60%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Monetary/exchange rate variation, net</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(209.2)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>454.5</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(663.7)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(146.0)</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 5.05pt 37.05pt 0pt 0in; LINE-HEIGHT: 103%"><FONT style="LINE-HEIGHT: 103%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 20.95pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=arial,sans-serif>6.2.1 Monetary and exchange rate variation on liabilities</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 5.05pt 37.05pt 0pt 0in; LINE-HEIGHT: 103%"><FONT style="LINE-HEIGHT: 103%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0.05pt 58.5pt 0pt 21pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>The effect of monetary and currency variations in 2Q17 was R$ 655.3 million higher than in 2Q16, mainly due to:</FONT></P>

<P style="MARGIN: 0.55pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 5.5pt 58.5pt 0pt 39pt; LINE-HEIGHT: 103%; TEXT-INDENT: -18.05pt"><FONT style="LINE-HEIGHT: 103%" 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;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 103%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Reduction of R$ 13.7 million in expenses with monetary variation on loans and financing, due to the lower variation in the IPCA in 2Q17 compared with 2Q16 (0.2% and 1.8%, respectively); and</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 5.5pt 58.5pt 0pt 39pt; LINE-HEIGHT: 103%; TEXT-INDENT: -18.05pt"><FONT style="LINE-HEIGHT: 103%" 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;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 103%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Increase of R$ 672.9 million in exchange variation on loans and financing, as a result of the appreciation of dollar and yen against the real in 2Q17 (4.4% and 3.5%, respectively), versus a devaluation of -9.8% and -1.4%, respectively, in 2Q16.</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=arial,sans-serif>6.2.2. Monetary and exchange rate variation on assets</FONT></B></P>

<P style="MARGIN: 0.45pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 58.5pt 0pt 21pt; LINE-HEIGHT: 103%"><FONT style="LINE-HEIGHT: 103%" face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Decrease of R$ 8.4 million, mainly due to the lower monetary restatement of judicial deposits in 2Q17.</FONT></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 36.55pt; TEXT-INDENT: -15.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=arial,sans-serif>7.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=navy face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=arial,sans-serif>Income tax and social contribution</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 11.4pt 58.5pt 0pt 20.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Decrease of R$ 267.4 million, mainly due to the lower taxable result reported in the period, which was mainly impacted by the appreciation of dollar and yen against the real in 2Q17, versus a devaluation in 2Q16.</FONT></P>

<P style="MARGIN: 0.05pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 14pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 0in 0pt 36.55pt; TEXT-INDENT: -15.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=arial,sans-serif>8.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=navy face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=arial,sans-serif>Indicators</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 11.45pt 0in 0pt 40.45pt; TEXT-INDENT: -19.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt" color=navy face=arial,sans-serif>8.1.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" color=navy face="times new roman">&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=arial,sans-serif>Operating</FONT></B></P>

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



<TR>

   <TD width="70%"></TD>

   <TD width="10%"></TD>

   <TD width="10%"></TD>

   <TD width="10%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#333399 width="70%" align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Operating indicators </FONT></B><B><FONT color=#ffffff size=3 face=Arial-BoldMT,Arial,Helvetica,sans-serif>*</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="10%" align=center><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2Q17</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="10%" align=center><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2Q16</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="10%" align=center><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.999pt" bgColor=#eeece1 width="70%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Water connections </FONT><SUP><FONT size=2 face="Cambria,Times New Roman,Times,serif">(1)</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>8,749</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>8,527</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>2.6</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.999pt" width="70%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Sewage connections </FONT><SUP><FONT size=2 face="Cambria,Times New Roman,Times,serif">(1)</FONT></SUP>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>7,189</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>6,970</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>3.1</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.999pt" bgColor=#eeece1 width="70%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Population directly served - water </FONT><SUP><FONT size=2 face="Cambria,Times New Roman,Times,serif">(2)</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>24.8</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>24.6</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>0.8</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.999pt" width="70%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Population directly served - sewage </FONT><SUP><FONT size=2 face="Cambria,Times New Roman,Times,serif">(2)</FONT></SUP>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>21.4</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>21.1</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>1.4</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.999pt" bgColor=#eeece1 width="70%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Number of Employees</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>14,008</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>14,227</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>(1.5)</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 2.999pt" width="70%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Water volume produced in the quarter </FONT><SUP><FONT size=2 face=Arial,Helvetica,sans-serif>(3)</FONT></SUP>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>687</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>669</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>2.7</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 2.999pt" bgColor=#eeece1 width="70%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Water volume produced in the semester </FONT><SUP><FONT size=2 face=Arial,Helvetica,sans-serif>(3)</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>1,387</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>1,336</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>3.8</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 2.999pt" width="70%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>IPM - Measured water loss (%)</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>31.5</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>30.7</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>2.6</FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2.999pt" bgColor=#eeece1 width="70%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>IPDt (liters/connection x day)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>308</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>287</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>7.3</FONT>&nbsp;</TD></TR></TABLE>

<P style="MARGIN: 0.45pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0.05pt 166.5pt 0pt 75.05pt; TEXT-INDENT: -18.05pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(1)</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: 8pt" face=arial,sans-serif>Total connections, active and inactive, in thousand units at the end of the period</FONT></P>

<P style="MARGIN: 0.05pt 166.5pt 0pt 75.05pt; TEXT-INDENT: -18.05pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(2)</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: 8pt" face=arial,sans-serif>In million inhabitants, at the end of the period. Not including wholesale</FONT></P>

<P style="MARGIN: 0.05pt 166.5pt 0pt 75.05pt; TEXT-INDENT: -18.05pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(3)</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: 8pt" face=arial,sans-serif>In millions of cubic meters</FONT></P>

<P style="MARGIN: 0.05pt 166.5pt 0pt 57pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(*)&nbsp; &nbsp;&nbsp;Unaudited</FONT></P>

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<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>19</FONT></P>

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   <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Comments on the Company&#8217;s Performance</FONT></B></FONT></FONT></B></P></DIV></TD></TR>

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   <TD></TD></TR></TABLE></FONT></P>

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<H3 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 40.4pt; TEXT-INDENT: -19.4pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.05pt" color=navy face=Arial,sans-serif>8.2.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" color=navy face="times new roman">&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif>Economic</FONT></B></H3>

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   <TD bgColor=#333399 width="80%" align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Economic Variables at the close of the quarter*</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="10%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2Q17</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="10%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2Q16</FONT></B>&nbsp;</TD></TR>

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   <TD bgColor=#eeece1 width="80%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Amplified Consumer Price Index Variation (%)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>0,22</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>1,75</FONT>&nbsp;</TD></TR>

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   <TD width="80%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Referential Rate Variation (%)</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>0,1503</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>0,4888</FONT>&nbsp;</TD></TR>

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   <TD bgColor=#eeece1 width="80%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>Interbank Deposit Certificate (%)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>10,14</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>14.13</FONT>&nbsp;</TD></TR>

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   <TD width="80%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>US DOLAR (R$)</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>3.3082</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>3.2098</FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 width="80%" align=left><FONT size=2 face=Arial,Helvetica,sans-serif>YEN (R$)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>0.02944</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeece1 width="10%" align=right><FONT size=2 face=Arial,Helvetica,sans-serif>0.03123</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 2.279pt" width="100%" colSpan=3 align=left><FONT size=1 face=Arial,Helvetica,sans-serif>* Unaudited</FONT></TD></TR></TABLE>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>

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

<H1 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 36.55pt; TEXT-INDENT: -15.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=Arial,sans-serif>9.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=navy face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=Arial,sans-serif>Loans and financing</FONT></B></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 5.85pt 58.5pt 0pt 20.95pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>On July 13, 2017, the Company carried out its 21<SUP>st</SUP> Debenture Issue, totaling R$ 500.0 million, in two series, for public offering with restricted placement efforts, pursuant to CVM Instruction 476. The first series, totaling <BR>R$ 150.0 million, is due in three years and is remunerated by the CDI + 0.60% p.a., while the second series, totaling R$ 350.0 million, is due in five years and is remunerated by the CDI + 0.90% p.a. The proceeds of the debenture issue will be allocated to refinance financial commitments maturing in 2017 and to recompose the Company&#8217;s cash.</FONT></P>

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   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="10%" align=left>&nbsp;</TD>

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   <TD width="10%" align=left>&nbsp;</TD>

   <TD width="10%" align=right><B><I><FONT size=1 face=Arial-BoldItalicMT,Arial,Helvetica,sans-serif>R$ million</FONT></I></B>&nbsp;</TD></TR>

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   <TD bgColor=#333399 vAlign=middle rowSpan=2 width="20%" align=left><B><FONT style="COLOR: #ffffff" size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>INSTITUTION</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="10%" align=center>&nbsp;</TD>

   <TD bgColor=#333399 width="10%" align=center>&nbsp;</TD>

   <TD bgColor=#333399 width="10%" align=center>&nbsp;</TD>

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   <TD bgColor=#333399 width="10%" align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2023</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="10%" align=center>&nbsp;</TD></TR>

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   <TD bgColor=#333399 width="10%" align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2017</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="10%" align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2018</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="10%" align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2019</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="10%" align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2020</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="10%" align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2021</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="10%" align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2022</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="10%" align=center>&nbsp;<STRONG><FONT color=#ffffff size=1 face=Arial>Onwards</FONT></STRONG></TD>

   <TD style="TEXT-INDENT: 7.32pt" bgColor=#333399 width="10%" align=center><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD></TR>

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   <TD bgColor=#eeece1 width="20%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Local currency</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=left>&nbsp;</TD>

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   <TD width="20%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Caixa Econ&#244;mica Federal</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>30.8</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>65.2</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>67.1</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>69.5</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>73.1</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>77.0</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>788.3</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,171.0</FONT>&nbsp;</TD></TR>

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   <TD bgColor=#eeece1 width="20%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Debentures</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>87.1</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>896.7</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,014.1</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>423.2</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>199.3</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>178.7</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>255.7</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>3,054.8</FONT>&nbsp;</TD></TR>

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   <TD width="20%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>BNDES</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>44.0</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>98.0</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>112.1</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>94.0</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>93.6</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>93.6</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>536.7</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,072.0</FONT>&nbsp;</TD></TR>

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   <TD bgColor=#eeece1 width="20%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Leasing</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>7.8</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>29.1</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>30.6</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>32.2</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>33.9</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>35.8</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>384.6</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>554.0</FONT>&nbsp;</TD></TR>

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   <TD width="20%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Others</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>0.4</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1.4</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1.4</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1.4</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1.4</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1.4</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>4.0</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>11.4</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 width="20%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Interest and other charges</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>34.6</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>32.8</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>67.4</FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total in local currency</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>204.7</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,123.2</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,225.3</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>620.3</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>401.3</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>386.5</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,969.3</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5,930.6</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 width="20%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Foreign currency</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>IADB</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>97.6</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>112.2</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>112.2</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>112.2</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>112.2</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>112.2</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,104.8</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,763.4</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 width="20%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>IBRD</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>9.0</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>17.9</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>18.0</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>18.0</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>206.6</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>269.5</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Deutsche Bank 350</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>248.1</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>240.8</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>488.9</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="20%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Eurobond</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,155.0</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,155.0</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>JICA</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>33.5</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>67.0</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>113.7</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>113.7</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>113.7</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>113.6</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,158.0</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>1,713.2</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 width="20%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>IDB 1983AB</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>78.8</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>58.5</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>57.0</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>25.4</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>25.4</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>23.4</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>268.5</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" align=left><FONT size=1 face=Arial,Helvetica,sans-serif>Interest and other charges</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>35.7</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="10%" align=right><FONT size=1 face=Arial,Helvetica,sans-serif>35.7</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="20%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total in foreign currency</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>166.8</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>506.1</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>534.2</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,455.8</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>269.3</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>269.2</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,492.8</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5,694.2</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>371.5</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,629.3</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,759.5</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,076.1</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>670.6</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>655.7</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,462.1</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>11,624.8</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="MARGIN: 0.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 46.45pt 0.35pt 0in" align=right><B><I><FONT lang=EN-US style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P>

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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>20</FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
&nbsp; <A name=page_22></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="MARGIN: 0in 0in 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>
<TABLE style="WIDTH: 338pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial
      Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></I></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P>
<H4 style="MARGIN: 5.25pt 0in 0in 45pt; TEXT-INDENT: -34.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>1</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Operations</FONT></B></H4>
<P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=PT-BR style="FONT-SIZE: 9.5pt" 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 lang=EN-US style="FONT-SIZE: 9.5pt" 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</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.2pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>In addition to
providing basic sanitation services in the State of S&#227;o Paulo, SABESP may
perform these activities in other states and countries, and can operate in
drainage, urban cleaning, solid waste handling and energy markets. 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 lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>As of June 30, 2017, the
Company operated water and sewage services in 367 municipalities of the State of
S&#227;o Paulo. Most of these municipalities operations are based on 30-year
concession, program and services contracts. The Company has two partial
contracts with the municipality of Mogi das Cruzes, however, since most of
municipality is serviced by wholesale, it was not included in the 367
municipalities. As of June 30, 2017, the Company had 369 contracts.</FONT></P>
<P style="MARGIN: 0.2pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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 </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>June 30, 2017</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia> (R$ 4,345 as of
December 31, 2016</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>).</FONT></P>
<P style="MARGIN: 0.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 58.5pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>As of </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>June 30, 2017</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>, 53 concession
agreements (54 as of December 31, 2016) had expired and are being negotiated.
From </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>July 1,
</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>2017
to 2030, 33 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 </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>June 30, 2017</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>, 283 program and services contracts were signed (281
contracts as of December 31, 2016</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>).</FONT></P>
<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>As of </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>June 30, 2017</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>, the carrying
amount of the underlying assets used in the 53 concessions of the municipalities
under negotiation totaled R$ 6,673,906, accounting for 20.74% of the total, and
the related gross revenue for the six-month period ended June 30, 2017 totaled
R$ 904,237, accounting for 12.16% of the total</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.2pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 44.95pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The Company&#8217;s
operations are concentrated in the municipality of S&#227;o Paulo, which represents
53.58% of the gross revenues on </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>June 30, 2017</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia> (54.25% on </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>June 30, 2016</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>) and 48.00% of intangible
assets (46.57% on December 31, 2016</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>).</FONT></P>
<P style="MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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. 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 lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>:</FONT></P><FONT style="LINE-HEIGHT: 112%" face=georgia></FONT>
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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>21</FONT></P>
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      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial
      Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
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    <TD></TD></TR></TABLE></FONT></P>
<P style="MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 3.2pt 0in 0pt 52.7pt; TEXT-INDENT: -7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>i.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">
</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>protection of the
sources of water in collaboration with other agencies of the State and the
City;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 3.2pt 0in 0pt 52.7pt; TEXT-INDENT: -7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>ii.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>capture, transport and treatment of
water;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 3.2pt 0in 0pt 52.7pt; TEXT-INDENT: -7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>iii.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">
</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>collect,
transport, treatment and final dispose of&nbsp; sanitary sewage; and</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 3.2pt 0in 0pt 52.7pt; TEXT-INDENT: -7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>iv.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">
</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>adoption of other
actions of basic and </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>environmental sanitation.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 21.15pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 58.5pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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 of Santos; the gross revenue calculated in the six-month
period ended June 30, 2017 totaled R$ 183,508 (R$ 138,253 in the period ended
June 30, 2016) and the intangible asset was R$ 300,503 on June 30, 2017 (R$
303,540 on December 31, 2016).&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 21.15pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 58.5pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Article 58 of Law
11,445/07 determines that precarious and overdue concessions, as well as those
effective for an undetermined period of time, including those that do not have
an instrument formalizing them, will be valid until December 31, 2010. However,
Article 2 of Law 12,693 of July 24, 2012, 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></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 58.5pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The Company&#8217;s
Management understands that 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 lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 44.95pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Public deeds are valid and
governed by the Brazilian Civil Code</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The Company's
shares have been listed in the Novo Mercado 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 lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 58.5pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.2pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 58.5pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>As of May 31, 2017,
ANA and DAEE disclosed the renewal of the concession of the Cantareira System
for another 10 years. The terms of this concession define the water volume the
Company is authorized to withdraw from the Cantareira System to supply the S&#227;o
Paulo Metropolitan Region.&nbsp; This concession establishes five water
withdrawal bands, based on the volume of water available in the Cantareira
System reservoirs: (i)&nbsp;if the volume of water available is higher than 60%
of the reservoirs&#8217; capacity, the Company may withdraw up to 33 m&#179;/s;
(ii)&nbsp;if the volume of water available is between 40% and 60% of the
reservoirs&#8217; capacity, the Company may withdraw up to 31 m&#179;/s; (iii) if the
volume of water available is between 30% and 40% of the reservoirs&#8217; capacity,
the Company may withdraw up to 27 m&#179;/s; (iv) if the volume of water available is
between 20% and 30% of the reservoirs&#8217; capacity, the Company may withdraw up
to&nbsp; 23 m&#179;/s; and (v) if the volume of water available is lower than 20% of
the reservoirs&#8217; capacity, the Company my withdraw up to 15.5 </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>m&#179;/s.</FONT></P><FONT style="LINE-HEIGHT: 112%" face=georgia></FONT>
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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>22</FONT></P>
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      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial
      Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
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    <TD></TD></TR></TABLE></FONT></DIV><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>
<a name="_bclHeader24"></a><DIV><FONT style="HEIGHT: 25px; WIDTH: 338px; POSITION: absolute; MARGIN-LEFT: 47px; MARGIN-TOP: 53px"></FONT><FONT style="LINE-HEIGHT: 5%"></FONT></DIV></FONT>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.25pt 58.5pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>In June 2017, the
reservoirs of the S&#227;o Paulo Metropolitan Region stored approximately 1.3
trillion litters of treatment water, versus approximately 1.0 trillion litters
in June 2016</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 45pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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 6.4 </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>m&#179;/s.</FONT></P>
<P style="MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Management expects
that with the normalization of rainfall, 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 lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.05pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 45pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The interim financial
information was approved by the Board of Directors on August 14,
2017</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0.05pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="MARGIN: 0in 0in 0in 44.95pt; TEXT-INDENT: -34.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>2</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Basis of preparation and presentation of the financial
statements</FONT></B></H4>
<P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 45pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Presentation of the quarterly
financial information</FONT></P>
<P style="MARGIN: 0.4pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The interim
financial information as of June 30, 2017, was prepared based on the provisions
of CPC 21 (R1) &#8211; Interim Financial Information and the international standard
IAS 34 &#8211; Interim Financial Reporting, issued by the International Accounting
Standards Board (IASB), applicable to the preparation of Quarterly Information
Form&#8211; ITR and they are fairly presented consistent with the rules issued by the
Brazilian Securities and Exchange Commission (CVM). Therefore, this interim
financial information takes into consideration the official letter CVM/SNC/SEP
003 of April 28, 2011, which allows the entities to present selected notes to
the financial statements, in cases of redundant information already disclosed in
the Annual Financial Statements. The interim financial information for June 30,
2017, therefore, does not include all the notes and reporting required by the
annual financial statements, and accordingly, shall be read jointly with the
Annual Financial Statements as of December 31, 2016, prepared pursuant to the
International Financial Reporting Standards &#8211; IFRS, issued by the International
Accounting Standards Board &#8211; IASB and pursuant to the accounting practices
adopted in Brazil which observe the pronouncements issued by the Brazilian
Accounting Pronouncements Committee- CPC.&nbsp; Therefore, the interim financial
information as of June 30, 2017 was not fully completed due to redundancies with
the information presented in the annual financial statements of December 31,
2016 and, as provided for in Official Letter/CVM/SNC/SEP no. 003/2011. In this
interim financial information, the notes below was either not presented or are
not as detailed as those in the annual financial statements</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>:</FONT></P>
<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 4.25pt 0in 0pt 1in; TEXT-INDENT: -27.05pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" color=black face=Georgia>i.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Summary of significant accounting policies (Note 3);</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 4.25pt 0in 0pt 52.7pt; TEXT-INDENT: -7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" color=black face=Georgia>ii.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Changes in accounting practices and disclosures (Note
4);</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 4.25pt 0in 0pt 52.7pt; TEXT-INDENT: -7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" color=black face=Georgia>iii.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Risk
Management &#8211; Financial Instruments (Note 5.4);</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 4.25pt 0in 0pt 52.7pt; TEXT-INDENT: -7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" color=black face=Georgia>iv.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Key
Accounting Estimates and Judgments (Note 6);</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 4.25pt 0in 0pt 1in; TEXT-INDENT: -27.05pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" color=black face=Georgia>v.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Related-Party Balances and Transactions (Note 10);</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 4.25pt 0in 0pt 52.7pt; TEXT-INDENT: -7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" color=black face=Georgia>vi.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Investments (Note 12);</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 4.25pt 0in 0pt 52.7pt; TEXT-INDENT: -7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" color=black face=Georgia>vii.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Intangible Assets (Note 14);</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 4.25pt 0in 0pt 52.7pt; TEXT-INDENT: -7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>viii.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Borrowings and
Financing (Note </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>16);</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 4.3pt 0in 0pt 52.7pt; TEXT-INDENT: -7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" color=black face=Georgia>ix.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Deferred Taxes and Contributions (Note 18);</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 4.3pt 0in 0pt 1in; TEXT-INDENT: -27.05pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" color=black face=Georgia>x.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Provisions (Note 19);</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 4.3pt 0in 0pt 52.7pt; TEXT-INDENT: -7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" color=black face=Georgia>xi.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Employees Benefits (Note 20);</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 4.3pt 0in 0pt 52.7pt; TEXT-INDENT: -7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" color=black face=Georgia>xii.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Equity
(Note 22);</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 4.3pt 0in 0pt 52.7pt; TEXT-INDENT: -7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" color=black face=Georgia>xiii.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Insurance (Note
25);</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 4.3pt 0in 0pt 52.7pt; TEXT-INDENT: -7.75pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>xiv.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Financial Income
(Expenses) (Note </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>28).</FONT></P>
<P style="MARGIN: 0.45pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>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 lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.1pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT>&nbsp;</P>
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   <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>

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<H4 style="MARGIN: 0in 0in 0in 45pt; TEXT-INDENT: -34.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>3</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Summary of significant accounting policies</FONT></B></H4>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 45pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The accounting policies used in the preparation of the interim financial information for the quarter ended June 30, 2017 are consistent with those used to prepare the Annual Financial Statements for the year ended December 31, 2016. These policies are disclosed in Note 3 to the Annual Financial Statements</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

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<H4 style="MARGIN: 0in 0in 0in 45pt; TEXT-INDENT: -34.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>4</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Risk management</FONT></B></H4>

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<P style="MARGIN: 0in 369pt 0pt 45pt; LINE-HEIGHT: 225%; TEXT-INDENT: -17.1pt"><FONT style="LINE-HEIGHT: 225%"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>4.1</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 225%"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Financial Risk Management Financial risk factors</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 45pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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 lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 45pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The Company has not utilized derivative instruments in any of the reported periods</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

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<P style="MARGIN: 0.25pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P>

<H4 style="MARGIN: 5.25pt 398.75pt 0pt 45pt; LINE-HEIGHT: 220%; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Market risk <BR></FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Foreign currency risk</FONT></B></H4>

<P style="TEXT-ALIGN: justify; MARGIN: 0.6pt 58.5pt 0pt 45pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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 lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 58.5pt 0pt 45pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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 lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>This risk arises from the possibility that the Company may incur in losses due to exchange rate fluctuations that would impact liability balances of foreign currency-denominated 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 lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 58.5pt 0pt 44.95pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>A significant amount of the Company&#8217;s financial debt is indexed to the U.S. dollar and Yen, in the total amount of R$ 5,725,544 as of June 30, 2017 (R$ 5,692,984 as of December 31, 2016). Below, the Company&#8217;s exposure to exchange risk</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 21.15pt 0pt 44.95pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT>&nbsp;</P>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>June 30, 2017</FONT></B></FONT></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>December 31, 2016</FONT></B></FONT></P></DIV></TD></TR>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Foreign currency</FONT></B></FONT></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>R$</FONT></B></FONT></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Foreign currency</FONT></B></FONT></P></DIV></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>R$</FONT></B></FONT></P></DIV></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Borrowings and financing &#8211; US$</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>1,201,121</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><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>3,973,548</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>4,047,682</FONT></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Borrowings and financing &#8211; Yen</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>58,297,411</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>1,716,276</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>57,643,930</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>1,609,419</FONT></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Interest and charges from borrowings and financing &#8211; US$</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>24,892</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>25,114</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="44%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="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><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>10,828</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><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="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><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>10,769</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="44%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>5,725,544</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><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>5,692,984</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="44%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Borrowing cost </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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: center; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=center><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>(28,277)</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><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>(29,650)</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="44%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Borrowing cost </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="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><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>(3,055)</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><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="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><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>(2,971)</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="44%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Total foreign currency-denominated borrowings (Note 15)</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><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="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><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>5,694,212</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><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="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><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>5,660,363</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 21.15pt 0pt 44.95pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT>&nbsp;</P>

<P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT>&nbsp;</P>

<a name="_bclFooter25"></a><DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>24</FONT></P>

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



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
&nbsp; <A name=page_26></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader26"></a><DIV><FONT style="HEIGHT: 25px; WIDTH: 338px; POSITION: absolute; MARGIN-LEFT: 47px; MARGIN-TOP: 53px"></FONT><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>
<P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia>
<TABLE style="WIDTH: 338pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial
      Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></P>
<P style="MARGIN: 0in 58.5pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The 1% increase in
foreign-currency denominated debt from June 30, 2017 to December 31, 2016 was
mainly due to the following</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>:</FONT></P>
<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 84.4pt; LINE-HEIGHT: 112%; TEXT-INDENT: -22.1pt"><FONT style="LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>1)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT style="LINE-HEIGHT: 112%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Exchange rate changes, due to
the 1.5% increase in the US dollar, from R$ 3.2591 as of December 31, 2016, to
R$ 3.3082 as of June 30, 2017. The US dollar-denominated debt accounts for 69.7%
of foreign currency-denominated debts; and</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 2.9pt 58.5pt 0pt 84.4pt; LINE-HEIGHT: 111%; TEXT-INDENT: -22.1pt"><FONT style="LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>2)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT style="LINE-HEIGHT: 111%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Exchange rate changes, due to
the 5.4% increase in the Yen, from R$ 0.02792 as of December 31, 2016 to R$
0.02944 as of June 30, 2017</FONT></FONT><FONT style="LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></FONT></P>
<P style="MARGIN: 2.95pt 0in 0pt 84.4pt; TEXT-INDENT: -22.1pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>3)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The increase was
partially offset by the amortization of the BID 713 and AB LOAN
agreements</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.25pt 58.5pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>As of June 30,
2017, 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 six-month period
ended June 30, 2017 would have been R$ 572,554 (R$ 569,298 for the year ended
December 31, 2016), lower or higher, mainly as a result of exchange losses or
gains on the translation of foreign currency-denominated loans</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Scenario I below
presents the effect in income statements for the next 12 months, considering the
projected rates of the U.S. dollar and the Yen. Considering the other variables
as remaining constant, the impacts for the next 12 months are shown in scenarios
II and III with possible depreciations of 25% and 50%, respectively, in the
Brazilian real</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.15pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 100%" 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="55%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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=#000000><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=#000000 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=#000000><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=#000000 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="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=#000000><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=#000000 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="55%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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="55%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Net currency exposure as of June 30, 2017 (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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>1,201,121</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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>1,201,121</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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>1,201,121</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="55%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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="55%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>US$ rate as of June 30, 2017</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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>3.3082</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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>3.3082</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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>3.3082</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="55%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>3.4000</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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>4.2500</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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>5.1000</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="55%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(0.0918)</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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(0.9418)</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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(1.7918)</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="55%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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="55%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(110,263)</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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(1,131,216)</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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(2,152,169)</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="55%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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="55%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Net currency exposure as of June 30, 2017 (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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>58,297,411</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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>58,297,411</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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>58,297,411</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="55%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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="55%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Yen rate as of June 30, 2017</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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>0.02944</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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>0.02944</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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>0.02944</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="55%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>0.03046</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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>0.03808</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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>0.04569</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="55%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(0.00102)</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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(0.00864)</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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(0.01625)</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="55%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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="55%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(59,463)</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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(503,690)</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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(947,333)</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="55%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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="55%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(169,726)</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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(1,634,906)</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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(3,099,502)</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="55%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(*) For the probable scenario in US dollar, the exchange rate
      estimated for June 30, 2018 was used, pursuant to the Focus Report-BACEN
      of June 30, 2017, while for the Yen, the average exchange rate was
      considered for the 12-month period after June 30, 2017, according to
      BM&amp;FBovespa&#8217;s Reference Rates report of June 30,
      2017.</FONT></FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.15pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0.05pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 112%" face=georgia></FONT>
<a name="_bclFooter26"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>25</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_27></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader27"></a><DIV><FONT style="HEIGHT: 25px; WIDTH: 338px; POSITION: absolute; MARGIN-LEFT: 47px; MARGIN-TOP: 53px"></FONT><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>
<TABLE style="WIDTH: 338pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial
      Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></P>
<P style="MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="TEXT-ALIGN: justify; MARGIN: 5.25pt 0in 0in 45pt; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Interest rate
risk</FONT></B></H4>
<P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 58.5pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>This risk arises
from the possibility that the Company could incur losses due to fluctuations in
interest rates, increasing the financial expenses related to borrowings and
financing</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The Company has not
entered into any derivative contract to hedge against this risk; however
continually monitors market interest rates, in order to evaluate the possible
need to replace its debt</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.05pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 45pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The table below provides the
Company's borrowings and financing subject to variable interest rate</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 45pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 100%" 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 5.65pt 0pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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="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: 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><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>June 30,
      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="20%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>December 31,
      2016</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="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>TR<SUP>(i)</SUP></FONT></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 5.65pt 0pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>1,535,608</FONT></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 5.65pt 0pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>1,535,030</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="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>CDI<SUP>(ii)</SUP></FONT></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 5.65pt 0pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>644,391</FONT></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 5.65pt 0pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>1,082,228</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="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>TJLP<SUP>(iii)</SUP></FONT></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 5.65pt 0pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>1,426,876</FONT></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 5.65pt 0pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>1,326,631</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="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>IPCA<SUP>(iv)</SUP></FONT></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 5.65pt 0pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>1,711,995</FONT></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 5.65pt 0pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>1,697,452</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="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>LIBOR<SUP>(v)</SUP></FONT></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 5.65pt 0pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>2,815,677</FONT></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 5.65pt 0pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>2,906,999</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="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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="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: 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><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>88,967</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="20%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 5.65pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>142,644</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="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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="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: 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><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>8,223,514</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="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: 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><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>8,690,984</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 45pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 1in; TEXT-INDENT: -27.05pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>TR</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.9pt" face=Georgia>
</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>&#8211;</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.85pt" face=Georgia>
</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Interest Benchmark
Rate</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 57.4pt; TEXT-INDENT: -12.45pt"><FONT lang=PT-BR style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(ii)</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=PT-BR style="FONT-SIZE: 9.5pt" face=Georgia>CDI &#8211; (Certificado
de Dep&#243;sito Interbanc&#225;rio), an interbank deposit certificate</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 57.4pt; TEXT-INDENT: -12.45pt"><FONT lang=PT-BR style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(iii)</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=PT-BR style="FONT-SIZE: 9.5pt" face=Georgia>TJLP &#8211; (Taxa de Juros a Longo
Prazo), a long-term interest rate index</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 57.4pt; TEXT-INDENT: -12.45pt"><FONT lang=PT-BR style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(iv)</FONT><FONT lang=PT-BR style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=PT-BR style="FONT-SIZE: 9.5pt" face=Georgia>IPCA &#8211; (&#205;ndice Nacional de
Pre&#231;os ao Consumidor Amplo), a consumer price index</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 57.4pt; TEXT-INDENT: -12.45pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(v)</FONT><FONT lang=PT-BR style="FONT-SIZE: 9.5pt" face=Georgia>
&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>LIBOR &#8211; London Interbank Offered Rate</FONT></P>
<P style="MARGIN: 0.45pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 45pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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. Tariff adjustments of
services provided by the Company do not necessarily follow the increases in the
inflation indexes to adjust borrowings, financing and interest rates affecting
indebtedness</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>As of June 30,
2017, 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 six-month
period ended June 30, 2017 before taxes would have been R$ 82,235 (R$ 86,910 as
of December 31, 2016) lower or higher, mainly as a result of a lower or higher
interest expense on floating rate borrowings and financing</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="TEXT-ALIGN: justify; MARGIN: 0.05pt 0in 0pt 72.6pt; TEXT-INDENT: -27.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(b)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Credit
risk</FONT></B></H4>
<P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 58.5pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Credit risk arises
from 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 lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The maximum
exposures to credit risk as of June 30, 2017 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 at the end of reporting period. See additional information in
Notes 6, 7, 8 and </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>9.</FONT></P><FONT style="LINE-HEIGHT: 112%" face=georgia></FONT>
<a name="_bclFooter27"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>26</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_28></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader28"></a><DIV><FONT style="LINE-HEIGHT: 5%"></FONT>&nbsp;</DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>
<TABLE style="WIDTH: 338pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><A name=_TOC_250002></A><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim
      Financial Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.25pt 58.5pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Regarding the
financial assets held with financial institutions, the credit quality that is
not past due or subject to impairment can be assessed by reference to external
credit ratings (if available) or to historical information about counterparty
default rates. The credit quality of counterparties which are banks, such as
deposits and financial investments, the Company considers the lower rating of
the counterparty published by three main international rating agencies (Fitch,
Moody's and S&amp;P), according to internal policy of market risk
management</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>:</FONT></P>
<P style="MARGIN: 0.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 11pt">
    <TD style="HEIGHT: 11pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="58%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0.2pt 1.3pt 0pt 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>June
      30, 2017</FONT></B></P></TD>
    <TD style="HEIGHT: 11pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0.2pt 1.35pt 0pt 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>December 31, 2016</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 14.35pt">
    <TD style="HEIGHT: 14.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="58%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Cash at bank and
      short-term bank deposits</FONT></FONT></P></TD>
    <TD style="HEIGHT: 14.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 16pt">
    <TD style="HEIGHT: 16pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="58%">
      <P style="MARGIN: 3.5pt 0in 0pt 2.5pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>AA+(bra)</FONT></P></TD>
    <TD style="HEIGHT: 16pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 3.5pt 1.35pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>1,334,495</FONT></P></TD>
    <TD style="HEIGHT: 16pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 16pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 3.5pt 1.3pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>1,850,220</FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="58%">
      <P style="MARGIN: 3.5pt 0in 0pt 2.5pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>AAA(bra)</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 3.5pt 1.35pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>26,195</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 3.5pt 1.4pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>35,452</FONT></P></TD></TR>
  <TR style="HEIGHT: 14pt">
    <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="58%">
      <P style="MARGIN: 4.2pt 0in 0pt 2.5pt; LINE-HEIGHT: 9.25pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Other (*)</FONT></P></TD>
    <TD style="HEIGHT: 14pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.85pt 1.3pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>6,915</FONT></P></TD>
    <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.85pt 1.35pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>549</FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="58%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 5.8pt 1.3pt 0pt 0in; LINE-HEIGHT: 8.7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>1,367,605</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 5.8pt 1.35pt 0pt 0in; LINE-HEIGHT: 8.7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>1,886,221</FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(*)</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>This category includes current
accounts and investment funds in banks (the balances of which were not material)
that have no credit rating information available</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The available
credit rating information of the banks, as at June 30, 2017, in which the
Company made deposit transactions and financial investments in domestic currency
(R$ - domestic rating) during the period is as follows</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.05pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 100%" 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%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; 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: 9.5pt" 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="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: 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: 9.5pt" 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="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: 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: 9.5pt" 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="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: 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: 9.5pt" 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="40%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" 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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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="40%">
      <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" 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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>-</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: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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="40%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Brazilian Federal Savings Bank</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: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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="40%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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="40%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>brAA-</FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.05pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="TEXT-ALIGN: justify; MARGIN: 0.05pt 0in 0pt 72.6pt; TEXT-INDENT: -27.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(c)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Liquidity risk</FONT></B></H4>
<P style="MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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. 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 lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 58.5pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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 lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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 lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P><FONT style="LINE-HEIGHT: 112%" face=georgia></FONT>
<a name="_bclFooter28"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>27</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_29></A>
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<a name="_bclHeader29"></a><DIV><FONT style="HEIGHT: 25px; WIDTH: 338px; POSITION: absolute; MARGIN-LEFT: 47px; MARGIN-TOP: 53px"></FONT><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>
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    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><A name=_TOC_250002></A><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim
      Financial Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

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    <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=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="10%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>July to
      December 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=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black 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: 10pt 0in 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: 8.5pt; FONT-STYLE: normal" color=black 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: 10pt 0in 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: 8.5pt; FONT-STYLE: normal" color=black 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: 10pt 0in 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: 8.5pt; FONT-STYLE: normal" color=black 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=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black 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=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black 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=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>As at June 30,
      2017</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=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="10%" noWrap>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 10pt 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><I><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></I></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: 10pt 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><I><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></I></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: 10pt 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><I><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></I></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=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="10%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="30%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="10%" noWrap>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 10pt 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><I><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></I></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=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="30%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black 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=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="10%" noWrap>
      <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 10pt 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><I><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></I></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=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="30%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black 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=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>639,648</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=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>2,196,269</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=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>2,287,565</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=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>2,486,413</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: 10pt 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8.5pt; FONT-STYLE: normal" color=black face=georgia>917,521</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=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>6,188,060</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=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>14,715,476</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=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Trade payables 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=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>384,174</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=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black 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=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black 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=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black 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: 10pt 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8.5pt; FONT-STYLE: normal" color=black 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=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black 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: 10pt 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8.5pt; FONT-STYLE: normal" color=black face=georgia>384,174</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=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black 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=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>480,873</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=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black 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=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black 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=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black 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: 10pt 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8.5pt; FONT-STYLE: normal" color=black 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=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black 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: 10pt 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8.5pt; FONT-STYLE: normal" color=black face=georgia>480,873</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=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black 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=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>27,125</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=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>362,914</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=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>362,914</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=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>362,914</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: 10pt 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8.5pt; FONT-STYLE: normal" color=black face=georgia>362,914</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=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>5,446,512</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=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>6,925,293</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=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black 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=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>72,405</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=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>44,513</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=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>30,007</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=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>882</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: 10pt 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8.5pt; FONT-STYLE: normal" color=black face=georgia>1,021</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=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>16,882</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=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>165,710</FONT></FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.25pt 58.5pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(*) </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The Company also considered
future commitments (construction 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 lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 0in 0pt 45pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Future interest</FONT></P>
<P style="MARGIN: 0.4pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 58.5pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Future interest was calculated
based on the contractual clauses for all agreements. For agreements with
floating interest rate, the interest rates used correspond to the base dates
above.</FONT></P>
<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 44.95pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Cross default</FONT></P>
<P style="MARGIN: 0.4pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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 lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.2pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 45pt; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(d) </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Sensitivity
analysis on interest rate risk</FONT></B></H4>
<P style="MARGIN: 0.35pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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 June 30, 2017, 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 </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>III).</FONT></P>
<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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 amounts can be different from those presented, due
to the estimates used in the measurement</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P><FONT style="LINE-HEIGHT: 112%" face=georgia></FONT>
<a name="_bclFooter29"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>28</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_30></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader30"></a><DIV><FONT style="LINE-HEIGHT: 5%"></FONT>&nbsp;</DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>
<TABLE style="WIDTH: 338pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial
      Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 14.15pt">
    <TD style="HEIGHT: 14.15pt; BORDER-BOTTOM: windowtext 1pt solid" vAlign=top colSpan=5>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>June 30,
      2017</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 14.15pt">
    <TD style="HEIGHT: 14.15pt; BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=298 noWrap>
      <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: 8.5pt" face=Georgia>Indicators</FONT></B></P></TD>
    <TD style="HEIGHT: 14.15pt; BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=119 align=center>
      <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" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Exposure</FONT></B></P></TD>
    <TD style="HEIGHT: 14.15pt; BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=132 align=center>
      <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" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Scenario I</FONT></B></P>
      <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" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(Probable) (i)</FONT></B></P></TD>
    <TD style="HEIGHT: 14.15pt; BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=122 noWrap align=center>
      <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" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Scenario II</FONT></B></P>
      <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" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>25%</FONT></B></P></TD>
    <TD style="HEIGHT: 14.15pt; BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width=130 noWrap align=center>
      <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" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Scenario III</FONT></B></P>
      <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" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>50%</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 14.15pt">
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 14.15pt">
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Assets</FONT></B></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 14.15pt">
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>CDI</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>1,277,068</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>8.2500%(*)</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>6.1875%</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>4.1250%</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.15pt">
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Financial income</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>105,358</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>79,019</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>52,679</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.15pt">
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 14.15pt">
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Liabilities</FONT></B></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 14.15pt">
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>CDI </FONT></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(644,391)</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>8.2500%(*)</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>6.1875%</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>4.1250%</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.15pt">
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Interest to be incurred</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(53,162)</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(39,872)</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(26,581)</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.15pt">
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt; TEXT-DECORATION: none" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 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: 8.5pt; TEXT-DECORATION: none" face=Georgia></FONT>&nbsp;</P></DIV></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 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: 8.5pt; TEXT-DECORATION: none" face=Georgia></FONT>&nbsp;</P></DIV></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 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: 8.5pt; TEXT-DECORATION: none" face=Georgia></FONT>&nbsp;</P></DIV></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 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: 8.5pt; TEXT-DECORATION: none" face=Georgia></FONT>&nbsp;</P></DIV></TD></TR>
  <TR style="HEIGHT: 14.15pt">
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>CDI net exposure</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>632,677</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>52,196</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>39,147</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>26,098</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.15pt">
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 14.15pt">
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Liabilities</FONT></B></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 14.15pt">
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>TR</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(1,535,608)</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>0.0001%(***)</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>0.0001%</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>0.0002%</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.15pt">
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Expenses to be incurred </FONT></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(2)</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(2)</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(3)</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.15pt">
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 14.15pt">
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>IPCA</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(1,711,995)</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>4.2500 %(*)</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>5.3125%</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>6.3750%</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.15pt">
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Expenses to be incurred </FONT></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(72,760)</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(90,950)</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(109,140)</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.15pt">
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 14.15pt">
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>TJLP</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(1,426,876)</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>7.0000% (*)</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>8.7500%</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>10.5000%</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.15pt">
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Interest to be incurred</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(99,881)</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(124,852)</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(149,822)</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.15pt">
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 14.15pt">
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>LIBOR </FONT></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(2,815,677)</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>1.4495%
(**)</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>1.8119%</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>2.1743%</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.15pt">
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Interest to be incurred</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(40,813)</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(51,017)</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(61,221)</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.15pt">
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt; TEXT-DECORATION: none" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt; TEXT-DECORATION: none" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 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: 8.5pt; TEXT-DECORATION: none" face=Georgia></FONT>&nbsp;</P></DIV></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 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: 8.5pt; TEXT-DECORATION: none" face=Georgia></FONT>&nbsp;</P></DIV></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 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: 8.5pt; TEXT-DECORATION: none" face=Georgia></FONT>&nbsp;</P></DIV></TD></TR>
  <TR style="HEIGHT: 14.15pt">
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Total net expenses to be incurred</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom 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: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(161,260)</FONT></P></DIV></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom 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: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(227,674)</FONT></P></DIV></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom 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: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(294,088)</FONT></P></DIV></TD></TR>
  <TR style="HEIGHT: 14.15pt">
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 14.15pt">
    <TD style="HEIGHT: 14.15pt" colSpan=5>
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(*) Source: CDI and IPCA rates (Focus Report &#8211; BACEN, June
      30, 2017) and long-term interest rate at June 30, 2017
    (BACEN).</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.15pt">
    <TD style="HEIGHT: 14.15pt" colSpan=5>
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(**) Source: Bloomberg</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.15pt">
    <TD style="HEIGHT: 14.15pt" colSpan=5>
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(***) Source:
BM&amp;FBovespa</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 58.5pt 0pt 45pt; LINE-HEIGHT: 112%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 112%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Refers to the scenario of interest to be incurred for
the 12 months as of June 30, 2017 or until the maturity of the agreements,
whichever is shorter</FONT></FONT><FONT style="LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></FONT></P>
<P style="MARGIN: 0.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="MARGIN: 0in 0in 0in 45pt; TEXT-INDENT: -17.15pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>4.2</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Capital
management</FONT></B></H4>
<P style="MARGIN: 0.45pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 45pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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 lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P><FONT style="LINE-HEIGHT: 111%" face=georgia></FONT>
<a name="_bclFooter30"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>29</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_31></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader31"></a><DIV><FONT style="HEIGHT: 25px; WIDTH: 338px; POSITION: absolute; MARGIN-LEFT: 47px; MARGIN-TOP: 53px"></FONT><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>
<TABLE style="WIDTH: 338pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial
      Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.25pt 58.5pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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 balance sheet plus net debt</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.25pt 21.2pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT>&nbsp;</P>
<DIV align=center>
<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="60%" noWrap>
      <P style="TEXT-ALIGN: justify; 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: 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: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-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: 8.5pt" color=black face=Georgia>June 30, 2017</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: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-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: 8.5pt" color=black face=Georgia>December 31, 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="60%" noWrap>
      <P style="TEXT-ALIGN: justify; 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: 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: 8.5pt; 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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt; 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="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Total borrowings and
      financing (Note 15)</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 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>11,624,811</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 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>11,964,143</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 2pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(-) Cash and cash
      equivalents (Note 6)</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: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium 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: 8.5pt" color=black face=Georgia>(1,367,605)</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: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium 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: 8.5pt" color=black face=Georgia>(1,886,221)</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 2pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>10,257,206</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 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>10,077,922</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 2pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="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 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>16,362,662</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: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium 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: 8.5pt" color=black face=Georgia>15,419,211</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 2pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="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 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>26,619,868</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: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium 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: 8.5pt" color=black face=Georgia>25,497,133</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 2pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="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 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>39%</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 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: 8.5pt" color=black face=Georgia>40%</FONT></P></DIV></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 5.25pt 21.2pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 58.5pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>As of June 30,
2017, the leverage ratio decreased to 39% from the 40% as of December 31, 2016,
not showing significant variation in the period</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="MARGIN: 0in 0in 0in 45.05pt; TEXT-INDENT: -17.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>4.3</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Fair value
estimates</FONT></B></H4>
<P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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. 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 lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="MARGIN: 0in 0in 0in 44.95pt; TEXT-INDENT: -17.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>4.4</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Financial
instruments</FONT></B></H4>
<P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>As of June 30,
</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>2017</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia> and December 31,
2016, the Company did not have financial assets classified as fair value through
profit or loss, held to maturity and available for sale neither financial
liabilities classified as fair value through profit or loss. 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 lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P><FONT style="LINE-HEIGHT: 112%" face=georgia></FONT>
<a name="_bclFooter31"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>30</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_32></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader32"></a><DIV><FONT style="HEIGHT: 25px; WIDTH: 338px; POSITION: absolute; MARGIN-LEFT: 47px; MARGIN-TOP: 53px"></FONT><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>
<TABLE style="WIDTH: 338pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><A name=_TOC_250002></A><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim
      Financial Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 5.25pt 173.85pt 0pt 45pt; LINE-HEIGHT: 225%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The estimated fair values of
financial instruments are as follows</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>: </FONT></P>
<P style="MARGIN: 5.25pt 173.85pt 0pt 45pt; LINE-HEIGHT: 225%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Financial assets</FONT></P>
<DIV align=center>
<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="52%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 2.85pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" 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: 8.5pt" color=black face=Georgia>June 30, 2017</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%" 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: 8.5pt" color=black face=Georgia>December 31, 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="52%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 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: 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>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="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: 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>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="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: 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>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="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: 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>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="52%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,367,605</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" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,367,605</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" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,886,221</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"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>30,597</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" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>30,597</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" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>24,078</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"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,667,728</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" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,667,728</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" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,711,306</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"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>82,926</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" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>82,926</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" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>81,221</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"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>220,962</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" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>220,962</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" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>167,369</FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="MARGIN: 0.15pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Additionally,
SABESP has financial instrument assets receivables from related parties, in the
amount of R$ 843,509 as of June 30, 2017 (R$ 871,709 as of December 31, 2016),
which were calculated in accordance with the conditions negotiated between
related parties. The conditions and additional information referring to these
financial instruments are disclosed in Note 9 to this interim financial
information and Note 10 to the Annual Financial Statements of December 31, 2016.
Part of this balance, totaling R$ 763,279 (R$ 788,180 as of December 31, 2016),
refers to reimbursement of additional retirement and pension plan - G0 and is
indexed by IPCA plus simple interest of 0.5% p.m. This interest rate
approximates that one practiced by federal government bonds (NTN-b) with terms
similar to those of related-party transactions</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.2pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 45pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Financial liabilities</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 45pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT>&nbsp;</P>
<DIV align=center>
<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="52%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="24%" 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: 8.5pt" color=black face=Georgia>June 30, 2017</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%" 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: 8.5pt" color=black face=Georgia>December 31, 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="52%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 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: 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>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="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: 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>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="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: 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>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="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: 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>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="52%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>11,624,811</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" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>11,456,926</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" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>11,776,178</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"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Trade </FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>payables and
      contractors</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" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>384,174</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" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>384,174</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" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>311,960</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"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>480,873</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" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>480,873</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" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>460,054</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"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>151,564</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" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>151,564</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" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>178,093</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"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>2,559,380</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" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>2,559,380</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" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>2,249,418</FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 45pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0.45pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The criteria
adopted to obtain the fair values of borrowings and financing, in preparing the
interim financial information as of June 30, 2017, are consistent with those
adopted in the Annual Financial Statements for the fiscal year ended December
31, 2016. In the Annual Financial Statements, these criteria are disclosed in
Note 5.4</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 44.95pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Considering the
nature of other financial instruments, assets and liabilities of the Company,
the balances recognized in the balance sheet 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 period, their nature and maturity terms</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P><FONT style="LINE-HEIGHT: 111%" face=georgia></FONT>
<a name="_bclFooter32"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>31</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_33></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader33"></a><DIV><FONT style="LINE-HEIGHT: 5%"></FONT>&nbsp;</DIV><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>
<P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial
Information</FONT></B></FONT></FONT></B></P></FONT>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="MARGIN: 5.25pt 0in 0in 45pt; TEXT-INDENT: -34.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>5</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Key
accounting estimates and judgments</FONT></B></H4>
<P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 58.5pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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 lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 1.3pt 58.5pt 0pt 45pt; LINE-HEIGHT: 112%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 112%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The key accounting estimates and judgments are: (i)
</FONT></FONT><FONT style="LINE-HEIGHT: 112%" color=black><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>allowance for doubtful
accounts</FONT></FONT><FONT style="LINE-HEIGHT: 112%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>, (ii) intangible
assets resulting from concession and program contracts, (iii) provisions, (iv)
pension benefits, and (v) deferred income tax and social contribution, and are
disclosed in Note 6 to the Annual Financial Statements as of December 31,
2016</FONT></FONT><FONT style="LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0.4pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="MARGIN: 0in 0in 0in 44.95pt; TEXT-INDENT: -34.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>6</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Cash and
cash equivalents</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -1.05pt" face=Georgia> </FONT></B></H4>
<H4 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 45pt; TEXT-INDENT: -27.6pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -1.05pt" face=Georgia></FONT></B>&nbsp;</H4>
<DIV align=center>
<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="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 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: 8.5pt" color=black face=Georgia>June 30, 2017</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: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-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: 8.5pt" color=black face=Georgia>December 31, 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="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>90,537</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: 8.5pt" color=black face=Georgia>137,395</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: 8.5pt" 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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,277,068</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: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 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: 8.5pt" color=black face=Georgia>1,748,826</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: 8.5pt" 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>
      <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: 8.5pt" color=black face=Georgia>1,367,605</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 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: 8.5pt" color=black face=Georgia>1,886,221</FONT></P></DIV></TD></TR></TABLE></DIV>
<H4 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 45pt; TEXT-INDENT: -27.6pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -1.05pt" face=Georgia></FONT></B>&nbsp;</H4>
<H4 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 45pt; TEXT-INDENT: -27.6pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT></B>&nbsp;</H4>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Cash and cash
equivalents include cash, bank deposits and high-liquidity short-term financial
investments, mainly represented by repurchase agreements (remunerated based on
the variation of the Interbank Deposit Certificates (CDI) interest rates),
entered into with 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 lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 44.95pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>As of June 30,
2017, the average yield of financial investments corresponds to 99.89% of CDI
(99.24% as of December 31, 2016</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>).</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="MARGIN: 0in 0in 0in 45pt; TEXT-INDENT: -34.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>7</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.15pt" face=Georgia>Restricted cash</FONT></B></H4>
<H4 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 45pt; TEXT-INDENT: -27.6pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.15pt" face=Georgia></FONT></B>&nbsp;</H4>
<DIV align=center>
<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="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 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: 8.5pt" color=black face=Georgia>June 30, 2017</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: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-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: 8.5pt" color=black face=Georgia>December 31, 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="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 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: 8.5pt" 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: 8.5pt" color=black face=Georgia></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 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: 8.5pt" color=black 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>22,459</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: 8.5pt" color=black face=Georgia>15,858</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: 8.5pt" color=black face=Georgia>Brazilian Federal
      Savings Bank &#8211; escrow deposits (ii)</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: 8.5pt" color=black face=Georgia>2,711</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: 8.5pt" color=black face=Georgia>2,989</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: 8.5pt" 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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>5,427</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: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 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: 8.5pt" color=black face=Georgia>5,231</FONT></P></DIV></TD></TR>
  <TR style="HEIGHT: 21.2pt">
    <TD style="HEIGHT: 21.2pt; 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: 8.5pt" color=black face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 21.2pt; 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: 8.5pt" color=black face=Georgia>30,597</FONT></P></DIV></TD>
    <TD style="HEIGHT: 21.2pt; 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: 8.5pt" color=black face=Georgia>24,078</FONT></P></DIV></TD></TR></TABLE></DIV>
<H4 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 45pt; TEXT-INDENT: -27.6pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT></B>&nbsp;</H4>
<P style="TEXT-ALIGN: justify; MARGIN: 14.7pt 58.5pt 0pt 78.1pt; LINE-HEIGHT: 112%; TEXT-INDENT: -19.3pt"><FONT style="LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 112%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Refers to the amount deducted from the 7.5% of
Municipal revenue transferred to the Municipal Fund, corresponding to eventual
amounts unpaid by direct management bodies, foundations and government agencies,
as established in the agreement entered into with the municipal government of
S&#227;o Paulo</FONT></FONT><FONT style="LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>;</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 9.75pt 58.5pt 0pt 78.1pt; LINE-HEIGHT: 111%; TEXT-INDENT: -19.3pt"><FONT style="LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 111%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>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><FONT style="LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></FONT></P><FONT style="LINE-HEIGHT: 111%" face=georgia></FONT>
<a name="_bclFooter33"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>32</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_34></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader34"></a><DIV><FONT style="HEIGHT: 25px; WIDTH: 338px; POSITION: absolute; MARGIN-LEFT: 47px; MARGIN-TOP: 53px"></FONT><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>
<TABLE style="WIDTH: 338pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial
      Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 61pt">
    <TD style="HEIGHT: 61pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="5%">
      <P style="MARGIN: 0pt 0in 0pt 2.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>8</FONT></B></P></TD>
    <TD style="HEIGHT: 61pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="53%">
      <P style="MARGIN: 0.2pt 0in 0pt 13.95pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Trade receivables</FONT></B></P>
      <P style="MARGIN: 0.4pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT>&nbsp;</P>
      <P style="MARGIN: 0in 0in 0pt 13.95pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(a) Financial position
      balances</FONT></B></P></TD>
    <TD style="HEIGHT: 61pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>June 30, 2017</FONT></B></P></TD>
    <TD style="HEIGHT: 61pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="2%" align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 61pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" align=right>
      <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>December 31,
  2016</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="5%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="53%">
      <P style="MARGIN: 4.05pt 0in 0pt 16.7pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Private sector:</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 13pt">
    <TD style="HEIGHT: 13pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="5%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="53%">
      <P style="MARGIN: 2.1pt 0in 0pt 16.7pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>General and special customers (i)
      (ii)</FONT></P></TD>
    <TD style="HEIGHT: 13pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.1pt 1.4pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>1,160,649</FONT></P></TD>
    <TD style="HEIGHT: 13pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.1pt 1.3pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>1,205,498</FONT></P></TD></TR>
  <TR style="HEIGHT: 12pt">
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="5%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="53%">
      <P style="MARGIN: 2.85pt 0in 0pt 16.7pt; LINE-HEIGHT: 8.45pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Agreements
      (iii)</FONT></P></TD>
    <TD style="HEIGHT: 12pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 1.3pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>330,085</FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 1.3pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>315,351</FONT></P></TD></TR>
  <TR style="HEIGHT: 26pt">
    <TD style="HEIGHT: 26pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="5%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 26pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="53%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 26pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0.45pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 1.3pt 0pt 0in; LINE-HEIGHT: 9.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>1,490,734</FONT></P></TD>
    <TD style="HEIGHT: 26pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 26pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0.45pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 1.3pt 0pt 0in; LINE-HEIGHT: 9.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>1,520,849</FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="5%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="53%">
      <P style="MARGIN: 4pt 0in 0pt 16.7pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Government entities:</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 13pt">
    <TD style="HEIGHT: 13pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="5%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="53%">
      <P style="MARGIN: 2.15pt 0in 0pt 16.7pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Municipal</FONT></P></TD>
    <TD style="HEIGHT: 13pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.15pt 1.3pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>509,600</FONT></P></TD>
    <TD style="HEIGHT: 13pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.15pt 1.25pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>520,950</FONT></P></TD></TR>
  <TR style="HEIGHT: 13pt">
    <TD style="HEIGHT: 13pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="5%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="53%">
      <P style="MARGIN: 2.1pt 0in 0pt 16.7pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Federal</FONT></P></TD>
    <TD style="HEIGHT: 13pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.1pt 1.3pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>4,032</FONT></P></TD>
    <TD style="HEIGHT: 13pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.1pt 1.3pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>3,414</FONT></P></TD></TR>
  <TR style="HEIGHT: 12pt">
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="5%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="53%">
      <P style="MARGIN: 2.85pt 0in 0pt 16.7pt; LINE-HEIGHT: 8.45pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Agreements
      (iii)</FONT></P></TD>
    <TD style="HEIGHT: 12pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 1.4pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>278,931</FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.45pt 1.35pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>279,449</FONT></P></TD></TR>
  <TR style="HEIGHT: 26pt">
    <TD style="HEIGHT: 26pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="5%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 26pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="53%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 26pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0.45pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 1.3pt 0pt 0in; LINE-HEIGHT: 9.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>792,563</FONT></P></TD>
    <TD style="HEIGHT: 26pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 26pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0.45pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 1.35pt 0pt 0in; LINE-HEIGHT: 9.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>803,813</FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="5%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="53%">
      <P style="MARGIN: 3.05pt 0in 0pt 16.7pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Wholesale customers &#8211; Municipal
      governments: (iv)</FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 14pt">
    <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="5%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="53%">
      <P style="MARGIN: 2.6pt 0in 0pt 16.7pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Guarulhos</FONT></P></TD>
    <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.6pt 1.35pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>811,687</FONT></P></TD>
    <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.6pt 1.3pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>778,106</FONT></P></TD></TR>
  <TR style="HEIGHT: 13pt">
    <TD style="HEIGHT: 13pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="5%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="53%">
      <P style="MARGIN: 2.1pt 0in 0pt 16.7pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Mau&#225;</FONT></P></TD>
    <TD style="HEIGHT: 13pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.1pt 1.35pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>499,120</FONT></P></TD>
    <TD style="HEIGHT: 13pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.1pt 1.35pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>467,775</FONT></P></TD></TR>
  <TR style="HEIGHT: 13pt">
    <TD style="HEIGHT: 13pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="5%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="53%">
      <P style="MARGIN: 2.1pt 0in 0pt 16.7pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Mogi das Cruzes</FONT></P></TD>
    <TD style="HEIGHT: 13pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.1pt 1.4pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>2,568</FONT></P></TD>
    <TD style="HEIGHT: 13pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.1pt 1.4pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>2,527</FONT></P></TD></TR>
  <TR style="HEIGHT: 13pt">
    <TD style="HEIGHT: 13pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="5%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="53%">
      <P style="MARGIN: 2.15pt 0in 0pt 16.7pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Santo Andr&#233;</FONT></P></TD>
    <TD style="HEIGHT: 13pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.15pt 1.35pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>995,930</FONT></P></TD>
    <TD style="HEIGHT: 13pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.15pt 1.35pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>946,045</FONT></P></TD></TR>
  <TR style="HEIGHT: 13pt">
    <TD style="HEIGHT: 13pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="5%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="53%">
      <P style="MARGIN: 2.1pt 0in 0pt 16.7pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>S&#227;o Caetano do Sul</FONT></P></TD>
    <TD style="HEIGHT: 13pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.1pt 1.3pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>2,606</FONT></P></TD>
    <TD style="HEIGHT: 13pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 13pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.1pt 1.35pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>2,371</FONT></P></TD></TR>
  <TR style="HEIGHT: 12pt">
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="5%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="53%">
      <P style="MARGIN: 2.85pt 0in 0pt 16.7pt; LINE-HEIGHT: 8.45pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Diadema</FONT></P></TD>
    <TD style="HEIGHT: 12pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 1.35pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>222,671</FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 1.25pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>222,671</FONT></P></TD></TR>
  <TR style="HEIGHT: 26pt">
    <TD style="HEIGHT: 26pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="5%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 26pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="53%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
      <P style="MARGIN: 6.15pt 0in 0pt 16.7pt; LINE-HEIGHT: 8.45pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Total wholesale customers
      &#8211; Municipal governments</FONT></P></TD>
    <TD style="HEIGHT: 26pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0.4pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 1.4pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>2,534,582</FONT></P></TD>
    <TD style="HEIGHT: 26pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 26pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0.4pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 1.35pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>2,419,495</FONT></P></TD></TR>
  <TR style="HEIGHT: 27pt">
    <TD style="HEIGHT: 27pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="5%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 27pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="53%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
      <P style="MARGIN: 6.2pt 0in 0pt 16.7pt; LINE-HEIGHT: 8.45pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Unbilled
    supply</FONT></P></TD>
    <TD style="HEIGHT: 27pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0.4pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 1.4pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>478,826</FONT></P></TD>
    <TD style="HEIGHT: 27pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 27pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0.4pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 1.35pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>481,389</FONT></P></TD></TR>
  <TR style="HEIGHT: 28pt">
    <TD style="HEIGHT: 28pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="5%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 28pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="53%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
      <P style="MARGIN: 6.2pt 0in 0pt 16.7pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Subtotal</FONT></P></TD>
    <TD style="HEIGHT: 28pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: right; MARGIN: 6.4pt 1.3pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>5,296,705</FONT></P></TD>
    <TD style="HEIGHT: 28pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 28pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: right; MARGIN: 6.4pt 1.3pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>5,225,546</FONT></P></TD></TR>
  <TR style="HEIGHT: 12pt">
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="5%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="53%">
      <P style="MARGIN: 2.8pt 0in 0pt 16.7pt; LINE-HEIGHT: 8.45pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Allowance for doubtful
      accounts</FONT></P></TD>
    <TD style="HEIGHT: 12pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 1.4pt 0pt 0in; LINE-HEIGHT: 9.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(3,628,977)</FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 1.3pt 0pt 0in; LINE-HEIGHT: 9.6pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(3,514,240)</FONT></P></TD></TR>
  <TR style="HEIGHT: 26pt">
    <TD style="HEIGHT: 26pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="5%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 26pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="53%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
      <P style="MARGIN: 6.15pt 0in 0pt 16.7pt; LINE-HEIGHT: 8.45pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Total</FONT></P></TD>
    <TD style="HEIGHT: 26pt; BORDER-BOTTOM: black 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 13.5pt" face=Georgia></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 1.3pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>1,667,728</FONT></P></TD>
    <TD style="HEIGHT: 26pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 26pt; BORDER-BOTTOM: black 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 13.5pt" face=Georgia></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 1.2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>1,711,306</FONT></P></TD></TR>
  <TR style="HEIGHT: 28pt">
    <TD style="HEIGHT: 28pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="5%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 28pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="53%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
      <P style="MARGIN: 6.2pt 0in 0pt 16.7pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Current</FONT></P></TD>
    <TD style="HEIGHT: 28pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: right; MARGIN: 6.85pt 1.45pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>1,481,552</FONT></P></TD>
    <TD style="HEIGHT: 28pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 28pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: right; MARGIN: 6.85pt 1.35pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>1,557,472</FONT></P></TD></TR>
  <TR style="HEIGHT: 12pt">
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="5%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="53%">
      <P style="MARGIN: 2.85pt 0in 0pt 16.7pt; LINE-HEIGHT: 8.45pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Noncurrent</FONT></P></TD>
    <TD style="HEIGHT: 12pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 1.3pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>186,176</FONT></P></TD>
    <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 1.4pt 1.35pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>153,834</FONT></P></TD></TR>
  <TR style="HEIGHT: 26pt">
    <TD style="HEIGHT: 26pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="5%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 26pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="53%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 26pt; BORDER-BOTTOM: black 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 13.5pt" face=Georgia></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 1.3pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>1,667,728</FONT></P></TD>
    <TD style="HEIGHT: 26pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 26pt; BORDER-BOTTOM: black 2pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 13.5pt" face=Georgia></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 1.2pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>1,711,306</FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0in 89.85pt; TEXT-INDENT: -17.25pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>General customers -
residential and small and mid-sized companies</FONT></P>
<P style="MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0.05pt 58.5pt 0pt 89.85pt; LINE-HEIGHT: 111%; TEXT-INDENT: -17.25pt"><FONT style="LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 111%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Special customers &#8211; large consumers, commercial
industries, condominiums and special billing consumers (fixed demand agreements,
industrial waste, wells, etc</FONT></FONT><FONT style="LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.).</FONT></FONT></P>
<P style="MARGIN: 9.85pt 58.5pt 0pt 89.6pt; LINE-HEIGHT: 111%; TEXT-INDENT: -17pt"><FONT style="LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(iii)</FONT></FONT><FONT style="LINE-HEIGHT: 111%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.25pt 58.5pt 0pt 89.6pt; LINE-HEIGHT: 112%; TEXT-INDENT: -17pt"><FONT style="LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(iv)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman"> </FONT></FONT><FONT style="LINE-HEIGHT: 112%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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&nbsp; charged&nbsp; by&nbsp;
SABESP, which have full allowance for doubtful accounts. Additionally, the&nbsp;
overdue&nbsp; amounts&nbsp; are&nbsp; included&nbsp; in&nbsp; the&nbsp;
allowance for doubtful accounts</FONT></FONT><FONT style="LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT>&nbsp;</P>
<a name="_bclFooter34"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>33</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_35></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader35"></a><DIV><FONT style="HEIGHT: 25px; WIDTH: 338px; POSITION: absolute; MARGIN-LEFT: 47px; MARGIN-TOP: 53px"></FONT><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>
<TABLE style="WIDTH: 338pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial
      Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></P>
<H4 style="TEXT-ALIGN: justify; MARGIN: 8.2pt 0in 0pt 72.6pt; TEXT-INDENT: -27.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(b)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The aging of trade receivables is as follows</FONT></B></H4>
<H4 style="TEXT-ALIGN: justify; MARGIN: 8.2pt 0in 0in 45pt; TEXT-INDENT: -27.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia></FONT></B>&nbsp;</H4>
<DIV align=center>
<TABLE style="WIDTH: 100%" 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 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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: 8.5pt" color=black face=Georgia>June 30, 2017</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: 8.5pt" color=black face=Georgia>December 31, 2016</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 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Current</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: 8.5pt" color=black face=Georgia>1,329,568</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: 8.5pt" color=black face=Georgia>1,337,503</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 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Past-due:</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: 8.5pt" 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: 8.5pt" 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 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Up to 30
    days</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: 8.5pt" color=black face=Georgia>260,104</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: 8.5pt" color=black face=Georgia>263,157</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 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>From 31 to 60
      days</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: 8.5pt" color=black face=Georgia>109,796</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: 8.5pt" color=black face=Georgia>148,927</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 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>From 61 to 90
      days</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: 8.5pt" color=black face=Georgia>15,139</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: 8.5pt" color=black face=Georgia>53,268</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 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>From 91 to 120
      days</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: 8.5pt" color=black face=Georgia>106,911</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: 8.5pt" color=black face=Georgia>109,138</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 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>From 121 to 180
      days</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: 8.5pt" color=black face=Georgia>93,634</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: 8.5pt" color=black face=Georgia>124,001</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 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>From 181 to 360
      days</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: 8.5pt" color=black face=Georgia>225,892</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: 8.5pt" color=black face=Georgia>203,837</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 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Over 360
    days</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: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 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: 8.5pt" color=black face=Georgia>3,155,661</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: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 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: 8.5pt" color=black face=Georgia>2,985,715</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 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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: 8.5pt" 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: 8.5pt" 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 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Total
      past-due</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: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 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: 8.5pt" color=black face=Georgia>3,967,137</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: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 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: 8.5pt" color=black face=Georgia>3,888,043</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 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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: 8.5pt" 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: 8.5pt" 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 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Total </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 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: 8.5pt" color=black face=Georgia>5,296,705</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: 8.5pt" color=black face=Georgia>5,225,546</FONT></P></DIV></TD></TR></TABLE></DIV>
<H4 style="TEXT-ALIGN: justify; MARGIN: 8.2pt 0in 0in 45pt; TEXT-INDENT: -27.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT></B>&nbsp;</H4>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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, related to private customers</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P><FONT style="LINE-HEIGHT: 112%" face=georgia></FONT>
<a name="_bclFooter35"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>34</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_36></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader36"></a><DIV><FONT style="LINE-HEIGHT: 5%"></FONT>&nbsp;</DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>
<TABLE style="WIDTH: 338pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial
      Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="MARGIN: 5.25pt 0in 0pt 72.6pt; TEXT-INDENT: -27.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(c)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Allowance
for doubtful accounts</FONT></B></H4>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 5pt" face=Georgia></FONT></B>&nbsp;</P>
<DIV align=center>
<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="60%" noWrap>
      <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>January to
      June 2017</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="20%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: middle; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>January to
      June 2016</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="60%" noWrap>
      <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>
      <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">
      <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>
      <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Balance at beginning of
      the period</FONT></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="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>3,514,240</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="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>3,307,793</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="60%" noWrap>
      <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Private sector
      /government entities</FONT></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="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>48,281</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="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>30,731</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="60%" noWrap>
      <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Recoveries
      </FONT></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="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(29,489)</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="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(93,409)</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="60%" noWrap>
      <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Wholesale
      customers</FONT></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: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>96,917</FONT></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: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>148,428</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="60%" noWrap>
      <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" 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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">
      <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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>
      <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Net additions for the
      period</FONT></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="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>115,709</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="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>85,750</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="60%" noWrap>
      <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" 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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">
      <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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>
      <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Write-offs in the period
      referring to accounts receivable</FONT></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: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(972)</FONT></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: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(10,359)</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="60%" noWrap>
      <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" 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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">
      <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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>
      <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Balance at the end of
      the period</FONT></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 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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>3,628,977</FONT></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 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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>3,383,184</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>
<DIV align=center>
<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="52%" noWrap>
      <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>of
      income</FONT></B></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; 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><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>April to
      </FONT></B></FONT></P>
      <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><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>June
      2017</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%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-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><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>January to
      </FONT></B></FONT></P>
      <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><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>June
      2017</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%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-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><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>April
      to</FONT></B></FONT></P>
      <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><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>June
      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="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; 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><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>January
      to</FONT></B></FONT></P>
      <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><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>June
      2016</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="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">
      <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">
      <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">
      <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">
      <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%" noWrap>
      <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Write-offs</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="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>43,835</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="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>101,971</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="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>40,595</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="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>82,132</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="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Losses/(reversal) with
      state entities (related parties)</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="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>158</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="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(130)</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="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>3,315</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="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>3,561</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="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Losses/(reversal) with
      private sector / government entities</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="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>17,735</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="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>48,281</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="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(8,962)</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="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>30,731</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="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Losses/(reversal) with
      wholesale customers</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="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>-</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">
      <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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,227</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="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>-</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">
      <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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(2,542)</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="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Recoveries</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; 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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(26,004)</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; 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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(29,489)</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; 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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(70,553)</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; 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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(93,409)</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="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">
      <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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">
      <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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">
      <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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">
      <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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="52%" noWrap>
      <P style="VERTICAL-ALIGN: middle; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Amount recorded as
      selling expenses </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="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>35,724</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="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>121,860</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="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(35,605)</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="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>20,473</FONT></FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Wholesale sales
losses, amounting to R$ 58,639 from April to June 2017 and R$ 95,690 from
January to June 2017 (April to June 2016 &#8211; R$ 79,681 and January to June 2016 &#8211;
R$ 150,970), were also recorded as revenue reduction</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 45pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The Company does not have
customers representing 10% or more of its total revenues</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<a name="_bclFooter36"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>35</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_37></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader37"></a><DIV><FONT style="HEIGHT: 25px; WIDTH: 338px; POSITION: absolute; MARGIN-LEFT: 47px; MARGIN-TOP: 53px"></FONT><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>
<TABLE style="WIDTH: 338pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial
      Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="MARGIN: 5.2pt 0in 0in 45pt; TEXT-INDENT: -34.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>9</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.15pt" face=Georgia>Related-Party Balances and Transactions</FONT></B></H4>
<P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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 lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="MARGIN: 0in 58.5pt 1.15pt 45pt; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Accounts receivable, interest on capital payable, revenue and
expenses with the S&#227;o Paulo State Government</FONT></B></H4>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8.7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>June 30,
      2017</FONT></B></FONT></P></DIV></TD>
    <TD style="HEIGHT: 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: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-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><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>December 31,
      2016</FONT></B></FONT></P></DIV></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Accounts
      receivable</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Current:</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>
      <P style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-LEFT: 8pt; MARGIN-TOP: 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=Georgia>Sanitation services </FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>132,952</FONT></FONT></P></TD>
    <TD style="HEIGHT: 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>134,005</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>
      <P style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-LEFT: 8pt; MARGIN-TOP: 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Verdana,sans-serif></FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia>Allowance for losses </FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(56,494)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(56,624)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>
      <P style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-LEFT: 8pt; MARGIN-TOP: 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Verdana,sans-serif></FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia>Reimbursement for retirement and pension
      benefits paid (G0)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>
      <P style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-LEFT: 14pt; MARGIN-TOP: 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=Georgia>- monthly flow (payments) </FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>22,855</FONT></FONT></P></TD>
    <TD style="HEIGHT: 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>22,696</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>
      <P style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-LEFT: 14pt; MARGIN-TOP: 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Verdana,sans-serif></FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=#000000 face=georgia><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=georgia>- GESP Agreement &#8211; 2008 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>47,094</FONT></FONT></P></TD>
    <TD style="HEIGHT: 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>56,512</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>
      <P style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-LEFT: 14pt; MARGIN-TOP: 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=Georgia>- GESP Agreement &#8211; 2015 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>54,379</FONT></FONT></P></TD>
    <TD style="HEIGHT: 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>39,816</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>
      <P style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-LEFT: 8pt; MARGIN-TOP: 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT style="FONT-SIZE: 8.5pt" color=#000000 face=Georgia>&#8220;Se Liga na Rede&#8221; program (l)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>3,772</FONT></FONT></P></DIV></TD>
    <TD style="HEIGHT: 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: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>6,148</FONT></FONT></P></DIV></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Total
      current</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>204,558</FONT></FONT></P></DIV></TD>
    <TD style="HEIGHT: 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 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>202,553</FONT></FONT></P></DIV></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Noncurrent:</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; 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 8pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=Georgia>Reimbursement for retirement and pension
      benefits paid (G0)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; 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 14pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=Georgia>- GESP Agreement &#8211; 2008 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>-</FONT></FONT></P></TD>
    <TD style="HEIGHT: 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>18,838</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; 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 14pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=#000000 face=Georgia>- GESP Agreement &#8211; 2015 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>638,951</FONT></FONT></P></DIV></TD>
    <TD style="HEIGHT: 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; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>650,318</FONT></FONT></P></DIV></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Total
      noncurrent</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>638,951</FONT></FONT></P></DIV></TD>
    <TD style="HEIGHT: 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; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>669,156</FONT></FONT></P></DIV></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Total receivables from
      shareholders</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>843,509</FONT></FONT></P></DIV></TD>
    <TD style="HEIGHT: 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 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>871,709</FONT></FONT></P></DIV></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Assets:</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Sanitation
      services</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>76,458</FONT></FONT></P></TD>
    <TD style="HEIGHT: 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>77,381</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Reimbursement of
      additional retirement and pension benefits (G0)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>763,279</FONT></FONT></P></TD>
    <TD style="HEIGHT: 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>788,180</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT style="FONT-SIZE: 8.5pt" color=black face=Georgia>&#8220;Se Liga na Rede&#8221; program
(l)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>3,772</FONT></FONT></P></DIV></TD>
    <TD style="HEIGHT: 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; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>6,148</FONT></FONT></P></DIV></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Total</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>843,509</FONT></FONT></P></TD>
    <TD style="HEIGHT: 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>871,709</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Liabilities:</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Interest on capital
      payable to related parties</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>-</FONT></FONT></P></TD>
    <TD style="HEIGHT: 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>351,788</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Other
      (g)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>492</FONT></FONT></P></TD>
    <TD style="HEIGHT: 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,853</FONT></FONT></P></TD></TR></TABLE></DIV>
<a name="_bclFooter37"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT size=2 face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT size=2 face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT size=2 face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT size=2 face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT size=2 face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%">&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>36</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_38></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader38"></a><DIV><FONT style="HEIGHT: 25px; WIDTH: 338px; POSITION: absolute; MARGIN-LEFT: 47px; MARGIN-TOP: 53px"></FONT><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>
<TABLE style="WIDTH: 338pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial
      Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 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: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; 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: 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; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>April
      to</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%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>June
      2017</FONT></B></FONT></P></DIV></TD>
    <TD style="HEIGHT: 15pt; 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: 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; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>January
      to</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%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>June
      2017</FONT></B></FONT></P></DIV></TD>
    <TD style="HEIGHT: 15pt; 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: 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; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>April
      to</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%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>June
      2016</FONT></B></FONT></P></DIV></TD>
    <TD style="HEIGHT: 15pt; 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: 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; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>January
      to</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%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>June
      2016</FONT></B></FONT></P></DIV></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 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: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; 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 0in; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; 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 0in; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; 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 0in; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; 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 0in; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 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: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Revenue from sanitation
      services</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; 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 0in; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>120,936</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; 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 0in; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>230,862</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; 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 0in; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>115,247</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; 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 0in; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>212,773</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 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: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Payments received from
      related parties</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; 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 0in; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(115,911)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; 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 0in; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(235,497)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; 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 0in; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(108,988)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; 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 0in; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(196,639)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 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 14.2pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; 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 0in; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; 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 0in; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; 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 0in; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15pt; 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 0in; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="HEIGHT: 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: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Receipt of GESP
      reimbursement referring to Law 4819/58</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; 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 0in; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(35,757)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; 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 0in; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(72,309)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; 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 0in; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(25,659)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15pt; 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 0in; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(72,325)</FONT></FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>
<H4 style="TEXT-ALIGN: justify; MARGIN: 0.05pt 0in 0pt 72.6pt; TEXT-INDENT: -27.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(b)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Contingent
assets -</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -1.55pt" face=Georgia>
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>GESP</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -1.55pt" face=Georgia>
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(not
recorded)</FONT></B></H4>
<P style="MARGIN: 0.5pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>As of June 30, 2017
and December 31, 2016, 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$ 974,438 and R$ 937,035,
respectively</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 72.55pt; TEXT-INDENT: -27.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(c)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Use of reservoirs</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -1.35pt" face=Georgia>
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>&#8211;</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -1.4pt" face=Georgia>
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>EMAE</FONT></B></H4>
<P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Empresa
Metropolitana de &#193;guas e Energia S.A. (&#8220;EMAE&#8221;) 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 lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Several lawsuits
were filed by EMAE, among which an arbitration proceeding 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, resulting in financial losses</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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 lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>As of October 28,
2016, the Company entered into an agreement based on a Private Transaction
Agreement and Other Adjustments with EMAE aimed to fully and completely settle
the disputes involving the two companies</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 44.95pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Pursuant to the
terms of Clause Two of the agreement, the transaction is subject to the
condition precedent of approval by the competent bodies of EMAE</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 22.55pt 0pt 44.95pt; LINE-HEIGHT: 225%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Upon ratification
of the agreement, all litigation between SABESP and EMAE will cease
permanently</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 22.55pt 0pt 44.95pt; LINE-HEIGHT: 225%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The agreement
involves the payment by SABESP to EMAE of the following amounts</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 58.8pt; LINE-HEIGHT: 112%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 112%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>R$ 6,610 annually, adjusted for inflation from the signature date
of this instrument, based on the IPCA or on any other index that may replace it,
to the last business day of October of each fiscal year, of which (i) the first
annual payment until the last business day of October 2017 and (ii) the last
payment until the last business day of October 2042; and</FONT></FONT></P><FONT style="LINE-HEIGHT: 112%" face=georgia></FONT>
<a name="_bclFooter38"></a><DIV>
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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>37</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_39></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader39"></a><DIV><FONT style="HEIGHT: 25px; WIDTH: 338px; POSITION: absolute; MARGIN-LEFT: 47px; MARGIN-TOP: 53px"></FONT><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>
<TABLE style="WIDTH: 338pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial
      Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.25pt 58.5pt 0pt 58.8pt; LINE-HEIGHT: 112%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>-</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 112%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>R$ 46,270, in five annual and successive installments,
adjusted for inflation based on the IPCA, or on any other index that may replace
it, the first installment of R$ 9,254 maturing on April 30, 2017 and the
remaining 4 (four) installments, of the same amount, due on every April 30
(thirty) of the subsequent years, or the first subsequent business
day</FONT></FONT><FONT style="LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></FONT></P>
<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>At the same time,
on April 11, 2016, the Company was served with process filed by EMAE&#8217;s minority
shareholders against the S&#227;o Paulo State. The plaintiffs of these lawsuits are
seeking a decision that requires the State to prohibit SABESP from extracting
water from these reservoirs without paying a financial compensation to EMAE and
that allows EMAE to pump water from the reservoirs to its hydroelectric power
plant. The plaintiffs of this lawsuit claim that the State, as EMA&#8217;s controlling
shareholder, acted against EMAE and in favor of SABESP</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.05pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>On August 7, 2017,
the Company was once again served with process in a citizen suit filed by Alvaro
Luiz de Lima de Alvares Otero against ANEEL, EMAE and SABESP requesting the
annulment of ANEEL order 3431/16, which consents to the above transaction. The
plaintiff claims that the act is illegal and harmful, compromises the
operational feasibility of the Henry Borden hydroelectric power plant and
jeopardizes the energy security of the S&#227;o Paulo State, the Southeast region and
Brazil. Finally, the plaintiff requests SABESP to indemnify EMAE for said act,
at an amount to be calculated in the liquidation of the award</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>If SABESP can no
longer extract water from these reservoirs, it will have to transport water from
more distant places, increasing water transportation costs, which may jeopardize
the Company&#8217;s ability to provide an appropriate service in the
region</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0in 45pt; LINE-HEIGHT: 111%; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(d)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Agreements with reduced tariffs with State and Municipal Government
Entities that joined the Rational Water Use Program</FONT></B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; FONT-WEIGHT: normal" color=black face=Georgia>
</FONT><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(PURA)</FONT></B></H4>
<P style="MARGIN: 0.2pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 58.5pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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 lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 72.6pt; TEXT-INDENT: -27.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(e)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Guarantees</FONT></B></H4>
<P style="MARGIN: 0.45pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 44.95pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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 lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 45pt; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(f)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Personnel assignment agreement among entities related to the State
Government</FONT></B></H4>
<P style="MARGIN: 0.35pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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. From April to June
2017 and in the same period in 2016, the expenses related to personnel assigned
by SABESP to other state government entities amounted to R$ 2,612 and R$ 2,962,
respectively, and, from January to June 2017 and 2016, they amounted to R$ 5,135
and R$ 5,209, respectively</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.2pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 44.95pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>From January to
June 2017 and 2016, there were no expenses related to personnel assigned by
other entities to SABESP, but totaled R$ 7 from April to June, and R$ 10 from
January to June</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P><FONT style="LINE-HEIGHT: 111%" face=georgia></FONT>
<a name="_bclFooter39"></a><DIV>
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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>38</FONT></P>
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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader40"></a><DIV><FONT style="HEIGHT: 25px; WIDTH: 338px; POSITION: absolute; MARGIN-LEFT: 47px; MARGIN-TOP: 53px"></FONT><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>
<TABLE style="WIDTH: 338pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial
      Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="TEXT-ALIGN: justify; MARGIN: 5.25pt 0in 0pt 72.6pt; TEXT-INDENT: -27.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(g)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Services obtained from state government entities</FONT></B></H4>
<P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 58.5pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT style="LINE-HEIGHT: 112%" color=black><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>As of June 30, 2017 and December 31, 2016, SABESP had
an outstanding amount payable of R$492 and R$1,853, respectively, for services
rendered by S&#227;o Paulo State Government entities</FONT></FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 72.55pt; TEXT-INDENT: -27.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(h)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Non-operating assets</FONT></B></H4>
<P style="MARGIN: 0.45pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 44.95pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>As of June 30, 2017
and December 31, 2016, the Company had an amount of R$ 969 related to a free
land lent to DAEE (Department of Water and Electricity)</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 72.55pt; TEXT-INDENT: -27.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Sabesprev</FONT></B></H4>
<P style="MARGIN: 0.35pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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 June 30,
2017 amounted to R$ 748,437 (R$ 753,170 as of December 31, 2016), according to
Note 19 </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(b).</FONT></P>
<P style="MARGIN: 0.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 72.6pt; TEXT-INDENT: -27.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(j)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Compensation of Management Key Personnel</FONT></B></H4>
<P style="MARGIN: 0.45pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 58.5pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Expenses related to
the compensation of the members of its Board of Directors, Fiscal Council and
Board of Executive Officers from April to June 2017 amounted to R$ 969 (R$ 940
from April to June 2016). From January to June 2017, these expenses totaled R$
1,895 (R$ 1,923 from January to June 2016). An additional amount of R$ 185,
related to the bonus program paid to Executive Officers, was recorded from April
to June 2017 (R$ 123 from April to June 2016). From January to June 2017, the
bonus totaled R$ 309 (R$ 247 from January to June 2016</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>).</FONT></P>
<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 72.6pt; TEXT-INDENT: -27.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(k)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Loan agreement through credit facility</FONT></B></H4>
<P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The Company holds
interest in certain Special Purpose Entities (SPEs), not holding the majority
interest but with cast vote and power of veto in some issues, with no ability to
use such power of veto in a way to affect returns over investments. Therefore,
these SPEs are considered for accounting purposes as jointly-owned
subsidiaries</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 45pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The Company entered
into a loan agreement through credit facility with the SPEs Aquapolo Ambiental
S.A. on March 30, 2012, and with Attend Ambiental S.A. on 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 lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.2pt 0pt 45pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 100%" 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: 8.5pt" 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: 8.5pt" 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: 8.5pt" 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: 8.5pt" 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: 8.5pt" 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: 8.5pt" 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: 8.5pt" 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: 8.5pt" 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: 8.5pt" face=Georgia>3,357</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: 8.5pt" face=Georgia>8,757</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: 8.5pt" 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: 8.5pt" 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: 8.5pt" 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: 8.5pt" 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: 8.5pt" face=Georgia>5,411</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: 8.5pt" face=Georgia>11,040</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: 8.5pt" 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: 8.5pt" 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: 8.5pt" 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: 8.5pt" 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: 8.5pt" face=Georgia>10,187</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: 8.5pt" face=Georgia>29,187</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: 8.5pt" 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: 8.5pt" 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: 8.5pt" 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: 8.5pt" 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: 8.5pt" face=Georgia>18,955</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: 8.5pt" face=Georgia>48,984</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: 8.5pt" 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: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 21.2pt 0pt 45pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0.35pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<a name="_bclFooter40"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>39</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_41></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader41"></a><DIV><FONT style="HEIGHT: 25px; WIDTH: 338px; POSITION: absolute; MARGIN-LEFT: 47px; MARGIN-TOP: 53px"></FONT><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>
<TABLE style="WIDTH: 338pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial
      Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.25pt 58.5pt 0pt 79.4pt; LINE-HEIGHT: 112%; TEXT-INDENT: -13.7pt"><FONT style="LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 112%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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. 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.). The agreement has
been renegotiated between the parties</FONT></FONT><FONT style="LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 9.75pt 58.5pt 0pt 79.65pt; LINE-HEIGHT: 111%; TEXT-INDENT: -17.35pt"><FONT style="LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 111%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The R$ 19,000 loan agreement originally expired on
April 30, 2015, but was extended to October 30, 2015. </FONT></FONT><FONT style="LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 9.5pt 58.5pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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$ 18,955, 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. As of June 30, 2017, the balance of
principal and interest rates of these agreements was R$ 48,984 (R$ 52,407 as of
December 31, 2016). From January to June 2017, a financial income recognized was
R$ 2,683 (R$ 4,079 from January to June 2016</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>).</FONT></P>
<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="TEXT-ALIGN: justify; MARGIN: 0.05pt 0in 0pt 72.6pt; TEXT-INDENT: -27.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(l)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>&#8220;Se Liga na Rede&#8221; (Connect to the Network Program)</FONT></B></H4>
<P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 58.5pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The State
Government enacted the State Law n&#186; 14,687/12, creating the pro-connection
program, destined to financially subsidize the execution of household branches
necessary to connect to the sewage collecting networks, in low income households
which agreed to adhere to the program. The program expenditures, except for
indirect costs, construction margin and borrowing costs are financed with 80% of
funds deriving from the State Government and the remaining 20% invested by
SABESP, which is also liable for the execution of works. As of June 30, 2017,
the program total amount was R$ 79,525 (R$ 79,274 as of December 31, 2016), R$
3,772 (R$ 6,148 as of December 31, 2016) recorded in balances receivable from
related parties, the amount of R$ 35,166 (R$ 34,915 as of December 31, 2016)
recorded in the group of intangible assets and R$ 40,587 (R$ 38,211 as of
December 31, 2016) reimbursed by GESP</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0.4pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="MARGIN: 0in 0in 0in 45pt; TEXT-INDENT: -34.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>10</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Water National Agency - ANA</FONT></B></H4>
<P style="MARGIN: 0.35pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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 lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>This program does
not finance works or equipment, remunerates by results achieved, i.e., by
effectively treated sewage. In this program, the Water National Agency (ANA)
makes available funds, which are restricted to a specific current account and
applied in investment funds at the Brazilian Federal Savings Banks (CEF), until
the fulfillment of treated sewage volume is evidenced, as well as, the reduction
of polluting cargoes of each agreement</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>When resources are
made available, liabilities are recorded until funds are released by ANA. After
the evidence of targets stipulated in each contract, the revenue deriving from
these funds is recognized, but if these targets are not met, funds will return
to the National Treasury with the appropriate funds earnings. As of June 30,
2017, the balances of assets and liabilities were R$ 82,926 (R$ 81,221 as of
December 31, 2016), and the liabilities are recorded under "other liabilities"
of noncurrent liabilities</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P><FONT style="LINE-HEIGHT: 112%" face=georgia></FONT>
<a name="_bclFooter41"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>40</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_42></A>
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    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial
      Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></DIV><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>
<a name="_bclHeader42"></a><DIV><FONT style="HEIGHT: 25px; WIDTH: 338px; POSITION: absolute; MARGIN-LEFT: 47px; MARGIN-TOP: 53px"></FONT><FONT style="LINE-HEIGHT: 5%"></FONT></DIV></FONT>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="MARGIN: 5.2pt 0in 0in 45pt; TEXT-INDENT: -34.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>11</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Investments</FONT></B></H4>
<P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The Company holds
interest in certain Special Purpose Entities (SPE). Although SABESP has no
majority shares of its investees, the shareholders&#8217; agreement provides for the
power of veto in certain management issues, 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 </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>19(R2)).</FONT></P>
<P style="MARGIN: 0.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 44.95pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The Company holds interest
valued by the equity method</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 58.5pt 0pt 44.95pt; LINE-HEIGHT: 107%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>See additional
information on the operations of each investee in Note 12 to the Annual
Financial Statements as of December 31, </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>2016.</FONT></P>
<P style="MARGIN: 0.35pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 72.6pt; TEXT-INDENT: -27.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Summary of the investees&#8217; financial statements and SABESP&#8217;s equity
interest</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>:</FONT></B></H4>
<H4 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 45pt; TEXT-INDENT: -27.6pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT></B>&nbsp;</H4>
<DIV align=center>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%" noWrap>
      <P style="MARGIN: 1pt 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="24%" 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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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=bottom width="24%" 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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Profit (loss) for the
      period</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="52%" 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%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
      <P style="BORDER-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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>June </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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>30, </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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>2017</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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>January </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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>to June </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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>2017</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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>January</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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>to June </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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="52%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>40,820</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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>3,622</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>3,110</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="52%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>17,950</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>1,789</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>835</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="52%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>4,162</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>456</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>290</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="52%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>4,505</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>415</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>483</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="52%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>6,725</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>2,800</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>1,965</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="52%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>12,563</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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>223</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(2,923)</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="52%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>8,451</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(18)</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(20)</FONT></FONT></P></TD></TR></TABLE></DIV>
<H4 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 45pt; TEXT-INDENT: -27.6pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT></B>&nbsp;</H4>
<DIV align=center>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>
      <P style="MARGIN: 1pt 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="24%" 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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="24%" 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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Equity in the earnings (losses) 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="24%" 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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="28%" 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%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
      <P style="BORDER-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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>June</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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>30,</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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>2017</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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>January</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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>to June </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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>2017</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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>January</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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>to June </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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>June</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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>30,</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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>2017</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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>14,695</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>1,304</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>1,104</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="28%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>5,386</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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>537</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="28%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>1,249</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>137</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="28%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>1,352</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>125</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(1)</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="28%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>3,026</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>1,260</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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>531</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="28%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>6,156</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>109</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="28%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>2,112</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(5)</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(8)</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>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="28%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>33,976</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>3,467</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>1,753</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></FONT>&nbsp;</P>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="28%" noWrap>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></FONT>&nbsp;</P>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>34,563</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></FONT>&nbsp;</P></TD></TR></TABLE></DIV>
<H4 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0in 45pt; TEXT-INDENT: -27.6pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT></B>&nbsp;</H4>
<P style="MARGIN: 0.3pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Georgia></FONT></B>&nbsp;</P>
<a name="_bclFooter42"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>41</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_43></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader43"></a><DIV><FONT style="HEIGHT: 25px; WIDTH: 338px; POSITION: absolute; MARGIN-LEFT: 47px; MARGIN-TOP: 53px"></FONT><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>
<P style="MARGIN: 0.3pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Georgia>
<TABLE style="WIDTH: 338pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial
      Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></B></P>
<P style="MARGIN: 0.3pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Georgia></FONT></B>&nbsp;</P>
<H4 style="MARGIN: 0pt 0in 0in 45pt; TEXT-INDENT: -34.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>12</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Investment
properties</FONT></B></H4>
<P style="TEXT-ALIGN: justify; MARGIN: 13pt 58.5pt 0pt 45pt; LINE-HEIGHT: 112%; TEXT-INDENT: -0.05pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>As of June 30,
2017, the balance of &#8220;Investment properties&#8221;, mainly composed of land, is R$
57,913 (December 31, 2016 &#8211; R$ 57,968). As of June 30, 2017 and December 31,
2016, the market value of these properties is approximately R$
404,000</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 13pt 21.15pt 0pt 45pt; LINE-HEIGHT: 112%; TEXT-INDENT: -0.05pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 100%" 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="52%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="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><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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: 8.5pt" color=black face=Georgia>2016</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=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: 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: 8.5pt" 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="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: 8.5pt" 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="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><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>June 30,</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: 8.5pt" color=black face=Georgia>2017</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="52%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><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: 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: 8.5pt" 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=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" 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: 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: 8.5pt" 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: 8.5pt" 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="52%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="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: 8.5pt" color=black face=Georgia>57,968</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: 8.5pt" color=black face=Georgia>(8)</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: 8.5pt" color=black face=Georgia>(47)</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: 8.5pt" color=black face=Georgia>57,913</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="52%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="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: 8.5pt" color=black face=Georgia>57,968</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: 8.5pt" color=black face=Georgia>(8)</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: 8.5pt" color=black face=Georgia>(47)</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: 8.5pt" color=black face=Georgia>57,913</FONT></P></DIV></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 13pt 21.15pt 0pt 45pt; LINE-HEIGHT: 112%; TEXT-INDENT: -0.05pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 19.85pt">
    <TD style="HEIGHT: 19.85pt" vAlign=bottom width="40%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 19.85pt" 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><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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: 8.5pt" color=black face=Georgia>2015</FONT></B></P></DIV></TD>
    <TD style="HEIGHT: 19.85pt" 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: 8.5pt" color=black face=Georgia>Transfers</FONT></B></P></DIV></TD>
    <TD style="HEIGHT: 19.85pt" 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: 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: 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: 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: 8.5pt" color=black face=Georgia>Reversal of allowance for losses</FONT></B></P></DIV></TD>
    <TD style="HEIGHT: 19.85pt" 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: 8.5pt" color=black face=Georgia>Depreciation</FONT></B></P></DIV></TD>
    <TD style="HEIGHT: 19.85pt" 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><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>June 30,</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: 8.5pt" color=black face=Georgia>2016</FONT></B></P></DIV></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="HEIGHT: 11.35pt" vAlign=bottom>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=bottom>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=bottom>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=top>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=bottom>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 11.35pt" vAlign=bottom>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 19.85pt">
    <TD style="HEIGHT: 19.85pt" vAlign=bottom>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Investment
      properties</FONT></P></TD>
    <TD style="HEIGHT: 19.85pt" vAlign=bottom>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: 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: 8.5pt" color=black face=Georgia>56,957</FONT></P></DIV></TD>
    <TD style="HEIGHT: 19.85pt" vAlign=bottom>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: 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: 8.5pt" color=black face=Georgia>1,647</FONT></P></DIV></TD>
    <TD style="HEIGHT: 19.85pt" vAlign=bottom>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: 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: 8.5pt" color=black face=Georgia>9</FONT></P></DIV></TD>
    <TD style="HEIGHT: 19.85pt" vAlign=bottom>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: 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: 8.5pt" color=black face=Georgia>(53)</FONT></P></DIV></TD>
    <TD style="HEIGHT: 19.85pt" vAlign=bottom>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: 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: 8.5pt" color=black face=Georgia>58,560</FONT></P></DIV></TD></TR>
  <TR style="HEIGHT: 19.85pt">
    <TD style="HEIGHT: 19.85pt" vAlign=bottom>
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 12pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Total</FONT></P></TD>
    <TD style="HEIGHT: 19.85pt" vAlign=bottom>
      <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: 8.5pt" color=black face=Georgia>56,957</FONT></P></DIV></TD>
    <TD style="HEIGHT: 19.85pt" vAlign=bottom>
      <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: 8.5pt" color=black face=Georgia>1,647</FONT></P></DIV></TD>
    <TD style="HEIGHT: 19.85pt" vAlign=bottom>
      <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: 8.5pt" color=black face=Georgia>9</FONT></P></DIV></TD>
    <TD style="HEIGHT: 19.85pt" vAlign=bottom>
      <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: 8.5pt" color=black face=Georgia>(53)</FONT></P></DIV></TD>
    <TD style="HEIGHT: 19.85pt" vAlign=bottom>
      <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: 8.5pt" color=black face=Georgia>58,560</FONT></P></DIV></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 13pt 21.15pt 0pt 45pt; LINE-HEIGHT: 112%; TEXT-INDENT: -0.05pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 13pt 21.15pt 0pt 45pt; LINE-HEIGHT: 112%; TEXT-INDENT: -0.05pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 112%" face=georgia></FONT>
<a name="_bclFooter43"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>42</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_44></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader44"></a><DIV><FONT style="HEIGHT: 25px; WIDTH: 338px; POSITION: absolute; MARGIN-LEFT: 47px; MARGIN-TOP: 53px"></FONT><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>
<TABLE style="WIDTH: 338pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><A name=_TOC_250002></A><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim
      Financial Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>
<H4 style="MARGIN: 5.25pt 0in 0in 45pt; TEXT-INDENT: -34.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>13</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Intangible
assets</FONT></B></H4>
<P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0in 72.6pt; TEXT-INDENT: -27.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Statement
of financial position details</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 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="28%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><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="36%" 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><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>June 30,
      2017</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="36%" 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><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black 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: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="28%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><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="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><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" 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%">
      <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><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" 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="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><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" 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="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><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" 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%">
      <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><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" 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="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><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" 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="28%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>Intangible right arising
      from:</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="28%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>Agreements &#8211; equity
      value</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>9,355,839
      </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><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>(1,831,091)</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><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>7,524,748
      </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><FONT lang=EN-US style="FONT-SIZE: 7.5pt" 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><FONT lang=EN-US style="FONT-SIZE: 7.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black 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: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="28%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>1,934,604
      </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><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>(588,992)</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><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>1,345,612
      </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><FONT lang=EN-US style="FONT-SIZE: 7.5pt" 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><FONT lang=EN-US style="FONT-SIZE: 7.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black 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: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="28%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>Program contracts
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>9,397,893
      </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><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>(2,770,334)</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%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>6,627,559
      </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><FONT lang=EN-US style="FONT-SIZE: 7.5pt" 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><FONT lang=EN-US style="FONT-SIZE: 7.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black 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: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="28%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>Program contracts &#8211;
      commitments </FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>996,686
      </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><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>(185,182)</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><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>811,504
      </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><FONT lang=EN-US style="FONT-SIZE: 7.5pt" 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><FONT lang=EN-US style="FONT-SIZE: 7.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black 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: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="28%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>Services contracts &#8211; S&#227;o
      Paulo</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>18,627,050
      </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><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>(3,179,948)</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><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>15,447,102
      </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><FONT lang=EN-US style="FONT-SIZE: 7.5pt" 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><FONT lang=EN-US style="FONT-SIZE: 7.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black 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: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="28%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" 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="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><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>607,352
      </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><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>(182,919)</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><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>424,433
      </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><FONT lang=EN-US style="FONT-SIZE: 7.5pt" 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><FONT lang=EN-US style="FONT-SIZE: 7.5pt" 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="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><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black 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: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="28%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>Total</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="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><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>40,919,424
      </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><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>(8,738,466)</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><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>32,180,958
      </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><FONT lang=EN-US style="FONT-SIZE: 7.5pt" 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><FONT lang=EN-US style="FONT-SIZE: 7.5pt" 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="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><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>31,246,788</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>
<P style="MARGIN: 0.2pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0in 72.6pt; TEXT-INDENT: -27.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" color=black face=Georgia>(b)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Changes</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="MARGIN: 0.3pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia></FONT></B>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><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: 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><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black 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%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black 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%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black 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="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><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>Additions</FONT></B></FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: 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><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black 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="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><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>Transfers</FONT></B></FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>Write-offs
      and disposals</FONT></B></FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>Amortization</FONT></B></FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>June</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%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>30,</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%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>2017</FONT></B></FONT></P></DIV></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>Intangible right arising
      from: </FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>Agreements &#8211; equity
      value </FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>7,482,955</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>137,182
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>2,078
    </FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>312
</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>(1,848)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>(95,931)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>7,524,748
      </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black 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=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>1,381,652</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>66,129
    </FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black 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="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>(55,133)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>(1,008)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>(46,036)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>1,345,612
      </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>Program contracts
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>6,576,021</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>196,640
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>4,834
    </FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>513
</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>(3,688)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>(146,761)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>6,627,559
      </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>Program contracts &#8211;
      commitments </FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>823,216</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>4,838
    </FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>- </FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>- </FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>- </FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>(16,550)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>811,504
      </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>Services contracts &#8211; S&#227;o
      Paulo </FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>14,552,707</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>1,115,371
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>6,460
    </FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>57,334</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>(4,784)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>(279,986)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>15,447,102
      </FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black 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=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>430,237</FONT></FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>22,064
      </FONT></FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>-
      </FONT></FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>6,489
      </FONT></FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>-
      </FONT></FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>(34,357)</FONT></FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>424,433
      </FONT></FONT></P></DIV></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>Total
    </FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 1pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>31,246,788</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=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>1,542,224
      </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=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>13,380
      </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=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>9,515
      </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=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>(11,328)</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=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>(619,621)</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=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>32,180,958
      </FONT></FONT></P></DIV></TD></TR></TABLE></DIV>
<a name="_bclFooter44"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>43</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_45></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader45"></a><DIV><FONT style="HEIGHT: 25px; WIDTH: 338px; POSITION: absolute; MARGIN-LEFT: 47px; MARGIN-TOP: 53px"></FONT><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>
<TABLE style="WIDTH: 338pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><A name=_TOC_250002></A><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim
      Financial Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><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: 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><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black 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="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><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>Additions</FONT></B></FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: 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><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black 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="10%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>Allowance for
      losses</FONT></B></FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>Transfers</FONT></B></FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-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><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>Write-offs
      and disposals</FONT></B></FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>Amortization</FONT></B></FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>June
      30,</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%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black 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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>Intangible right arising
      from: </FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>Agreements &#8211; equity
      value</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black 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="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>85,984</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>(5,253)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>586</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>(1,615)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>(3,599)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>(83,071)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>7,280,662</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="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black 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=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black 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="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>53,683</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>-</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>-</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>(21)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>(1)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>(36,977)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>1,369,704</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="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>Program contracts
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black 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="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>241,885</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>5,253</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>(1,471)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>1,091
    </FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>(151)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>(134,495)</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="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>6,400,687</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="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>Program contracts &#8211;
      commitments </FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black 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="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>4,832</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>-</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>-</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>-</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>-</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>(16,577)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>838,785</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="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>Services contracts &#8211; S&#227;o
      Paulo </FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black 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="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>1,121,221</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>-</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>507</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>94 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>(292)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>(270,449)</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="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in 3pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>13,218,098</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="TEXT-ALIGN: justify; MARGIN: 2.4pt 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black 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 3pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black 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="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 3pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>45,240</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 3pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>-</FONT></FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 3pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>-</FONT></FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 3pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>-</FONT></FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 3pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>-</FONT></FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 3pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>(18,670)</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 3pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>393,424</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="20%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>Total
    </FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 3pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black 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="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 3pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>1,552,845</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 3pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>-</FONT></FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in 3pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>(378)</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 3pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>(451)</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 3pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>(4,043)</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 3pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>(560,239)</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 3pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 7.5pt" color=black face=Georgia>29,501,360</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.25pt 58.5pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>In February 2017,
the Company started operations in the municipality of Santa Branca and, in the
second quarter of 2017, it entered into a contract program with the
municipalities of Santa Cruz do Rio Pardo and C&#226;ndido Rodrigues for 30
years</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 72.6pt; TEXT-INDENT: -27.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(c)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>General
information</FONT></B></H4>
<P style="MARGIN: 0.45pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.25pt 58.5pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>During the period
ended June 30, 2017 there were no relevant changes in the criteria to account
for intangible assets and types of contracts. Further information is included in
Note 14 (d) to the Annual Financial Statements as of December 31,
2016</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.4pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.25pt 58.5pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The Company has
obligations recorded in &#8220;Program Contract&#8211; Commitments&#8221; in current liabilities
in the amount of R$ 103,841 and R$ 109,042 as of June 30, 2017 and December 31,
2016, respectively, and noncurrent liabilities in the amount of R$ 47,723 and R$
69,051 as of June 30, 2017 and December 31, 2016, respectively</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 72.55pt; TEXT-INDENT: -27.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(d)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Capitalization of interest and other finance
charges</FONT></B></H4>
<P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>From January to
June 2017, the Company capitalized interest and inflation adjustment in
concession intangible assets totaling R$ 312,016, including the S&#227;o Louren&#231;o
Production System and Leases (R$ 293,352 from January to June 2016), during the
construction period</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.2pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 72.6pt; TEXT-INDENT: -27.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(e)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Construction margin</FONT></B></H4>
<P style="MARGIN: 0.45pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 45pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The Company acts as
a primary responsible to construct and install the infrastructure related to the
concession, using own efforts or hiring outsourcing services, receiving the
risks and benefits</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P><FONT style="LINE-HEIGHT: 111%" face=georgia></FONT>
<a name="_bclFooter45"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>44</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_46></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader46"></a><DIV><FONT style="HEIGHT: 25px; WIDTH: 338px; POSITION: absolute; MARGIN-LEFT: 47px; MARGIN-TOP: 53px"></FONT><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>
<TABLE style="WIDTH: 338pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><A name=_TOC_250002></A><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim
      Financial Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></P>
<P style="MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.25pt 58.5pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>As a consequence,
the Company recognizes revenue from construction service corresponding to the
cost of construction increased by margin. Generally, the constructions related
to the concessions are performed by third parties, in such case, the margin of
the Company&nbsp; is lower, normally, to cover eventual administration costs,
and the responsibility of the primary risk. As of June 30, 2017 and 2016, the
margin was 2.3</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>%.</FONT></P>
<P style="MARGIN: 0.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Construction margin
from April to June 2017 and the same period in 2016 was R$ 15,194 and R$ 19,773,
respectively, and from January to June 2017 and the same period in 2016, was R$
30,893 and R$ 32,667, respectively</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.2pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 45pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The amounts related to revenue
and construction costs are presented in Note 23</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.4pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 72.6pt; TEXT-INDENT: -27.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(f)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Expropriations</FONT></B></H4>
<P style="MARGIN: 0.45pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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 lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 58.5pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The costs of these
expropriations are recorded as concession intangible assets after the
transaction is concluded. From April to June 2017, the total amount related to
expropriations was R$ 1,882 and from January to June 2017, expropriations
totaled R$ 4,783 (R$ 16,707 from April to June 2016 and R$ 18,923 from January
to June 2016</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>).</FONT></P>
<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 72.55pt; TEXT-INDENT: -27.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(g)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Public-Private Partnership </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>-</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -1.5pt" face=Georgia>
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>PPP</FONT></B></H4>
<P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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 lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 45pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Alto Tiet&#234; Production System</FONT></P>
<P style="MARGIN: 0.4pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 45pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>As of June 30, 2017
and December 31, 2016, the amounts recognized as intangible asset related to
this PPP were R$ 376,517 and R$ 382,103, respectively</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 45pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>From January and
June 2017, a discount rate of 8.20% p.a. was used to calculate the adjustment to
present value of the agreement. The obligations assumed by the Company as of
June 30, 2017 and December 31, 2016 are shown in the next table</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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. This
amount is annually adjusted by the IPC &#8211; FIPE and is recorded in a restricted
account, pursuant to the contractual operating proceeding. Should SABESP comply
with its monthly obligations with the SPE, the funds from the restricted account
will be released</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 58.5pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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 lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P><FONT style="LINE-HEIGHT: 112%" face=georgia></FONT>
<a name="_bclFooter46"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>45</FONT></P>
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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader47"></a><DIV><FONT style="HEIGHT: 25px; WIDTH: 338px; POSITION: absolute; MARGIN-LEFT: 47px; MARGIN-TOP: 53px"></FONT><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>
<TABLE style="WIDTH: 338pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial
      Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.25pt 0in 0pt 45pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>S&#227;o Louren&#231;o Production System</FONT></P>
<P style="MARGIN: 0.4pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 58.5pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>As of June 30, 2017
and December 31, 2016, the carrying amount recorded in the Company&#8217;s intangible
assets, related to this PPP, totaled R$ 2,283,410 and R$ 1,951,538,
respectively. Intangible assets are accounted for based on the physical
evolution of the works which, as of June 30, 2017, was approximately 74%, with a
counter-entry in the Private Public Partnership (PPP) liabilities account. As of
June 30, 2017, a discount rate of 7.80% p.a. was used to calculate the
adjustment to present value of the agreement</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.2pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 58.5pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The obligations
assumed by the Company as of June 30, 2017 and December 31, 2016 are shown in
the table below, and the increase in intangible assets and liabilities was due
to the progress of works in 2017</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 21.15pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT>&nbsp;</P>
<DIV align=center>
<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: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="40%" 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><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>June 30,
      2017</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=top width="40%" 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><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black 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: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 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><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Current
      liabilities</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%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Noncurrent
      liabilities</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%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Total
      liabilities</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="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><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Current
      liabilities</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%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Noncurrent
      liabilities</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%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Total
      liabilities</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="20%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Alto
      Tiet&#234;</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="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>33,193</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="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>293,007</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="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>326,200</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="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>31,898</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="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>309,858</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="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>341,756</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="20%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>S&#227;o
      Louren&#231;o</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="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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>-</FONT></FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 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%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>2,233,180</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="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%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>2,233,180</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="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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>-</FONT></FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 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%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,907,662</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="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%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,907,662</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="20%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Total</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>33,193</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="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>2,526,187</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="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>2,559,380</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="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>31,898</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="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>2,217,520</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="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>2,249,418</FONT></FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 21.15pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 496.099pt; MARGIN-LEFT: 42.5pt" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 23pt">
    <TD style="HEIGHT: 23pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="100%">
      <P style="MARGIN: 0.35pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia></FONT></B>&nbsp;</P>
      <P style="MARGIN: 0in 0in 0pt 2.5pt; LINE-HEIGHT: 9.85pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(h) Works in
      progress</FONT></B></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0.35pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" color=black face=Georgia>As of June 30, 2017, the amount of R$ 9,189 million is recorded
under intangible assets as work in progress (R$ 9,156 million as of December 31,
2016), and in the period ended June 30, 2017, the major projects are located in
the municipalities of S&#227;o Paulo, Franca and Itanha&#233;m, totaling R$ 5,888 million
(including R$ 2,283 million from PPP S&#227;o Louren&#231;o), R$ 238 million and R$ 186
million, respectively</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="TEXT-ALIGN: justify; MARGIN: 0.05pt 0in 0pt 72.55pt; TEXT-INDENT: -27.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Amortization of intangible assets</FONT></B></H4>
<P style="MARGIN: 0.5pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 45pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" color=black face=Georgia>The
amortization average rate totaled 4.0% and 3.9% as of June 30, 2017 and 2016,
respectively</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.4pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 72.55pt; TEXT-INDENT: -27.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(j)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Software
license of use</FONT></B></H4>
<P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 44.95pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" 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. As of April 10, 2017,
the Company implemented the Integrated Business Management System (Enterprise
Resource Planning &#8211; SAP ERP), which includes the administrative/financial
module. The implementation of the commercial module is in progress</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P><FONT style="LINE-HEIGHT: 112%" face=georgia></FONT>
<a name="_bclFooter47"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>46</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_48></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>
<TABLE style="WIDTH: 338pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><A name=_TOC_250002></A><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim
      Financial Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="MARGIN: 5.25pt 0in 0pt 44.95pt; TEXT-INDENT: -34.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>14</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Property,
plant and equipment</FONT></B></H4>
<P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="MARGIN: 0.05pt 0in 0in 72.6pt; TEXT-INDENT: -27.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Statement
of financial position details</FONT></B></P>
<P style="MARGIN: 0.05pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT></B>&nbsp;</P>
<DIV align=center>
<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="28%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="36%" 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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>June 30,
      2017</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="36%" 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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="28%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="28%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>92,507</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>-</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>92,507</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>-</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>92,494</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="28%" 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: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>79,010</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(35,495)</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>43,515</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>43,262</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="28%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>325,590</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(204,811)</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>120,779</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>149,140</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="28%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>10,980</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(6,883)</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>4,097</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>4,531</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="28%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>23,697</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(12,172)</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>11,525</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>11,986</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="28%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>1,164</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(235)</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>929</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>970</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="28%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Total</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>532,948</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(259,596)</FONT></FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>273,352</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>302,383</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>
<P style="MARGIN: 0.05pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="MARGIN: 0.05pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="MARGIN: 0.05pt 0in 0in 72.6pt; TEXT-INDENT: -27.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(b)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Changes</FONT></B></P>
<P style="MARGIN: 0.05pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT></B>&nbsp;</P>
<DIV align=center>
<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="28%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="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: 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: 8.5pt" 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="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: 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: 8.5pt" 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="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: 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: 8.5pt" 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="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: 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: 8.5pt" 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="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: 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: 8.5pt" 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="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: 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: 8.5pt" color=black face=Georgia>June 30,</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: 8.5pt" color=black face=Georgia>2017</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="28%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>92,494</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: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>-</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: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>13</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: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>-</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: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>-</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: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>92,507</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="28%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>43,262</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: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>86</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: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>1,355</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: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>-</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: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(1,188)</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: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>43,515</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="28%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>149,140</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: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>10,497</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: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(10,838)</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: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(33)</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: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(27,987)</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: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>120,779</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="28%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>4,531</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: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>-</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: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>33</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: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(457)</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: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>4,097</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="28%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>11,986</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: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>276
      </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: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(63)</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: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(29)</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: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(645)</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: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>11,525</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="28%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="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: 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: 8.5pt" face=Georgia>970</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: 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: 8.5pt" 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="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: 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: 8.5pt" face=Georgia>(15)</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: 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: 8.5pt" 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="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: 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: 8.5pt" face=Georgia>(26)</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: 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: 8.5pt" face=Georgia>929</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="28%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="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: 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: 8.5pt" face=Georgia>302,383</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: 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: 8.5pt" face=Georgia>10,859</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: 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: 8.5pt" face=Georgia>(9,515)</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: 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: 8.5pt" face=Georgia>(72)</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: 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: 8.5pt" face=Georgia>(30,303)</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: 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: 8.5pt" face=Georgia>273,352</FONT></P></DIV></TD></TR></TABLE></DIV>
<P style="MARGIN: 0.05pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="MARGIN: 0.05pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="MARGIN: 0.3pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia></FONT></B>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 100%" 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="28%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="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: 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: 8.5pt" 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: 8.5pt" color=black face=Georgia>2015</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="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: 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: 8.5pt" color=black face=Georgia>Additions</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="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: 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: 8.5pt" color=black face=Georgia>Transfers</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="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: 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: 8.5pt" color=black face=Georgia>Write-offs and disposals</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="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: 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: 8.5pt" color=black face=Georgia>Depreciation</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="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: 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: 8.5pt" color=black face=Georgia>June 30,</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: 8.5pt" color=black face=Georgia>2016</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="28%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Land</FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>102,708</FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>-</FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(258)</FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>-</FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>-</FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>102,450</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="28%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>Buildings</FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>45,891</FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>-</FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(415)</FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>-</FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(869)</FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>44,607</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="28%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Equipment</FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>162,218</FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>18,535</FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(4,882)</FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(67)</FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(16,576)</FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>159,228</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="28%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Transportation
      equipment</FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>5,692</FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>96</FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>-</FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>-</FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(473)</FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>5,315</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="28%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Furniture and fixtures
      </FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>8,418</FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>318</FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>4,359</FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(5)</FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(623)</FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>12,467</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="28%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="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: 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: 8.5pt" face=Georgia>149</FONT></P></DIV></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" 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; 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: 8.5pt" face=Georgia>-</FONT></P></DIV></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top 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: 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: 8.5pt" face=Georgia>-</FONT></P></DIV></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top 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: 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: 8.5pt" face=Georgia>-</FONT></P></DIV></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top 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: 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: 8.5pt" face=Georgia>(5)</FONT></P></DIV></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top 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: 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: 8.5pt" face=Georgia>144</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="28%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 5.65pt 0pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Total</FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; 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: 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: 8.5pt" face=Georgia>325,076</FONT></P></DIV></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top 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: 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: 8.5pt" face=Georgia>18,949</FONT></P></DIV></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top 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: 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: 8.5pt" face=Georgia>(1,196)</FONT></P></DIV></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top 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: 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: 8.5pt" face=Georgia>(72)</FONT></P></DIV></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top 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: 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: 8.5pt" face=Georgia>(18,546)</FONT></P></DIV></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top 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: 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: 8.5pt" face=Georgia>324,211</FONT></P></DIV></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="MARGIN: 0.25pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia></FONT></B>&nbsp;</P>
<a name="_bclFooter48"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>47</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_49></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader49"></a><DIV><FONT style="HEIGHT: 25px; WIDTH: 338px; POSITION: absolute; MARGIN-LEFT: 47px; MARGIN-TOP: 53px"></FONT>
<TABLE style="WIDTH: 338pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial
      Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>
<H4 style="MARGIN: 5.2pt 0in 0pt 72.6pt; TEXT-INDENT: -27.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(c)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Depreciation</FONT></B></H4>
<P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 58.5pt 0pt 45pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The Company annually revises
the depreciation rates of: buildings - 3.0%; equipment- 17.0%; transportation
equipment - 10% and furniture, fixture and equipment - 7.0%. Lands are
not&nbsp;&nbsp; depreciated</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 45pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The depreciation average rate was 12.9% and 10.9%, as
of June 30, 2017 and 2016, respectively</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"></P>
<DIV align=left>&nbsp;</DIV>
<a name="_bclFooter49"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>48</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_50></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader50"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 1pt" face=Georgia></FONT></FONT>&nbsp;</P>
<TABLE style="WIDTH: 338pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial
      Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></DIV><FONT lang=EN-US style="FONT-SIZE: 10pt">&nbsp;</FONT><FONT lang=PT-BR><BR clear=all></FONT>
<H4 style="MARGIN: 0in 0in 0in 131.35pt; TEXT-INDENT: -34.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>15</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Borrowings
and Financing</FONT></B></H4>
<P style="MARGIN: 0.35pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" 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: 8pt" color=black face=Georgia>June 30, 2017</FONT></B></P></DIV></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: 8pt" color=black face=Georgia>December 31, 2016</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="46%" noWrap>
      <P style="MARGIN: 2.4pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" 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: 8pt" 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: 8pt" 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: 8pt" 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: 8pt" 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: 8pt" 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: 8pt" 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="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: 8pt" 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: 8pt" 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: 8pt" 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: 8pt" 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: 8pt" 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: 8pt" 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="46%" noWrap>
      <P style="MARGIN: 2.4pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" 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: 8pt" 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: 8pt" 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: 8pt" 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: 8pt" 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: 8pt" 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: 8pt" 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="46%" noWrap>
      <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" 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: 8pt" color=black face=Georgia>41,294</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: 8pt" color=black face=Georgia>109,487</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: 8pt" color=black face=Georgia>150,781</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: 8pt" 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: 8pt" 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: 8pt" color=black face=Georgia>161,310</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="46%" noWrap>
      <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" 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: 8pt" 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: 8pt" color=black face=Georgia>317,454</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: 8pt" color=black face=Georgia>362,904</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: 8pt" 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: 8pt" 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: 8pt" color=black face=Georgia>385,615</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="46%" noWrap>
      <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" 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: 8pt" color=black face=Georgia>40,219</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: 8pt" color=black face=Georgia>152,650</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: 8pt" color=black face=Georgia>192,869</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: 8pt" 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: 8pt" 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: 8pt" color=black face=Georgia>218,373</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="46%" noWrap>
      <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" 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: 8pt" color=black face=Georgia>342,769</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: 8pt" color=black face=Georgia>342,078</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: 8pt" color=black face=Georgia>684,847</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: 8pt" 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: 8pt" 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: 8pt" color=black face=Georgia>770,349</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="46%" noWrap>
      <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" 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: 8pt" color=black face=Georgia>144,391</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: 8pt" color=black face=Georgia>773,469</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: 8pt" color=black face=Georgia>917,860</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: 8pt" 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: 8pt" 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: 8pt" color=black face=Georgia>1,044,238</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="46%" noWrap>
      <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" 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: 8pt" color=black face=Georgia>32,784</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: 8pt" color=black face=Georgia>216,562</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: 8pt" color=black face=Georgia>249,346</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: 8pt" 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: 8pt" 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: 8pt" color=black face=Georgia>256,276</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="46%" noWrap>
      <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" 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: 8pt" 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: 8pt" 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: 8pt" 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: 8pt" 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: 8pt" 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: 8pt" color=black face=Georgia>199,461</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="46%" noWrap>
      <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" 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: 8pt" 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: 8pt" color=black face=Georgia>496,240</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: 8pt" color=black face=Georgia>496,240</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: 8pt" 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: 8pt" 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: 8pt" color=black face=Georgia>495,533</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="46%" noWrap>
      <P style="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: 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: 8pt" color=black face=Georgia>62,937</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: 8pt" color=black face=Georgia>1,108,082</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: 8pt" color=black face=Georgia>1,171,019</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: 8pt" 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: 8pt" 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: 8pt" color=black face=Georgia>1,147,359</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="46%">
      <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" 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: 8pt" color=black face=Georgia>16,702</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: 8pt" color=black face=Georgia>25,053</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: 8pt" color=black face=Georgia>41,755</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: 8pt" 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: 8pt" 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: 8pt" color=black face=Georgia>49,810</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="46%">
      <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" 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: 8pt" color=black face=Georgia>11,089</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: 8pt" color=black face=Georgia>55,322</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: 8pt" color=black face=Georgia>66,411</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: 8pt" 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: 8pt" 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: 8pt" color=black face=Georgia>71,280</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="46%">
      <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" 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: 8pt" color=black face=Georgia>4,313</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: 8pt" color=black face=Georgia>25,024</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: 8pt" color=black face=Georgia>29,337</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: 8pt" 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: 8pt" 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: 8pt" color=black face=Georgia>31,295</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="46%">
      <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" 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: 8pt" color=black face=Georgia>2,355</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: 8pt" color=black face=Georgia>20,610</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: 8pt" color=black face=Georgia>22,965</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: 8pt" 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: 8pt" 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: 8pt" color=black face=Georgia>24,000</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="46%">
      <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" 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: 8pt" color=black face=Georgia>23,357</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: 8pt" color=black face=Georgia>157,420</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: 8pt" color=black face=Georgia>180,777</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: 8pt" 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: 8pt" 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: 8pt" color=black face=Georgia>191,302</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="46%" noWrap>
      <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" 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: 8pt" color=black face=Georgia>30,233</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: 8pt" color=black face=Georgia>294,584</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: 8pt" color=black face=Georgia>324,817</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: 8pt" 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: 8pt" 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: 8pt" color=black face=Georgia>337,916</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="46%" noWrap>
      <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" 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: 8pt" 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: 8pt" color=black face=Georgia>405,944</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: 8pt" color=black face=Georgia>405,944</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: 8pt" 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: 8pt" 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: 8pt" color=black face=Georgia>233,967</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="46%" noWrap>
      <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" 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: 8pt" color=black face=Georgia>16,026</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: 8pt" color=black face=Georgia>538,037</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: 8pt" color=black face=Georgia>554,063</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: 8pt" 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: 8pt" 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: 8pt" color=black face=Georgia>552,516</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="46%" noWrap>
      <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" 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: 8pt" color=black face=Georgia>1,023</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: 8pt" color=black face=Georgia>10,255</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: 8pt" color=black face=Georgia>11,278</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: 8pt" 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: 8pt" 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: 8pt" color=black face=Georgia>11,575</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="46%" noWrap>
      <P style="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: 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: 8pt" color=black face=Georgia>67,386</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: 8pt" 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: 8pt" color=black face=Georgia>67,386</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: 8pt" 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: 8pt" 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: 8pt" color=black face=Georgia>121,605</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="46%" noWrap>
      <P style="MARGIN: 2.4pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" 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: 8pt" color=black face=Georgia>882,328</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: 8pt" color=black face=Georgia>5,048,271</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: 8pt" color=black face=Georgia>5,930,599</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: 8pt" 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: 8pt" 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: 8pt" color=black face=Georgia>6,303,780</FONT></P></DIV></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt 54.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 54.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 54.05pt">&nbsp;</P>
<a name="_bclFooter50"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 1pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>49</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_51></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader51"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 1pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV><B><FONT lang=EN-US style="FONT-SIZE: 10pt">&nbsp; </FONT></B>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>
<TABLE style="WIDTH: 338pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial
      Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=Georgia></FONT></B>&nbsp;</P><FONT lang=PT-BR><BR clear=all></FONT>
<DIV align=center>
<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: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>&nbsp;</FONT><B><FONT lang=EN-US style="FONT-SIZE: 8pt" 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: 8pt" color=black face=Georgia>June 30, 2017</FONT></B></P></DIV></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: 8pt" color=black face=Georgia>December 31, 2016</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="46%" noWrap>
      <P style="MARGIN: 2.4pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" 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: 8pt" 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: 8pt" 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: 8pt" 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: 8pt" 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: 8pt" 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: 8pt" 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="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: 8pt" 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: 8pt" 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: 8pt" 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: 8pt" 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: 8pt" 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: 8pt" 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="46%" noWrap>
      <P style="MARGIN: 2.4pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" 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: 8pt" 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: 8pt" 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: 8pt" 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: 8pt" 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: 8pt" 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: 8pt" 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="46%">
      <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>Inter-American Development Bank - BID 713 &#8211; US$
      12,549 thousand (US$ 25,097 thousand in December 2016)</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: 8pt" color=black face=Georgia>41,514</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: 8pt" 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: 8pt" color=black face=Georgia>41,514</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: 8pt" 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: 8pt" 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: 8pt" color=black face=Georgia>81,794</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="46%">
      <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>Inter-American Development Bank - BID 1212 &#8211;
      US$ 87,364 thousand (US$ 92,503 thousand in December 2016)</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: 8pt" color=black face=Georgia>34,002</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: 8pt" color=black face=Georgia>255,015</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: 8pt" color=black face=Georgia>289,017</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: 8pt" 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: 8pt" 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: 8pt" color=black face=Georgia>301,478</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="46%">
      <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>Inter-American Development Bank - BID 2202 &#8211;
      US$ 437,256 thousand (US$ 438,071 thousand in December 2016)</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: 8pt" color=black face=Georgia>78,191</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: 8pt" color=black face=Georgia>1,354,633</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: 8pt" color=black face=Georgia>1,432,824</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: 8pt" 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: 8pt" 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: 8pt" color=black face=Georgia>1,414,946</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="46%">
      <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>International Bank of Reconstruction and
      Development -BIRD &#8211; US$ 81,548 thousand <BR>(US$ 79,946 thousand in
      December 2016)</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: 8pt" 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: 8pt" color=black face=Georgia>269,457</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: 8pt" color=black face=Georgia>269,457</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: 8pt" 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: 8pt" 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: 8pt" color=black face=Georgia>260,224</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="46%">
      <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>Deutsche Bank &#8211; US$ 150,000 thousand (US$
      150,000 thousand in December 2016)</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: 8pt" color=black face=Georgia>124,058</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: 8pt" color=black face=Georgia>364,870</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: 8pt" color=black face=Georgia>488,928</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: 8pt" 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: 8pt" 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: 8pt" color=black face=Georgia>480,244</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="46%">
      <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>Eurobonds&#8211; US$ 350,000 thousand (US$ 350,000
      thousand in December 2016)</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: 8pt" 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: 8pt" color=black face=Georgia>1,154,990</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: 8pt" color=black face=Georgia>1,154,990</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: 8pt" 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: 8pt" 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: 8pt" color=black face=Georgia>1,137,395</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="46%">
      <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>JICA 15 &#8211; &yen; 14,405,375 thousand (&yen; 14,981,590
      thousand in December 2016)</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: 8pt" color=black face=Georgia>33,928</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: 8pt" color=black face=Georgia>390,167</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: 8pt" color=black face=Georgia>424,095</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: 8pt" 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: 8pt" 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: 8pt" color=black face=Georgia>418,286</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="46%">
      <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>JICA 18 &#8211; &yen; 12,952,000 thousand (&yen; 13,470,080
      thousand in December 2016)</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: 8pt" color=black face=Georgia>30,505</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: 8pt" color=black face=Georgia>350,547</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: 8pt" color=black face=Georgia>381,052</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: 8pt" 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: 8pt" 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: 8pt" color=black face=Georgia>375,819</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="46%">
      <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>JICA 17 &#8211; &yen; 1,629,365 thousand (&yen; 1,596,251
      thousand in December 2016)</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: 8pt" color=black face=Georgia>2,593</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: 8pt" color=black face=Georgia>44,636</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: 8pt" color=black face=Georgia>47,229</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: 8pt" 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: 8pt" 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: 8pt" color=black face=Georgia>43,880</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="46%">
      <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>JICA 19 &#8211; &yen; 29,310,671 thousand (&yen; 27,596,009
      thousand in December 2016)</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: 8pt" 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: 8pt" color=black face=Georgia>860,846</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: 8pt" color=black face=Georgia>860,846</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: 8pt" 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: 8pt" 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: 8pt" color=black face=Georgia>768,463</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="46%">
      <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=Georgia>BID 1983AB (AB Loan) &#8211; US$ 82,404 thousand (US$
      106,346 thousand in December 2016)</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: 8pt" color=black face=Georgia>79,206</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: 8pt" color=black face=Georgia>189,333</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: 8pt" color=black face=Georgia>268,539</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: 8pt" 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: 8pt" 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: 8pt" color=black face=Georgia>341,951</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="46%">
      <P style="MARGIN: 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 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: 8pt" color=black face=Georgia>35,721</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: 8pt" 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: 8pt" color=black face=Georgia>35,721</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: 8pt" 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: 8pt" 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: 8pt" color=black face=Georgia>35,883</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="46%" noWrap>
      <P style="MARGIN: 2.4pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" 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: 8pt" color=black face=Georgia>459,718</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: 8pt" color=black face=Georgia>5,234,494</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: 8pt" color=black face=Georgia>5,694,212</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: 8pt" 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: 8pt" 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: 8pt" color=black face=Georgia>5,660,363</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="46%">
      <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" 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: 8pt" 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: 8pt" 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: 8pt" 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: 8pt" 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: 8pt" 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: 8pt" 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="46%">
      <P style="MARGIN: 2.4pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" 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: 8pt" color=black face=Georgia>1,342,046</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: 8pt" color=black face=Georgia>10,282,765</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: 8pt" color=black face=Georgia>11,624,811</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: 8pt" 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: 8pt" 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: 8pt" color=black face=Georgia>11,964,143</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: 8pt" color=black face=Georgia></FONT></I>&nbsp;</P>
      <P style="MARGIN: 2.4pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>Exchange rate as of June
      30, 2017: US$ 3.3082; &yen; 0.02944 (as of December 31, 2016: US$ 3.2591; &yen;
      0.02792).</FONT></FONT></P>
      <P style="MARGIN: 2.4pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>As of June 30, 2017, the
      Company did not record balances of borrowings and financing raised during
      the year to mature within 12 months.</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: 8pt" color=black face=Georgia></FONT></I>&nbsp;</P></TD></TR></TABLE></DIV>
<P style="MARGIN: 5.15pt 0in 0pt 53.95pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="MARGIN: 5.15pt 0in 0pt 53.95pt"><B><FONT lang=EN-US style="FONT-SIZE: 15pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="MARGIN: 0.05in 0in 0pt 51.95pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P>
<a name="_bclFooter51"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 1pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>50</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_52></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader52"></a><DIV><FONT lang=PT-BR>
<TABLE style="WIDTH: 338pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial
      Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></DIV>
<a name="_bclHeader52"></a><DIV><FONT lang=PT-BR>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><BR clear=all></P></FONT></DIV>
<DIV align=left>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <DIV style="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><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>Domestic
      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><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="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=black><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><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="10%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><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: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>
      <P style="MARGIN: 4.8pt 0in"><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" 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: 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: 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" vAlign=bottom width="24%">
      <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%" 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="46%" 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="9%">
      <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="24%">
      <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="10%" 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="46%" 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="9%">
      <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="24%">
      <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="10%" 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="46%" 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="9%">
      <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="24%">
      <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="10%">
      <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="46%" 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="9%">
      <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="24%">
      <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="10%">
      <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="46%" 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="9%">
      <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="24%">
      <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="10%">
      <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="46%" 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="9%">
      <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="24%">
      <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="10%">
      <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="46%" 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="9%">
      <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="24%">
      <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="10%">
      <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="46%" 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="9%">
      <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="24%">
      <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="10%">
      <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="46%" 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="9%">
      <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="24%">
      <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="10%">
      <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="46%">
      <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="9%">
      <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="24%">
      <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="10%" 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="46%">
      <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="9%">
      <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="24%">
      <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="10%" 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="46%">
      <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="9%">
      <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="24%">
      <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="10%" 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="46%">
      <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="9%">
      <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="24%">
      <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="10%" 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="46%">
      <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="9%">
      <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="24%">
      <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="10%" 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="46%">
      <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="9%">
      <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="24%">
      <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="10%" 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="46%">
      <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="9%">
      <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="24%">
      <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="10%" 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="46%">
      <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="9%">
      <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="24%">
      <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="10%" 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="46%">
      <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="9%">
      <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="24%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 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="10%" 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>
<P style="MARGIN: 0.05pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0.05pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0.05pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 1pt; LETTER-SPACING: 8.05pt" face="times new roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: right; MARGIN: 7.95pt 73.65pt 0pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=Georgia></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 1pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>51</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 1pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV>

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   <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>

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<TR style="HEIGHT: 17pt">

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; 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><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>Foreign currency</FONT></B></FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><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="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=black><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>Maturity</FONT></B></FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>Annual interest rates</FONT></B></FONT></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>Exchange rate changes</FONT></B></FONT></P></DIV></TD></TR>

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   <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="9%">

   <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="10%" 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">

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   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>Inter-American Development Bank - BID 713 &#8211; US$ 12,549 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="9%">

   <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>4.82% (*) </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: 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="46%">

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>Inter-American Development Bank - BID 1212 &#8211; US$ 87,364 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="9%">

   <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>2.54% (*)</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: 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="46%">

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>Inter-American Development Bank - BID 2202 &#8211; US$ 437,256 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="9%">

   <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>2.09% (*) </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: 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="46%" 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 &#8211; US$ 81,548 thousand</FONT></P></TD>

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   <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="9%" 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>1.67% (*)</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: 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="46%">

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>Deutsche Bank US$ 150,000 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="9%" 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>

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   <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>

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   <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="46%">

   <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="9%" 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>

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   <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="10%">

   <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="46%">

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>JICA 15 &#8211; &#165; 14,405,375 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="9%" 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="10%">

   <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="46%">

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>JICA 18&#8211; &#165; 12,952,000 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>Government</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" 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="10%">

   <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="46%">

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>JICA 17&#8211; &#165; 1,629,365 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="9%" 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="10%">

   <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="46%">

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>JICA 19 &#8211; &#165; 29,310,671 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="9%" 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="10%">

   <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="46%">

   <P style="MARGIN: 4.8pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>BID 1983AB (AB Loan) &#8211; US$ 82,404 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="9%" 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="10%">

   <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="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT lang=EN-US style="FONT-SIZE: 7.5pt" face=Georgia></FONT></B></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 115%" face=georgia></FONT>

<P style="MARGIN: 0in 0in 0pt 59.95pt; LINE-HEIGHT: 1pt"><FONT lang=EN-US style="FONT-SIZE: 1pt; LETTER-SPACING: 8.25pt" face="times new roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 1pt; LETTER-SPACING: 4.85pt" face="times new roman">&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 1pt; LETTER-SPACING: 8.1pt" face="times new roman">&nbsp;</FONT></P>

<P style="MARGIN: 5.25pt 0in 0pt 96.8pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(*)</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Rates comprising LIBOR + contractually defined spread</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"></P>

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

<a name="_bclFooter53"></a><DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 1pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>52</FONT></P>

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



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

&nbsp; <A name="page_54"></A>

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<a name="_bclHeader54"></a><DIV>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 1pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV><FONT lang=EN-US style="FONT-SIZE: 10pt">&nbsp; </FONT>

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

<TABLE style="WIDTH: 338pt" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD>

   <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">

   <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>

<TR>

   <TD></TD></TR></TABLE>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P><FONT lang=PT-BR><BR clear=all></FONT>

<P style="MARGIN: 0in 0in 0pt 131.3pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(i) </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Payment schedule &#8211; accounting balances as of June 30, 2017</FONT></P>

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

<P style="MARGIN: 0.2pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=Georgia></FONT>&nbsp;</P>

<DIV align=center><FONT style="FONT-SIZE: 9pt" face=Arial>53</FONT>

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



<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><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" 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: 8pt" 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: 8pt" 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: 8pt" 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: 8pt" 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: 8pt" 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: 8pt" 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: 8pt" 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: 8pt" 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: 8pt" 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: 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" 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>&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: 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" 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>&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: 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" 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>&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: 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" 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>&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>87,109</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>896,675</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>1,014,145</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>423,198</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>199,280</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>178,718</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>255,722</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>3,054,847</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>30,814</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>65,166</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>67,190</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>69,524</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>73,099</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>76,965</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>788,261</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>1,171,019</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>44,025</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>98,051</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>112,053</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>94,013</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>93,568</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>93,568</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>536,728</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>1,072,006</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>Leases</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>7,842</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>29,088</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>30,573</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="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>32,187</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>33,941</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>35,849</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>384,583</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>554,063</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>386</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="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>1,461</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>1,364</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>1,364</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>1,364</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>1,364</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>3,975</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>11,278</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="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>34,619</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>32,767</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>67,386</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>204,795</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="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>1,123,208</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>1,225,325</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>620,286</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>401,252</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>386,464</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>1,969,269</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>5,930,599</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: 8pt" 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: 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" 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>&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: 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" 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>&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: 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" 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>&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: 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" 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>&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>97,610</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>112,193</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>112,193</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>112,193</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>112,193</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>112,193</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>1,104,780</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>1,763,355</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>8,984</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>17,967</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>17,967</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>17,967</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>206,572</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>269,457</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>248,115</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="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>240,813</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>488,928</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>1,154,990</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>1,154,990</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>33,512</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>67,025</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>113,669</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>113,669</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>113,669</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>113,669</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>1,158,009</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>1,713,222</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 (AB Loan)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>78,793</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=Georgia>58,530</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="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>56,952</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>25,448</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>25,448</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>23,368</FONT></P></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-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>268,539</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>35,721</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>35,721</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>166,843</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>506,126</FONT></P></DIV></TD>

   <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-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>534,189</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>1,455,771</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>269,277</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>269,277</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>2,492,729</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>5,694,212</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>371,638</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>1,629,334</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>1,759,514</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>2,076,057</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>670,529</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>655,741</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>4,461,998</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>11,624,811</FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 1pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>

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<a name="_bclHeader55"></a><DIV><FONT style="HEIGHT: 25px; WIDTH: 388px; POSITION: absolute; MARGIN-LEFT: 47px; MARGIN-TOP: 53px"></FONT><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>
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<TABLE style="WIDTH: 388pt" cellSpacing=0 cellPadding=0 border=0>

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      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial
      Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="MARGIN: 5.25pt 0in 0pt 76.25pt; TEXT-INDENT: -17.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Main events in the six-month period ended
June 30, 2017</FONT></B></H4>
<P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 0in 0pt 100.2pt; TEXT-INDENT: -27.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Debentures</FONT></B></P>
<P style="MARGIN: 0.5pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 72.6pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>As of
January 16, 2017, the Company amortized the second installment of the 17th issue
of series 1, totaling R$ 140,144</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></P>
<P style="MARGIN: 0in 58.5pt 0pt 72.6pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>As of February
15, 2017, the Company fully paid the 15th issue of series 1, totaling R$
104,809, referring to principal and interest</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 72.6pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>As of
June 20, 2017, the Company fully paid the 19th debenture issue, totaling R$
212,648, referring to principal and interest</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.2pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 100.2pt; TEXT-INDENT: -27.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(b)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>BNDES</FONT></B></H4>
<P style="MARGIN: 0.45pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 72.6pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>As of
March 15, 2017, the Company raised R$ 170,000, corresponding to agreement
15.2.0313.1 - BNDES 2015</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 100.2pt; TEXT-INDENT: -27.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(c)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>JICA</FONT></B></H4>
<P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 57pt 0pt 72.6pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>In 2017, funding
totaled R$ 20,243, referring to agreement BZ-P19 (JICA 19)</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 100.2pt; TEXT-INDENT: -27.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(d)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>BID</FONT></B></H4>
<P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.8pt 0pt 72.6pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>In
2017, funding and amortization totaled R$ 33,346 and R$ 35,870, respectively,
referring to agreement BID 2202</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.25pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 72.6pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>In 2017, the
amortization referring to agreement BID 713 totaled R$ 41,549</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.45pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 100.2pt; TEXT-INDENT: -27.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(e)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>AB</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -1.6pt" face=Georgia>
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>LOAN</FONT></B></H4>
<P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 72.6pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>In 2017, the
amortization totaled R$ 75,610</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.4pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 72.6pt; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(e)&nbsp;&nbsp;&nbsp; Exchange
rate changes</FONT></B></H4>
<P style="MARGIN: 0.45pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.7pt 0pt 72.6pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>The US dollar exchange
increased 1.5%, from R$ 3.2591 as of December 31, 2016 to R$ 3.3082 on June 30,
2017, increasing debt by R$ 58,975. In the same period, the Yen increased 5.4%,
from R$ 0.02792 as of December 31, 2016 to R$ 0.02944 on June 30, 2017,
increasing debt by R$ 88,612.</FONT></P><FONT style="LINE-HEIGHT: 112%" face=georgia></FONT>
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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>54</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_56></A>
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<a name="_bclHeader56"></a><DIV><FONT style="HEIGHT: 25px; WIDTH: 388px; POSITION: absolute; MARGIN-LEFT: 47px; MARGIN-TOP: 53px"></FONT><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>
<TABLE style="WIDTH: 388pt" cellSpacing=0 cellPadding=0 border=0>

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    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial
      Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></P>
<P style="MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="MARGIN: 5.25pt 0in 0pt 86.3pt; TEXT-INDENT: -27.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(ii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Covenants</FONT></B></H4>
<P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 59.8pt 0pt 72.6pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>As of June 30,
2017, the Company had met the requirements set forth by its borrowings and
financing agreements</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.8pt 59.75pt 0pt 72.6pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The goals of the
Performance Improvement Agreement (AMD), dated May 28, 2007 and amended on
August 22, 2012, entered into between SABESP and the Federal Government, with
the Brazilian Federal Savings Bank and the BNDES as intervening parties, expired
on December 31, 2016 and were not renewed, pursuant to article 2 of Normative
Instruction 6, of March 14, 2013</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.2pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="MARGIN: 0in 0in 0in 86.35pt; TEXT-INDENT: -27.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(iii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Borrowings and financing - Credit
Limited</FONT></B></H4>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 14.5pt" face=Georgia></FONT></B>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

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    <TD style="HEIGHT: 14.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="73%">
      <P style="MARGIN: 0in 0in 0pt 5.65pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Agent</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 110%" align=center><FONT style="LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 110%" align=center><FONT style="LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>June 30,
    2017</FONT></B></FONT></P></TD></TR>
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    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="73%">
      <P style="MARGIN: 0in 0in 0pt 5.65pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 110%" align=center><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 110%" align=center><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(in millions of reais
      (*))</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 14.15pt">
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="73%">
      <P style="MARGIN: 0in 0in 0pt 5.65pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Brazilian Federal Savings Bank</FONT></FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt; 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 5.65pt 0pt 14.2pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>1,661</FONT></FONT></P></TD></TR>
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    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="73%">
      <P style="MARGIN: 0in 0in 0pt 5.65pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Brazilian Development Bank &#8211; BNDES</FONT></FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt; 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 5.65pt 0pt 14.2pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>1,560</FONT></FONT></P></TD></TR>
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    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="73%">
      <P style="MARGIN: 0in 0in 0pt 5.65pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Inter-American Development Bank &#8211; BID</FONT></FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt; 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 5.65pt 0pt 14.2pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>500</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 14.15pt">
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="73%">
      <P style="MARGIN: 0in 0in 0pt 5.65pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Japan International Cooperation Agency &#8211;
      JICA</FONT></FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt; 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 5.65pt 0pt 14.2pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>261</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 14.15pt">
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="73%">
      <P style="MARGIN: 0in 0in 0pt 5.65pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>International Bank for Reconstruction and Development &#8211;
      IBRD</FONT></FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt; 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 5.65pt 0pt 14.2pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>61</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 14.15pt">
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="73%">
      <P style="MARGIN: 0in 0in 0pt 5.65pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Other</FONT></FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt; BORDER-BOTTOM: windowtext 1pt solid; 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 5.65pt 0pt 14.2pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>38</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 14.15pt">
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="73%">
      <P style="MARGIN: 0in 0in 0pt 5.65pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Total</FONT></B></FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 14.2pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 14.15pt; BORDER-BOTTOM: windowtext 2pt double; 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 5.65pt 0pt 14.2pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>4,081</FONT></B></FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0.5pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 6pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.25pt 59.75pt 0pt 72.6pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(*) </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Exchange rate as of June 30,
2017 (US$ 1.00 = R$ 3.3082; &yen; 1.00 = R$ 0.02944</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>).</FONT></P>
<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.8pt 0pt 72.55pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>SABESP in order to
comply with its Capex plan relies on a fund-raising plan. 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 lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 59.8pt 0pt 72.55pt; LINE-HEIGHT: 101%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Additional
information on borrowings and financing is presented in Note 16 to the Annual
Financial Statements as of December 31, 2016</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P><FONT style="LINE-HEIGHT: 101%" face=georgia></FONT>
<a name="_bclFooter56"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT size=2 face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT size=2 face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT size=2 face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT size=2 face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT size=2 face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT size=2 face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT size=2 face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT size=2 face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT size=2 face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT size=2 face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT size=2 face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT size=2 face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%">&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>55</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_57></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader57"></a><DIV><FONT style="HEIGHT: 25px; WIDTH: 388px; POSITION: absolute; MARGIN-LEFT: 47px; MARGIN-TOP: 53px"></FONT><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>
<TABLE style="WIDTH: 388pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial
      Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="MARGIN: 5.2pt 0in 0pt 58.75pt; TEXT-INDENT: -34.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>16</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Taxes
payable</FONT></B></H4>
<P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0in 86.3pt; TEXT-INDENT: -27.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Current
assets</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 5pt" face=Georgia></FONT></B>&nbsp;</P>
<DIV align=center>
<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="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>June 30,
      2017</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="20%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black 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: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" 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: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" 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: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>74,238</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 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>32,365</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="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>4,303</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 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>7,057</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="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>3,340</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 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>2,961</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="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>258</FONT></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: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>250</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="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Total</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>82,139</FONT></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 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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>42,633</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="MARGIN: 0.3pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 57pt 0pt 58.7pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The increase in
recoverable taxes was mainly due to an increase in &#8220;income tax and social
contribution&#8221; item, as a result of higher anticipation in the period</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="MARGIN: 0in 0in 0in 86.3pt; TEXT-INDENT: -27.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.1pt" face=Georgia>(b)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.1pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Current
liabilities</FONT></B></H4>
<P style="MARGIN: 0.15pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT></B>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 100%" 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; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>June 30,
      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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>December 31,
      2016</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="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>42,624</FONT></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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>49,132</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="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>36,554</FONT></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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>35,376</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="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>3,724</FONT></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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>62,771</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="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>29,623</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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>21,478</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="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>112,525</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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>168,757</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>
<DIV align=center>&nbsp;</DIV>
<DIV align=center>&nbsp;</DIV>
<a name="_bclFooter57"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>56</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_58></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader58"></a><DIV><FONT style="HEIGHT: 25px; WIDTH: 388px; POSITION: absolute; MARGIN-LEFT: 47px; MARGIN-TOP: 53px"></FONT><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman">
<TABLE style="WIDTH: 388pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial
      Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></P>
<P style="MARGIN: 0in 0in 0pt 58.5pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>17</FONT></B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Deferred taxes and contributions</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt 58.5pt; TEXT-INDENT: -0.5in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 58.5pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of
financial position details</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 13.5pt" face="times new roman"></FONT>&nbsp;</P>
<DIV align=center>
<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="60%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-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: 8.5pt" color=black face=Georgia>June 30, 2017</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: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-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: 8.5pt" color=black face=Georgia>December 31, 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="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Deferred income tax assets
      </FONT></B></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: 8.5pt" 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: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 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: 8.5pt" face=Georgia>Provisions</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; TEXT-INDENT: -7.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>531,109</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; TEXT-INDENT: -7.1pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>524,129</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 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Actuarial loss &#8211;G1 Plan
    </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: 8.5pt" face=Georgia>166,080</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: 8.5pt" face=Georgia>85,044</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 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>Pension obligations -
    G1</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: 8.5pt" face=Georgia>85,044</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: 8.5pt" face=Georgia>167,922</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 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Donations of underlying asset on
      concession agreements</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: 8.5pt" face=Georgia>56,449</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: 8.5pt" face=Georgia>57,317</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 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Credit losses</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: 8.5pt" face=Georgia>244,762</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: 8.5pt" face=Georgia>266,757</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 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>159,375</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: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 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: 8.5pt" face=Georgia>151,247</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"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Total deferred tax
    assets</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: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 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: 8.5pt" face=Georgia>1,242,819</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: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 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: 8.5pt" face=Georgia>1,252,416</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"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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: 8.5pt" 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: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 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: 8.5pt" face=Georgia>Deferred income tax
      liabilities</FONT></B></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: 8.5pt" 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: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 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: 8.5pt" face=Georgia>Temporary difference on concession
      of intangible asset</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: 8.5pt" face=Georgia>(475,623)</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: 8.5pt" face=Georgia>(492,341)</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 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Capitalization of borrowing
      costs</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: 8.5pt" face=Georgia>(403,773)</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: 8.5pt" face=Georgia>(374,512)</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 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Profit on supply to governmental
      entities</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: 8.5pt" face=Georgia>(88,334)</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: 8.5pt" face=Georgia>(92,365)</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 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Construction margin</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: 8.5pt" face=Georgia>(90,330)</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: 8.5pt" face=Georgia>(91,790)</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 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Borrowing costs</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: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 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: 8.5pt" face=Georgia>(13,958)</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: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 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: 8.5pt" face=Georgia>(15,063)</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"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Total deferred tax
      liabilities</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: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 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: 8.5pt" face=Georgia>(1,072,018)</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: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 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: 8.5pt" face=Georgia>(1,066,071)</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"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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: 8.5pt" 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: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 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: 8.5pt" face=Georgia>Deferred tax asset,
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 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: 8.5pt" face=Georgia>170,801</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 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: 8.5pt" face=Georgia>186,345</FONT></P></DIV></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt 58.5pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Changes</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT></B>&nbsp;</P>
<DIV align=center>
<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: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Net </FONT></B></FONT></P>
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>change
    </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="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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>June 30,</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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>2017</FONT></B></FONT></P></DIV></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Deferred income tax assets</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Provisions</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>524,129</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>6,980</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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>531,109</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">
      <P style="MARGIN: 0in 0in 0pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Actuarial loss &#8211; G1</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>85,044</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>85,044</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">
      <P style="MARGIN: 0in 0in 0pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Pension obligations - G1</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>167,922</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(1,842)</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>166,080</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">
      <P style="MARGIN: 0in 0in 0pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Donations of underlying asset on concession
      agreements</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>57,317</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(868)</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>56,449</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">
      <P style="MARGIN: 0in 0in 0pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Credit 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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>266,757</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(21,995)</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>244,762</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">
      <P style="MARGIN: 0in 0in 0pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>151,247</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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>8,128</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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>159,375</FONT></FONT></P></DIV></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Total</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>1,252,416</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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(9,597)</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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>1,242,819</FONT></FONT></P></DIV></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Deferred income tax liabilities</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Temporary difference on concession of intangible
      asset</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(492,341)</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>16,718</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(475,623)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">
      <P style="MARGIN: 0in 0in 0pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Capitalization of borrowing costs</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(374,512)</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(29,261)</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(403,773)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">
      <P style="MARGIN: 0in 0in 0pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Profit on supply to governmental
entities</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(92,365)</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>4,031</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(88,334)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">
      <P style="MARGIN: 0in 0in 0pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Construction margin</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(91,790)</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>1,460</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(90,330)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">
      <P style="MARGIN: 0in 0in 0pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Borrowing costs</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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(15,063)</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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>1,105</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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(13,958)</FONT></FONT></P></DIV></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Total</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(1,066,071)</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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(5,947)</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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(1,072,018)</FONT></FONT></P></DIV></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Deferred tax asset, net</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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>186,345</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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(15,544)</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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>170,801</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>
<DIV align=center>&nbsp;</DIV>
<DIV align=center>&nbsp;</DIV>
<a name="_bclFooter58"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>57</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_59></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader59"></a><DIV><FONT style="HEIGHT: 25px; WIDTH: 388px; POSITION: absolute; MARGIN-LEFT: 47px; MARGIN-TOP: 53px"></FONT><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>
<TABLE style="WIDTH: 388pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial
      Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P>
<DIV align=center>
<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: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">
      <P style="MARGIN: 2.4pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>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="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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Net </FONT></B></FONT></P>
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>change
    </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="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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>June 30,</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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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" vAlign=bottom width="40%">
      <P style="MARGIN: 2.4pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Deferred income tax assets</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Provisions</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>480,378</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>35,610</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>515,988</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">
      <P style="MARGIN: 2.4pt 0in 2.4pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Pension obligations - G1</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>256,808</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>17,337</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>274,145</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">
      <P style="MARGIN: 2.4pt 0in 2.4pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Donations of underlying asset on concession
      agreements</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>53,206</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>3,203</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>56,409</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">
      <P style="MARGIN: 2.4pt 0in 2.4pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Credit 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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>213,171</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>8,947</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>222,118</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">
      <P style="MARGIN: 2.4pt 0in 2.4pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Tax 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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>58,829</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(58,829)</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="40%">
      <P style="MARGIN: 2.4pt 0in 2.4pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>121,550</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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>7,977</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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>129,527</FONT></FONT></P></DIV></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">
      <P style="MARGIN: 2.4pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Total</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>1,183,942</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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>14,245</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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>1,198,187</FONT></FONT></P></DIV></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">
      <P style="MARGIN: 2.4pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">
      <P style="MARGIN: 2.4pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Deferred income tax liabilities</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Temporary difference on concession of intangible
      asset</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(524,495)</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>15,417</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(509,078)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">
      <P style="MARGIN: 2.4pt 0in 2.4pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Capitalization of borrowing costs</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(309,648)</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(27,552)</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(337,200)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">
      <P style="MARGIN: 2.4pt 0in 2.4pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Profit on supply to governmental
entities</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(81,055)</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(6,043)</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(87,098)</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="40%">
      <P style="MARGIN: 2.4pt 0in 2.4pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Actuarial gain &#8211; G1</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(33,726)</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(33,726)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">
      <P style="MARGIN: 2.4pt 0in 2.4pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Construction margin</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(94,921)</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>1,648</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(93,273)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">
      <P style="MARGIN: 2.4pt 0in 2.4pt 2.85pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Borrowing costs</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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(11,855)</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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(802)</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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(12,657)</FONT></FONT></P></DIV></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">
      <P style="MARGIN: 2.4pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Total</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(1,055,700)</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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(17,332)</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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(1,073,032)</FONT></FONT></P></DIV></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">
      <P style="MARGIN: 2.4pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="40%">
      <P style="MARGIN: 2.4pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Deferred tax asset, net</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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>128,242</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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(3,087)</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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>125,155</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>
<DIV align=center>&nbsp;</DIV>
<DIV align=center>&nbsp;</DIV>
<a name="_bclFooter59"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>58</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_60></A>
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<a name="_bclHeader60"></a><DIV><FONT style="HEIGHT: 25px; WIDTH: 388px; POSITION: absolute; MARGIN-LEFT: 47px; MARGIN-TOP: 53px"></FONT><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman">
<TABLE style="WIDTH: 388pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial
      Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P>
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<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: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="60%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 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: 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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>June 30, </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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>2017</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="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; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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" vAlign=bottom width="60%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="60%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>128,242</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="60%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Net change in the
      period:</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="60%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>- corresponding entry in the statement of
      income</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(15,544)</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(60,667)</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="60%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>- corresponding entry in equity valuation adjustments
      </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="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; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>-</FONT></FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="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; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="60%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="60%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Total change, net</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="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; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(15,544)</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="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; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>58,103</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="60%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>170,801</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="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>186,345</FONT></B></FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P>
<P style="MARGIN: 0.35pt 0in 0.05pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 58.5pt; TEXT-INDENT: -0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>(c)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Reconciliation of the effective tax rate</FONT></B></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.25pt 59.75pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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: 5.25pt 59.75pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 17pt; PAGE-BREAK-INSIDE: avoid">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PAGE-BREAK-AFTER: avoid; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 2.85pt 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="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: 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><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>June 30,
      2017</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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>June 30,
      2016</FONT></B></FONT></P></DIV></TD></TR>
  <TR style="HEIGHT: 17pt; PAGE-BREAK-INSIDE: avoid">
    <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 2.4pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt; PAGE-BREAK-INSIDE: avoid">
    <TD style="HEIGHT: 17pt; 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 2.4pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Profit before income
      taxes</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 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,514,557</FONT></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 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>2,180,610</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt; PAGE-BREAK-INSIDE: avoid">
    <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 2.4pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Statutory
      rate</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: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>34%</FONT></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: 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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>34%</FONT></FONT></P></DIV></TD></TR>
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      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 2.4pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">
      <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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt; PAGE-BREAK-INSIDE: avoid">
    <TD style="HEIGHT: 17pt; 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 2.4pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Estimated expense at
      statutory rate</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 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(514,949)</FONT></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 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(741,407)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt; PAGE-BREAK-INSIDE: avoid">
    <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 2.4pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Tax benefit of interest
      on equity</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 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>42,009</FONT></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 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>7,659</FONT></FONT></P></TD></TR>
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    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 2.4pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Permanent
      differences</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 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt; PAGE-BREAK-INSIDE: avoid">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" 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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Arial,sans-serif></FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Provision &#8211; Law 4,819/58 (i)</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 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(29,656)</FONT></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 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(33,706)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt; PAGE-BREAK-INSIDE: avoid">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" 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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Arial,sans-serif></FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Donations</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 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(3,292)</FONT></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 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(469)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt; PAGE-BREAK-INSIDE: avoid">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" 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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Arial,sans-serif></FONT></FONT><FONT style="LINE-HEIGHT: 110%" color=black face=georgia><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Other differences</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: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(2,499)</FONT></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: 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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>13,633</FONT></FONT></P></DIV></TD></TR>
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    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" 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: 8.5pt" color=black face=georgia></FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">
      <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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt; PAGE-BREAK-INSIDE: avoid">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" 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: 8.5pt" 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="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: 5.65pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 2.4pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(508,387)</FONT></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 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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(754,290)</FONT></FONT></P></DIV></TD></TR>
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    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" 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: 8.5pt" color=black face=georgia></FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">
      <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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt; PAGE-BREAK-INSIDE: avoid">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" 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: 8.5pt" color=black face=georgia>Current 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="20%">
      <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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(492,843)</FONT></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 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(751,203)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt; PAGE-BREAK-INSIDE: avoid">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" 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: 8.5pt" color=black face=georgia>Deferred 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="20%">
      <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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(15,544)</FONT></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 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(3,087)</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt; PAGE-BREAK-INSIDE: avoid">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" 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: 8.5pt" color=black face=georgia>Effective
      rate</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 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>34%</FONT></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 2.4pt 5.65pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>35%</FONT></FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0.25pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 5.2pt 0in 0pt 113.95pt; TEXT-INDENT: -113.95pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>i.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Permanent difference related to the provision for actuarial
liability (Note</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia> 19
b</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.85pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(iii)).</FONT></P>
<P style="MARGIN: 5.2pt 0in 0pt 113.95pt; TEXT-INDENT: -113.95pt">&nbsp;</P>
<a name="_bclFooter60"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT size=2 face=Georgia></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>59</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_61></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader61"></a><DIV><FONT style="HEIGHT: 25px; WIDTH: 388px; POSITION: absolute; MARGIN-LEFT: 47px; MARGIN-TOP: 53px"></FONT><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>
<TABLE style="WIDTH: 388pt" cellSpacing=0 cellPadding=0 border=0>

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    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial
      Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></P>
<P style="MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="MARGIN: 5.25pt 0in 0pt 58.7pt; TEXT-INDENT: -34.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>18</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Provisions</FONT></B></H4>
<P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 0in 0pt 86.35pt; TEXT-INDENT: -27.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Lawsuits
and proceedings that resulted in provisions</FONT></B></P>
<P style="MARGIN: 0.5pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0in 100.85pt; TEXT-INDENT: -14.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Statement
of financial position details</FONT></B></P>
<P style="MARGIN: 0.35pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.75pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>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 consistently with the recognition and measurement criteria
established in Note 3.15 to the Annual Financial Statements as of December 31,
2016. Management believes that the provisions are sufficient to cover eventual
losses, net of escrow deposits, as follows</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>:</FONT></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P>
<DIV align=center>
<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="26%" noWrap>
      <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></B></FONT>&nbsp;</P>
      <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Provisions</FONT></B></FONT></P></DIV></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Escrow
      deposits</FONT></B></FONT></P></DIV></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>June 30,</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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>2017</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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Provisions</FONT></B></FONT></P></DIV></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Escrow
      deposits</FONT></B></FONT></P></DIV></TD>
    <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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: 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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Customer claims (i)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="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: 8.5pt" face=georgia>557,426</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" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(83,930)</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" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>473,496</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: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="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: 8.5pt" 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: 8.5pt" 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%">
      <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: 8.5pt" face=georgia>475,039</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Supplier claims (ii)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="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: 8.5pt" face=georgia>352,870</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: 8.5pt" face=georgia>(264,847)</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: 8.5pt" face=georgia>88,023</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: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="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: 8.5pt" 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%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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%">
      <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: 8.5pt" face=georgia>81,157</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Other civil claims (iii)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="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: 8.5pt" face=georgia>121,870</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: 8.5pt" face=georgia>(13,781)</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: 8.5pt" face=georgia>108,089</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: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="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: 8.5pt" 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%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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%">
      <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: 8.5pt" face=georgia>118,634</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Tax claims (iv)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 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: 8.5pt" face=georgia>78,210</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: 8.5pt" face=georgia>(3,033)</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: 8.5pt" face=georgia>75,177</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: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="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: 8.5pt" 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%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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%">
      <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: 8.5pt" face=georgia>66,912</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Labor claims (v)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 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: 8.5pt" face=georgia>297,791</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: 8.5pt" face=georgia>(4,875)</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: 8.5pt" face=georgia>292,916</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: 8.5pt" face=georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="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: 8.5pt" 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%"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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%">
      <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: 8.5pt" face=georgia>282,211</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Environmental claims (vi)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 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"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>153,918</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"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>(977)</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"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>152,941</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%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; 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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia></FONT></FONT>&nbsp;</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"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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"><FONT style="LINE-HEIGHT: 110%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; 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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>149,122</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Total</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>1,562,085</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(371,443)</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>1,190,642</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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%">
      <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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>1,173,075</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="26%" noWrap>
      <P style="MARGIN: 0in 2.85pt 0pt 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Current</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>726,971</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>-</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>726,971</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>-</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>730,334</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Noncurrent</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>835,114</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(371,443)</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>463,671</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>442,741</FONT></FONT></P></TD></TR></TABLE></DIV>
<DIV align=center>&nbsp;</DIV>
<a name="_bclFooter61"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>60</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_62></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader62"></a><DIV><FONT style="HEIGHT: 25px; WIDTH: 388px; POSITION: absolute; MARGIN-LEFT: 47px; MARGIN-TOP: 53px"></FONT><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>
<TABLE style="WIDTH: 388pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial
      Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0in 100.85pt; TEXT-INDENT: -14.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(ii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Changes</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<DIV align=center>
<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: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="24%">
      <P style="VERTICAL-ALIGN: baseline; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Additional
      provisions</FONT></B></FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Interest and inflation
      adjustment</FONT></B></FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Amounts not
      used</FONT></B></FONT></P>
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(reversal)</FONT></B></FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>June 30,</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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>2017</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="24%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Customer claims (i)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>572,210</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: 8.5pt" face=Georgia>18,090</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: 8.5pt" face=Georgia>29,828</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: 8.5pt" face=Georgia>(41,873)</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: 8.5pt" face=Georgia>(20,829)</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>557,426</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="24%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Supplier claims (ii)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>332,667</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: 8.5pt" face=Georgia>15,798</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: 8.5pt" face=Georgia>17,352</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: 8.5pt" face=Georgia>(12,293)</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: 8.5pt" face=Georgia>(654)</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: 8.5pt" face=Georgia>352,870</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="24%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Other civil claims (iii)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>131,286</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: 8.5pt" face=Georgia>5,283</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: 8.5pt" face=Georgia>6,496</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: 8.5pt" face=Georgia>(6,099)</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: 8.5pt" face=Georgia>(15,096)</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: 8.5pt" face=Georgia>121,870</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="24%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Tax claims (iv)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>69,898</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: 8.5pt" face=Georgia>4,327</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: 8.5pt" face=Georgia>5,033</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: 8.5pt" face=Georgia>(247)</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: 8.5pt" face=Georgia>(801)</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: 8.5pt" face=Georgia>78,210</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="24%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Labor claims (v)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>285,413</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: 8.5pt" face=Georgia>32,102</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: 8.5pt" face=Georgia>20,424</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: 8.5pt" face=Georgia>(22,380)</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: 8.5pt" face=Georgia>(17,768)</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: 8.5pt" face=Georgia>297,791</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="24%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Environmental claims (vi)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>150,084</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>16,230</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>9,026</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(20,398)</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(1,024)</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>153,918</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="24%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Subtotal</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>1,541,558</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>91,830</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>88,159</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(103,290)</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(56,172)</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>1,562,085</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="24%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Escrow deposits</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(368,483)</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(19,078)</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(5,811)</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>12,229</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>9,700</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(371,443)</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="24%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Total</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>1,173,075</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>72,752</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>82,348</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(91,061)</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 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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(46,472)</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>1,190,642</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0.45pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 14pt" face=Georgia></FONT>&nbsp;</P>
<DIV align=center>
<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: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="24%">
      <P style="VERTICAL-ALIGN: baseline; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Additional
      provisions</FONT></B></FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Interest and inflation
      adjustment</FONT></B></FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Amounts not
      used</FONT></B></FONT></P>
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(reversal)</FONT></B></FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>June 30, </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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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" vAlign=bottom width="24%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Customer claims (i)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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" vAlign=bottom width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>34,105</FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>61,309</FONT></P></TD>
    <TD style="HEIGHT: 17pt; 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" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(26,025)</FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(56,386)</FONT></P></TD>
    <TD style="HEIGHT: 17pt; 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: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>574,064</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="24%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Supplier claims (ii)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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" vAlign=bottom width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>4,903</FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>32,723</FONT></P></TD>
    <TD style="HEIGHT: 17pt; 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" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(11,141)</FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(318)</FONT></P></TD>
    <TD style="HEIGHT: 17pt; 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" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>322,827</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="24%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Other civil claims (iii)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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" vAlign=bottom width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>8,152</FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>13,170</FONT></P></TD>
    <TD style="HEIGHT: 17pt; 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" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(2,787)</FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(17,300)</FONT></P></TD>
    <TD style="HEIGHT: 17pt; 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" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>126,068</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="24%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Tax claims (iv)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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" vAlign=bottom width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>19,227</FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>11,084</FONT></P></TD>
    <TD style="HEIGHT: 17pt; 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" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(263)</FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(9,348)</FONT></P></TD>
    <TD style="HEIGHT: 17pt; 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" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>83,512</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="24%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Labor claims (v)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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" vAlign=bottom width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>21,410</FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>16,727</FONT></P></TD>
    <TD style="HEIGHT: 17pt; 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" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(20,207)</FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(16,944)</FONT></P></TD>
    <TD style="HEIGHT: 17pt; 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" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>284,977</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="24%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Environmental claims (vi)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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" 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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>43,842</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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>17,245</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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>-</FONT></FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(18,443)</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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>126,164</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="24%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Subtotal</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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" vAlign=bottom width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>131,639</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="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>152,258</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="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(60,423)</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="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(118,739)</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="12%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>1,517,612</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="24%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Escrow deposits</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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" 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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(24,548)</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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(20,796)</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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>5,339</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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>3,500</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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(367,168)</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="24%">
      <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Total</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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" 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; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>107,091</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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>131,462</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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(55,084)</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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>(115,239)</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="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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>1,150,444</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0.2pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="TEXT-ALIGN: justify; MARGIN: 0.05pt 0in 0pt 86.3pt; TEXT-INDENT: -27.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(b)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Lawsuits
deemed as contingent liabilities</FONT></B></H4>
<P style="MARGIN: 0.5pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.75pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The Company is
party to lawsuits and administrative proceedings relating to environmental, tax,
civil and labor claims, which are assessed as contingent liabilities in the
financial statements, since it either does not expect outflows to be required or
the amount of the obligation cannot be reliably measured. Contingent liabilities
are represented as follows</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>:</FONT></P>
<P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<DIV align=center>
<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="60%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 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; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>June 30,</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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>2017</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="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; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Customer claims (i)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>234,200</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: 8.5pt" face=Georgia>306,500</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="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Supplier claims (ii)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>1,404,300</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: 8.5pt" face=Georgia>1,422,000</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="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Other civil claims (iii)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>740,000</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: 8.5pt" face=Georgia>709,400</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="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Tax claims (iv)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 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: 8.5pt" face=Georgia>1,252,800</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: 8.5pt" face=Georgia>1,143,000</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="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Labor claims (v)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 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: 8.5pt" face=Georgia>642,200</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: 8.5pt" face=Georgia>533,600</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="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Environmental claims (vi)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 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: 8.5pt" face=Georgia>3,686,300</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: 8.5pt" face=Georgia>3,317,600</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="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Total</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="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: 8.5pt" face=Georgia>7,959,800</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 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: 8.5pt" face=Georgia>7,432,100</FONT></P></DIV></TD></TR></TABLE></DIV>
<DIV align=center>&nbsp;</DIV><FONT style="LINE-HEIGHT: 156%" face=georgia></FONT>
<a name="_bclFooter62"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>61</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_63></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader63"></a><DIV><FONT style="HEIGHT: 25px; WIDTH: 388px; POSITION: absolute; MARGIN-LEFT: 47px; MARGIN-TOP: 53px"></FONT><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>
<TABLE style="WIDTH: 388pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial
      Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0.4pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 86.3pt; TEXT-INDENT: -27.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(c)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Explanation
on the nature of main classes of lawsuits</FONT></B></H4>
<P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0in 112.5pt; TEXT-INDENT: -26.2pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Customer
claims</FONT></B></P>
<P style="MARGIN: 0.45pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 59.75pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Approximately 1,100
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;. The Company was granted both favorable and unfavorable
final decisions at several court levels</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.2pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="MARGIN: 0in 0in 0in 113.95pt; TEXT-INDENT: -27.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(ii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Supplier
claims</FONT></B></H4>
<P style="MARGIN: 0.3pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 59.75pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black 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</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.2pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="MARGIN: 0.05pt 0in 0pt 113.95pt; TEXT-INDENT: -27.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(iii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Other civil claims</FONT></B></H4>
<P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 59.8pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black 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</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="MARGIN: 0in 0in 0in 113.95pt; TEXT-INDENT: -27.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(iv)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Tax claims</FONT></B></H4>
<P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.8pt 0pt 58.7pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black 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</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.25pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="MARGIN: 0in 0in 0in 113.95pt; TEXT-INDENT: -27.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(v)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Labor
claims</FONT></B></H4>
<P style="MARGIN: 0.45pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.8pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black 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</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.05pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="MARGIN: 0in 0in 0in 113.95pt; TEXT-INDENT: -27.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(vi)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Environmental
claims</FONT></B></H4>
<P style="MARGIN: 0.45pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.8pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>These 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. 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</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.8pt 0pt 58.7pt; LINE-HEIGHT: 112%">&nbsp;</P><FONT style="LINE-HEIGHT: 112%" face=georgia></FONT>
<a name="_bclFooter63"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>62</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_64></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader64"></a><DIV><FONT style="HEIGHT: 25px; WIDTH: 388px; POSITION: absolute; MARGIN-LEFT: 47px; MARGIN-TOP: 53px"></FONT><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>
<TABLE style="WIDTH: 388pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial
      Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></P>
<P style="MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="TEXT-ALIGN: justify; MARGIN: 5.25pt 0in 0pt 86.3pt; TEXT-INDENT: -27.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(d)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Guarantee
insurance for escrow deposit</FONT></B></H4>
<P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 59.8pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The Company
contracts guarantee insurance for the issue of policy, which was renewed on May
25, 2017, in the amount of 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 limited to up to
five years</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.2pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 57pt 0pt 58.7pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>From April to June
2017, the Company used R$ 80,849, of which R$ 61,582 referring to the current
contract (R$ 81,627 from April to June 2016</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>).</FONT></P>
<P style="MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 57pt 0pt 58.7pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Additional
information on provisions and contingent liabilities is presented in Note 19 to
the Annual Financial Statements as of December 31, 2016</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="MARGIN: 0in 0in 0in 58.7pt; TEXT-INDENT: -34.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>19</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Employee
benefits</FONT></B></H4>
<P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 86.3pt; TEXT-INDENT: -27.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Health
benefit plan</FONT></B></P>
<P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 57pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black 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 lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>:</FONT></P>
<P style="MARGIN: 0.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 0in 0pt 58.7pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>. &nbsp;&nbsp;&nbsp; Company: 7.8% on
average, of gross payroll;</FONT></P>
<P style="MARGIN: 0.4pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 59.8pt 0pt 72.55pt; LINE-HEIGHT: 112%; TEXT-INDENT: -13.9pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Participating employees: 3.21% of base salary and premiums,
equivalent to 2.8% of payroll, on average</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 341.549pt; MARGIN-LEFT: 56.2pt" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 19pt">
    <TD style="HEIGHT: 19pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="100%">
      <P style="MARGIN: 0.2pt 0in 0pt 2.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(b) Pension plan
      benefits</FONT></B></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 100%" 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="78%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Amounts recorded in the statement of
      financial position</FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="78%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Funded plan &#8211; G1</FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="78%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Pension plan liabilities as of
      December 31, 2016 </FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>753,170</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="78%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>Expenses recognized in
      2017</FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>20,814</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="78%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>Payments made in 2017</FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium 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: 8.5pt" face=Georgia>(25,547)</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="78%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Pension plan liabilities as of June
      30, 2017 (i)</FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>748,437</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="78%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="78%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Unfunded plan &#8211; G0</FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="78%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Pension plan liabilities as of
      December 31, 2016</FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>2,512,080</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="78%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=georgia>Expenses recognized in
      2017</FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>131,465</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="78%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Payments made in 2017</FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium 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: 8.5pt" face=Georgia>(81,643)</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="78%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Pension plan liabilities as of June
      30, 2017 (iii)</FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium 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: 8.5pt" face=Georgia>2,561,902</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="78%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="78%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 2.4pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>Total</FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="2%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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%">
      <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: 8.5pt" face=Georgia>3,310,339</FONT></P></DIV></TD></TR></TABLE></DIV>
<DIV align=center>&nbsp;</DIV>
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<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>63</FONT></P>
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      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial
      Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
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    <TD></TD></TR></TABLE></FONT></P>
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<H4 style="MARGIN: 5.25pt 0in 0pt 120.8pt; TEXT-INDENT: -34.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>G1
Plan</FONT></B></H4>
<P style="MARGIN: 0.1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 59.9pt 0pt 58.7pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black 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 lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>:</FONT></P>
<P style="MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 0in 0pt 58.7pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>0.99% of the portion of the
salary of participation up to 20 salaries; and</FONT></P>
<P style="MARGIN: 0.4pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 0in 0pt 58.7pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>8.39% of the surplus, if any,
of the portion of the salary of participation over 20 salaries</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.4pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 59.8pt 0pt 58.7pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>As of June 30,
2017, SABESP had a net actuarial liability of R$ 748,437 (R$ 753,170 as of
December 31, 2016) representing the difference between the present value of the
Company's defined benefit obligations to the participating employees, retired
employees, and pensioners; the fair value of the plan&#8217;s assets</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="MARGIN: 0.05pt 0in 0pt 120.75pt; TEXT-INDENT: -34.45pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(ii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Private pension plan benefits &#8211; Defined
contribution</FONT></B></H4>
<P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0.05pt 59.7pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>As of June 30,
2017, Sabesprev Mais plan, based on defined contribution, had 9,393 active and
assisted participants (9,453 as of December 31, </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>2016).</FONT></P>
<P style="MARGIN: 0.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.8pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>With respect to the
Sabesprev Mais plan, the contributions from the sponsor represent 100% over the
total basic contribution from the participants</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.05pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="MARGIN: 0.05pt 0in 0pt 120.8pt; TEXT-INDENT: -34.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(iii)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Plan</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -1.5pt" face=Georgia>
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>G0</FONT></B></H4>
<P style="MARGIN: 0.5pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.75pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Pursuant to Law n&#186;
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 June
30, 2017, the Company recorded a defined benefit obligation for Plan G0 of R$
2,561,902 (R$ 2,512,080 as of December 31, 2016</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>).</FONT></P>
<P style="MARGIN: 0.2pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 58.7pt; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(c)&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Profit sharing</FONT></B></H4>
<P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.8pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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 2017. The limit of the profit sharing is one month salary
for each employee, depending on performance goals reached</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.75pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>In the second
quarter of 2017, a total of R$ 23,321 was accrued (R$ 23,192 in the second
quarter of 2016). From January to June 2017 and 2016, R$ 44,398 and R$ 41,921,
respectively, were accrued</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P><FONT style="LINE-HEIGHT: 112%" face=georgia></FONT>
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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>64</FONT></P>
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<a name="_bclHeader66"></a><DIV><FONT style="HEIGHT: 25px; WIDTH: 388px; POSITION: absolute; MARGIN-LEFT: 47px; MARGIN-TOP: 53px"></FONT><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>
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      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial
      Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
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    <TD></TD></TR></TABLE></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="MARGIN: 5.25pt 0in 0pt 59.25pt; TEXT-INDENT: -35.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>20</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Services</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -1.3pt" face=Georgia>
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>payable</FONT></B></H4>
<P style="MARGIN: 0.5pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.8pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The services
account records the balances payable, mainly from services received from third
parties, such as supply of electric power, reading of hydrometers and delivery
of water and sewage bills, cleaning, surveillance and security services,
collection, legal counsel services, audit, marketing and advertising and
consulting services, among others. This account also includes the amounts
payable related to transfer of 7.5% of revenue from the S&#227;o Paulo local
government to the Municipal Fund. The balances as of June 30, 2017 and December
31, 2016 were R$ 480,873 and R$ 460,054, respectively</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0.35pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="MARGIN: 0.05pt 0in 0pt 59.25pt; TEXT-INDENT: -35.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>21</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Equity</FONT></B></H4>
<P style="MARGIN: 0.45pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 86.3pt; TEXT-INDENT: -27.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Authorized
capital</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: 1.4pt" face=Georgia> </FONT></B></P>
<P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.85pt 0pt 58.7pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The Company is
authorized to increase capital by up to R$ 15,000,000, based on a Board of
Directors' resolution, after submission to the Fiscal Council</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.75pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>In the event of
capital increase, issue of convertible debentures and/or warrants by means of
private subscription, shareholders will have preemptive right in the proportion
of number of shares held, pursuant to Article 171 of Law n&#186; 6,404/76</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="TEXT-ALIGN: justify; MARGIN: 0.05pt 0in 0pt 86.3pt; TEXT-INDENT: -27.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(b)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Subscribed and paid-in capital</FONT></B></H4>
<P style="MARGIN: 0.5pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.8pt 0pt 58.7pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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 June 30, 2017 and December 31, 2016, held as
follows</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.8pt 0pt 58.7pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT>&nbsp;</P>
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      <P style="TEXT-ALIGN: center; MARGIN: 4.8pt 8.5pt 2.4pt 0in" align=center><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="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: 8.5pt" color=black face=Georgia>June 30, 2017</FONT></B></P></DIV></TD>
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      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 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: 8.5pt" color=black face=Georgia>December 31, 2016</FONT></B></P></DIV></TD></TR>
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      <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 8.5pt 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="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: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Number of shares</FONT></B></P></DIV></TD>
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      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 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: 8.5pt" color=black face=Georgia>%&nbsp;</FONT></B></P></DIV></TD>
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      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 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: 8.5pt" color=black face=Georgia>Number of shares</FONT></B></P></DIV></TD>
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      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 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: 8.5pt" color=black face=Georgia>%&nbsp;</FONT></B></P></DIV></TD></TR>
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      <P style="TEXT-ALIGN: justify; MARGIN: 4.8pt 8.5pt 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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: 8.5pt" 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="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>202,471,313</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>29.62%</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>30.28%</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="MARGIN: 4.8pt 8.5pt 2.4pt 0in"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>The Bank Of New York ADR
      Department</FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia>
      </FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(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="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>135,355,413</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>19.80%</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>19.37%</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: 8.5pt" 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="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: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>2,158,858</FONT></P></DIV></TD>
    <TD style="HEIGHT: 14.15pt; 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: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>0.32%</FONT></P></DIV></TD>
    <TD style="HEIGHT: 14.15pt; 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: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="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: 4.8pt 0in 2.4pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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: 8.5pt" 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="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="14%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 4.8pt 5.65pt 2.4pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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: 8.5pt" 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="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: 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: 8.5pt" 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="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: 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: 8.5pt" 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="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: 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: 8.5pt" 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="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: 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: 8.5pt" color=black face=Georgia>100.00%</FONT></P></DIV></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.8pt 0pt 58.7pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 58.7pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(*)&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>each ADR
corresponds to 1 share</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.55pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.75pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The Annual
Shareholders&#8217; Meeting of April 28, 2017 approved the distribution of dividends
as interest on equity totaling R$ 823,493, the transfer of retained earnings
balances, in the amount of R$ 1,976,250, to the Reserve for Investments
accounts, and the allocation of R$ 147,355 to the Legal Reserve
account</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P><FONT style="LINE-HEIGHT: 112%" face=georgia></FONT>
<a name="_bclFooter66"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>65</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_67></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader67"></a><DIV><FONT style="HEIGHT: 25px; WIDTH: 388px; POSITION: absolute; MARGIN-LEFT: 47px; MARGIN-TOP: 53px"></FONT><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>
<TABLE style="WIDTH: 388pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial
      Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.25pt 59.6pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The payment of
interest on equity totaling R$ 766,109, net of R$ 57,384 of withholding income
tax (from a gross amount of R$ 823,493) began in in June 2017, generating a
payout of R$ 765,933</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.55pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.75pt 0pt 58.7pt; LINE-HEIGHT: 112%; TEXT-INDENT: -0.05pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Further information
about equity, such as shareholder&#8217; compensation, dividends and purpose of
reserves, can be found in Note 22 to the Annual Financial Statements as of
December 31, 2016</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="MARGIN: 0in 405pt 0pt 58.7pt; LINE-HEIGHT: 220%; TEXT-INDENT: -34.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>22</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Earnings
per share Basic and diluted</FONT></B></H4>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.75pt 0pt 58.7pt; LINE-HEIGHT: 111%; TEXT-INDENT: -0.05pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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. The
Company does not have potentially dilutive common shares outstanding or debts
convertible into common shares. Accordingly, basic and diluted earnings per
share are equal</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.2pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<DIV align=center>
<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="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 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 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>January to June 2017</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: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium 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: 8.5pt" color=black face=Georgia>January to June 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="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" 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: 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 2pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,006,170</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 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,426,320</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 2pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="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 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="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 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 2pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="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 2pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1.47207</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 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: 8.5pt" color=black face=Georgia>2.08676</FONT></P></DIV></TD></TR></TABLE></DIV>
<DIV align=center>&nbsp;</DIV>
<a name="_bclFooter67"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>66</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_68></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader68"></a><DIV><FONT style="HEIGHT: 25px; WIDTH: 388px; POSITION: absolute; MARGIN-LEFT: 47px; MARGIN-TOP: 53px"></FONT><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>
<TABLE style="WIDTH: 388pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial
      Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="MARGIN: 5.25pt 0in 0pt 58.7pt; TEXT-INDENT: -34.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>23</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Operating
segment information</FONT></B></H4>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.85pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Management,
comprised by the Board of Directors and Board of Executive Officers, has
determined the operating segment used to make strategic decisions, as sanitation
services</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.85pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 100%" 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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 150%"><FONT style="LINE-HEIGHT: 150%" color=black><B><I><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="60%" 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: 150%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 150%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>April to June
      2017</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><B><I><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Sanitation
      (i)</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="20%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Reconciliation to the statement of income
      (ii)</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="20%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Gross operating revenue
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 28.35pt; 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; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>2,901,591</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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>779,421</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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>3,681,012</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(186,377)</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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(186,377)</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Net operating revenue
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 28.35pt; 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; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>2,715,214</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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>779,421</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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>3,494,635</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="40%" 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: 8.5pt" 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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(1,984,568)</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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(764,227)</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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(2,748,795)</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="40%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Income from operations
      before other operating expenses, net and equity accounting
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 28.35pt; 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; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>730,646</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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>15,194</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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>745,840</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>12,509</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,597</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(281,216)</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>478,730</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>318,023</FONT></FONT></P></TD>
    <TD style="HEIGHT: 28.35pt; 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>318,023</FONT></FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.85pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0.25pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<a name="_bclFooter68"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>67</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_69></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader69"></a><DIV><FONT style="HEIGHT: 25px; WIDTH: 388px; POSITION: absolute; MARGIN-LEFT: 47px; MARGIN-TOP: 53px"></FONT><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>
<TABLE style="WIDTH: 388pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial
      Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 100%" 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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 150%"><FONT style="LINE-HEIGHT: 150%" color=black><B><I><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="60%" 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: 150%; PADDING-RIGHT: 0in" align=center><FONT style="LINE-HEIGHT: 150%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>January to
      June 2017</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><B><I><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Sanitation
      (i)</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="20%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Reconciliation to the statement of income
      (ii)</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="20%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Gross operating revenue
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 28.35pt; 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; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>5,930,882</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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,502,349</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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>7,433,231</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(379,771)</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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(379,771)</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Net operating revenue
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 28.35pt; 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; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>5,551,111</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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,502,349</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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>7,053,460</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="40%" 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: 8.5pt" 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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(3,816,569)</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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(1,471,456)</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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(5,288,025)</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="40%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Income from operations
      before other operating expenses, net and equity accounting
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 28.35pt; 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; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,734,542</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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>30,893</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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,765,435</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>23,073</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>3,467</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(277,418)</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,514,557</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>649,971</FONT></FONT></P></TD>
    <TD style="HEIGHT: 28.35pt; 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>649,971</FONT></FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 6.25pt 59.7pt 0pt 100.9pt; LINE-HEIGHT: 101%; TEXT-INDENT: -24.8pt"><FONT style="LINE-HEIGHT: 101%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT style="LINE-HEIGHT: 101%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>See note 29 for further
information about non-cash items, other than depreciation and amortization that
impact segment results, and for additional to long-lived asset
information</FONT></FONT><FONT style="LINE-HEIGHT: 101%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.85pt 59.8pt 0pt 101.45pt; LINE-HEIGHT: 102%; TEXT-INDENT: -24.8pt"><FONT style="LINE-HEIGHT: 102%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 102%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Construction revenue and related costs not reported to
the Company&#8217;s chief operating decision maker</FONT></FONT><FONT style="LINE-HEIGHT: 102%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></FONT></P><FONT style="LINE-HEIGHT: 102%" face=georgia></FONT>
<a name="_bclFooter69"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>68</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_70></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader70"></a><DIV><FONT style="HEIGHT: 25px; WIDTH: 341px; POSITION: absolute; MARGIN-LEFT: 47px; MARGIN-TOP: 53px"></FONT><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>
<TABLE style="WIDTH: 341pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial
      Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 100%" 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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><B><I><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="60%" 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><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>April to June
      2016</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><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><B><I><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Sanitation
      (i)</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="20%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Reconciliation to the statement of income
      (ii)</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="20%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Gross operating
      revenue</FONT></FONT></P></TD>
    <TD style="HEIGHT: 28.35pt; 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; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>2,723,461</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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>897,160</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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>3,620,621</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(182,032)</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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(182,032)</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Net operating revenue
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 28.35pt; 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; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>2,541,429</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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>897,160</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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>3,438,589</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="40%" 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: 8.5pt" 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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(1,737,984)</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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(877,387)</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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(2,615,371)</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="40%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Income from operations
      before other operating expenses, net and equity accounting
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 28.35pt; 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; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>803,445</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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>19,773</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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>823,218</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>16,183</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(334)</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>372,720</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,211,787</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>294,182</FONT></FONT></P></TD>
    <TD style="HEIGHT: 28.35pt; 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>294,182</FONT></FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 100%" 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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><B><I><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></I></B></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><B><I><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="60%" 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><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>January to
      June 2016</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><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><B><I><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Sanitation
      (i)</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="20%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Reconciliation to the statement of income
      (ii)</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="20%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Gross operating revenue
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 28.35pt; 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; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>5,294,089</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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,522,440</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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>6,816,529</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(350,098)</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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(350,098)</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Net operating revenue
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 28.35pt; 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; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>4,943,991</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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,522,440</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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>6,466,431</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="40%" 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: 8.5pt" 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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(3,532,346)</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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(1,489,773)</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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(5,022,119)</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Income from operations
      before other operating expenses, net and equity accounting
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 28.35pt; 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; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,411,645</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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>32,667</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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,444,312</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>21,665</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,753</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>712,880</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>2,180,610</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>578,838</FONT></FONT></P></TD>
    <TD style="HEIGHT: 28.35pt; 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>578,838</FONT></FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P>
<a name="_bclFooter70"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>69</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_71></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader71"></a><DIV><FONT style="HEIGHT: 25px; WIDTH: 341px; POSITION: absolute; MARGIN-LEFT: 47px; MARGIN-TOP: 53px"></FONT><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>
<P style="MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Georgia>
<TABLE style="WIDTH: 341pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial
      Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.7pt 0pt 76.1pt; LINE-HEIGHT: 101%"><FONT style="LINE-HEIGHT: 101%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.7pt 0pt 100.9pt; LINE-HEIGHT: 101%; TEXT-INDENT: -24.8pt"><FONT style="LINE-HEIGHT: 101%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT style="LINE-HEIGHT: 101%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>See note 29 for further
information about non-cash items, other than depreciation and amortization that
impact segment results, and for additional to long-lived asset
information</FONT></FONT><FONT style="LINE-HEIGHT: 101%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.85pt 59.8pt 0pt 101.45pt; LINE-HEIGHT: 101%; TEXT-INDENT: -24.8pt"><FONT style="LINE-HEIGHT: 101%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 101%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Construction revenue and related costs not reported to
the Company&#8217;s chief operating decision maker</FONT></FONT><FONT style="LINE-HEIGHT: 101%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></FONT></P>
<P style="MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 56.6pt 0pt 58.7pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Explanation on the
reconciliation items for the Financial Statements. The impacts on gross
operating income and costs are as follows</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>:</FONT></P>
<P style="MARGIN: 0in 56.6pt 0pt 58.7pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 100%" 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 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="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: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>April to</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: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>June
      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="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: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>January to</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: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>June
      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="15%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>April to</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: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>June
      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="15%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>January to</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: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>June
      2016</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 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Gross revenue from
      construction recognized under ICPC 1 (R1) (a)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>779,421</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,502,349</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>897,160</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,522,440</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 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Construction costs
      recognized under ICPC 1 (R1) (a)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; 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: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(764,227)</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="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: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(1,471,456)</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="15%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(877,387)</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="15%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(1,489,773)</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 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Construction
      margin</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; 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 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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>15,194</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="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: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>30,893</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="15%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>19,773</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="15%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>32,667</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 56.6pt 0pt 58.7pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 5.25pt 57pt 0pt 93.75pt; LINE-HEIGHT: 112%; TEXT-INDENT: -17.55pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(a)</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: 0.8pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" 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 Note </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>13</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -1.15pt" face=Georgia> </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(e).</FONT></P>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia></FONT>&nbsp;</P><FONT style="LINE-HEIGHT: 112%" face=georgia></FONT>
<a name="_bclFooter71"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>70</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_72></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader72"></a><DIV><FONT style="HEIGHT: 25px; WIDTH: 341px; POSITION: absolute; MARGIN-LEFT: 47px; MARGIN-TOP: 53px"></FONT><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>
<TABLE style="WIDTH: 341pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial
      Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="MARGIN: 5.2pt 0in 0pt 58.75pt; TEXT-INDENT: -34.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>24</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Operating
revenue</FONT></B></H4>
<P style="MARGIN: 0.45pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0in 83.05pt; TEXT-INDENT: -24.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(a)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Revenue from sanitation
services:</FONT></B></P>
<P style="MARGIN: 0.25pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=Georgia></FONT>&nbsp;</P>
<DIV align=center>
<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="39%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="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; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-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: 8.5pt" color=black face=Georgia>April to</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: 8.5pt" color=black face=Georgia>June 2017</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%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-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: 8.5pt" color=black face=Georgia>January to</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: 8.5pt" color=black face=Georgia>June 2017</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%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-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: 8.5pt" color=black face=Georgia>April to</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: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>June
      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="15%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>January to</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: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>June
      2016</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="39%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="39%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>S&#227;o Paulo Metropolitan
      Region</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>2,055,987</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>4,164,235</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,902,610</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>3,653,221</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="39%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="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; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>845,604</FONT></FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,766,647</FONT></FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>820,851</FONT></FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,640,868</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="39%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="16%">
      <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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>2,901,591</FONT></FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>5,930,882</FONT></FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>2,723,461</FONT></FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>5,294,089</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 5.2pt 0in 0pt 58.7pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>&nbsp;(i) </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Including the municipalities
operated in the countryside and at the coast of the State of S&#227;o
Paulo</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.4pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 55.05pt 0pt 72.6pt; LINE-HEIGHT: 112%; TEXT-INDENT: -13.9pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(ii) </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Revenue from sanitation
services increased by 6.5 % in the period ended June 30, 2017, when compared
with the same period in 2016</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0.75in 0pt 72.6pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The main factors
for the increase were the 6.62% impact on revenue from the tariff increase as of
May 2016 and the 2.7% increase in billed volume, of which 2.9% from water and
2.4% from sewage services</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.2pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0.75in 0.65pt 72.6pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The increase was
also a result of the end of the Water Consumption Reduction Incentive Program in
April 2016, whose bonuses totaled R$ 33.6 million, while the Contingency Tariff
(tax) came to R$ 64.1 million</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0in 0in 0pt 70.85pt; LINE-HEIGHT: 1pt"><FONT lang=EN-US style="FONT-SIZE: 1pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="MARGIN: 0in 0in 0in 83.55pt; TEXT-INDENT: -24.85pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(b)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Reconciliation
between gross operating revenue and net operating revenue</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>:</FONT></B></H4>
<H4 style="MARGIN: 0in 0in 0in 45pt; TEXT-INDENT: -27.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT></B>&nbsp;</H4>
<H4 style="MARGIN: 0in 0in 0in 45pt; TEXT-INDENT: -27.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT></B>&nbsp;</H4>
<DIV align=center>
<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="39%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" 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; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-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: 8.5pt" color=black face=Georgia>April to</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: 8.5pt" color=black face=Georgia>June 2017</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%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-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: 8.5pt" color=black face=Georgia>January to</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: 8.5pt" color=black face=Georgia>June 2017</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%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-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: 8.5pt" color=black face=Georgia>April to</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: 8.5pt" color=black face=Georgia>June 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="15%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>January to</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: 8.5pt" color=black face=Georgia>June 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="39%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 2pt 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 2pt 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2pt 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2pt 2.85pt 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2pt 2.85pt 0pt" 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: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="39%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 2pt 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Revenue from sanitation
      services</FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 2pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>2,901,591</FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>5,930,882</FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>2,723,461</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: 2pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>5,294,089</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="39%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 2pt 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Construction revenue
      (Note 13 (e))</FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 2pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>779,421</FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,502,349</FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>897,160</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: 2pt 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,522,440</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="39%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 2pt 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="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; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-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: 8.5pt" color=black face=Georgia>(186,377)</FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(379,771)</FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(182,032)</FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(350,098)</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="39%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 2pt 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="16%">
      <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: 8.5pt" color=black face=Georgia>3,494,635</FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>7,053,460</FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>3,438,589</FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 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: 8.5pt" color=black face=Georgia>6,466,431</FONT></P></DIV></TD></TR></TABLE></DIV>
<H4 style="MARGIN: 0in 0in 0in 45pt; TEXT-INDENT: -27.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT></B>&nbsp;</H4>
<H4 style="MARGIN: 0in 0in 0in 45pt; TEXT-INDENT: -27.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT></B>&nbsp;</H4>
<P style="MARGIN: 0.35pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 6pt" face=Georgia></FONT></B>&nbsp;</P>
<a name="_bclFooter72"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>71</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_73></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader73"></a><DIV><FONT style="HEIGHT: 25px; WIDTH: 341px; POSITION: absolute; MARGIN-LEFT: 47px; MARGIN-TOP: 53px"></FONT><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>
<TABLE style="WIDTH: 341pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial
      Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></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: 509.8pt; MARGIN-LEFT: 21.7pt" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 0.25in">
    <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="5%">
      <P style="MARGIN: 0.2pt 0in 0pt 2.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>25</FONT></B></P></TD>
    <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="39%">
      <P style="MARGIN: 0.2pt 0in 0pt 11.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Costs and expenses by
      nature</FONT></B></P></TD>
    <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">
      <P style="MARGIN: 0in 0in 0pt 2.85pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 34.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">
      <P style="MARGIN: 0in 0.9pt 0pt 3.4pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 22.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">
      <P style="MARGIN: 0in 0.8pt 0pt 3.05pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 35.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 0.25in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">
      <P style="MARGIN: 0in 0pt 0pt 3pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 23.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></B>&nbsp;</P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 100%" 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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>April to</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: 8.5pt" color=black face=Georgia>June 2017</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="15%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>January to</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: 8.5pt" color=black face=Georgia>June 2017</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="15%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>April to</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: 8.5pt" color=black face=Georgia>June 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="15%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>January to</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: 8.5pt" color=black face=Georgia>June 2016</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Operating
      costs</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" 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: 14.15pt">
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Salaries, payroll
      charges and benefits</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>512,056</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>929,479</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; 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: 8.5pt" color=black face=Georgia>424,325</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>810,462</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Pension obligations
      </FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>12,500</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>23,470</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; 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: 8.5pt" color=black face=Georgia>23,303</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>45,741</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Construction costs (Note
      13 (e))</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>764,227</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,471,456</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; 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: 8.5pt" color=black face=Georgia>877,387</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,489,773</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.15pt">
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>General
      supplies</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>40,078</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>74,598</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; 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: 8.5pt" color=black face=Georgia>41,402</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>76,398</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Treatment
      supplies</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>67,543</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>138,811</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; 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: 8.5pt" color=black face=Georgia>66,279</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>141,376</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Univers,sans-serif></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Outside
      services</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>238,199</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>432,435</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; 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: 8.5pt" color=black face=Georgia>206,321</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>397,650</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Electricity</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>187,390</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>386,716</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; 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: 8.5pt" color=black face=Georgia>242,145</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>481,736</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.15pt">
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>General
      expenses</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>136,727</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>262,072</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; 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: 8.5pt" color=black face=Georgia>109,170</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>223,366</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Depreciation and
      amortization</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <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: 8.5pt" color=black face=Georgia>282,723</FONT></P></DIV></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <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: 8.5pt" color=black face=Georgia>583,822</FONT></P></DIV></TD>
    <TD style="HEIGHT: 14.15pt; 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: 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: 8.5pt" color=black face=Georgia>276,819</FONT></P></DIV></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <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: 8.5pt" color=black face=Georgia>541,925</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>2,241,443</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>4,302,859</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; 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: 8.5pt" color=black face=Georgia>2,267,151</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>4,208,427</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.15pt">
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Salaries, payroll
      charges and benefits</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>81,568</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>146,834
      </FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; 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: 8.5pt" color=black face=Georgia>67,401</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>128,103</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Pension
      obligations</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,864</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>3,467</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; 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: 8.5pt" color=black face=Georgia>3,225</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>6,153</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>General
      supplies</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>845</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,817</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; 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: 8.5pt" color=black face=Georgia>808</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,684</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Univers,sans-serif></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Outside
      services</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>66,149</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>126,398</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; 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: 8.5pt" color=black face=Georgia>71,070</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>133,265</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Electricity</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>198</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>375</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; 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: 8.5pt" color=black face=Georgia>203</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>434</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>General
      expenses</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>22,692</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>44,478</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; 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: 8.5pt" color=black face=Georgia>25,589</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>45,533</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Depreciation and
      amortization</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>4,398</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>6,889</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; 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: 8.5pt" color=black face=Georgia>2,251</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>4,575</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 3pt 2.85pt 0pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Bad debt expense, net of
      recoveries </FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(Note 8 (c))</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <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: 8.5pt" color=black face=Georgia>35,724</FONT></P></DIV></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <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: 8.5pt" color=black face=Georgia>121,860</FONT></P></DIV></TD>
    <TD style="HEIGHT: 14.15pt; 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: 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: 3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(35,605)</FONT></P></DIV></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <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: 3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>20,473</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>213,438</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>452,118</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; 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: 8.5pt" color=black face=Georgia>134,942</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>340,220</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Administrative revenue
      (expenses)</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Salaries, payroll
      charges and benefits</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>65,142</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>112,648</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; 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: 8.5pt" color=black face=Georgia>46,978</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>90,965</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.15pt">
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Pension
      obligations</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>42,917</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>88,576</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; 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: 8.5pt" color=black face=Georgia>56,130</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>114,240</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="40%" noWrap>
      <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>General
      supplies</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>684</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,183</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; 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: 8.5pt" color=black face=Georgia>469</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>811</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Univers,sans-serif></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Outside
      services</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>45,411</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>73,680</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; 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: 8.5pt" color=black face=Georgia>38,922</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>67,808</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Electricity</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>279</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>484</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; 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: 8.5pt" color=black face=Georgia>451</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,030</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>General
      expenses</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>80,149</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>142,950</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; 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: 8.5pt" color=black face=Georgia>31,908</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>122,416</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Depreciation and
      amortization</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>30,902</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>59,260</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; 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: 8.5pt" color=black face=Georgia>15,112</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>32,338</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Tax
    expenses</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <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: 8.5pt" color=black face=Georgia>28,430</FONT></P></DIV></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <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: 8.5pt" color=black face=Georgia>54,267</FONT></P></DIV></TD>
    <TD style="HEIGHT: 14.15pt; 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: 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: 8.5pt" color=black face=Georgia>23,308</FONT></P></DIV></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <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: 8.5pt" color=black face=Georgia>43,864</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>293,914</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>533,048</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; 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: 8.5pt" color=black face=Georgia>213,278</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>473,472</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.15pt">
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Operating costs and
      expenses</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Salaries, payroll
      charges and benefits</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>658,766</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,188,961</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; 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: 8.5pt" color=black face=Georgia>538,704</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,029,530</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Pension
      obligations</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>57,281</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>115,513</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; 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: 8.5pt" color=black face=Georgia>82,658</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>166,134</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="40%" noWrap>
      <P style="MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Construction costs (Note
      13 (e))</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>764,227</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,471,456</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; 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: 8.5pt" color=black face=Georgia>877,387</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,489,773</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.15pt">
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>General
      supplies</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>41,607</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>77,598</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; 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: 8.5pt" color=black face=Georgia>42,679</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>78,893</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.15pt">
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Univers,sans-serif></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Treatment
      supplies</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>67,543</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>138,811</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; 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: 8.5pt" color=black face=Georgia>66,279</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>141,376</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Univers,sans-serif></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=georgia>Outside
      services</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>349,759</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>632,513</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; 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: 8.5pt" color=black face=Georgia>316,313</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>598,723</FONT></P></TD></TR>
  <TR style="HEIGHT: 14.15pt">
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Electricity</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>187,867</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>387,575</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; 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: 8.5pt" color=black face=Georgia>242,799</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>483,200</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>General
      expenses</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>239,568</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>449,500</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; 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: 8.5pt" color=black face=Georgia>166,667</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>391,315</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Depreciation and
      amortization</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>318,023</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>649,971</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; 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: 8.5pt" color=black face=Georgia>294,182</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>578,838</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Tax
    expenses</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>28,430</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>54,267</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; 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: 8.5pt" color=black face=Georgia>23,308</FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>43,864</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 3pt 2.85pt 0pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Bad debt expense, net of
      recoveries </FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(Note 8 (c)) </FONT></P></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <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: 8.5pt" color=black face=Georgia>35,724</FONT></P></DIV></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <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: 8.5pt" color=black face=Georgia>121,860</FONT></P></DIV></TD>
    <TD style="HEIGHT: 14.15pt; 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: 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: 3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(35,605)</FONT></P></DIV></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <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: 3pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>20,473</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>2,748,795</FONT></P></DIV></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>5,288,025</FONT></P></DIV></TD>
    <TD style="HEIGHT: 14.15pt; 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 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: 8.5pt" color=black face=Georgia>2,615,371</FONT></P></DIV></TD>
    <TD style="HEIGHT: 14.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>5,022,119</FONT></P></DIV></TD></TR></TABLE></DIV>
<P style="MARGIN: 0.4pt 0in 0.05pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<a name="_bclFooter73"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>72</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_74></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader74"></a><DIV><FONT style="LINE-HEIGHT: 5%">
<a name="_bclHeader74"></a><DIV><FONT style="HEIGHT: 25px; WIDTH: 341px; POSITION: absolute; MARGIN-LEFT: 47px; MARGIN-TOP: 53px"></FONT><FONT style="LINE-HEIGHT: 5%"></FONT></DIV></FONT></DIV><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>
<a name="_bclHeader74"></a><DIV><FONT style="LINE-HEIGHT: 5%">
<TABLE style="WIDTH: 341pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial
      Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></DIV></FONT>
<DIV align=left>&nbsp;</DIV>
<DIV align=left>
<TABLE style="WIDTH: 509.849pt; MARGIN-LEFT: 21.7pt" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 17.55pt">
    <TD style="HEIGHT: 17.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="8%">
      <P style="MARGIN: 0.2pt 0in 0pt 2.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>26</FONT></B></P></TD>
    <TD style="HEIGHT: 17.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="36%">
      <P style="MARGIN: 0.2pt 0in 0pt 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Financial income
      (expenses)</FONT></B></P></TD>
    <TD style="HEIGHT: 17.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">
      <P style="MARGIN: 0.05pt 0in 0pt 2.85pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 34.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">
      <P style="MARGIN: 0.05pt 0in 0pt 3.4pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 22.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">
      <P style="MARGIN: 0.05pt 0.8pt 0pt 3.05pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 35.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></B>&nbsp;</P></TD>
    <TD style="HEIGHT: 17.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">
      <P style="MARGIN: 0.05pt 0pt 0pt 3pt; LINE-HEIGHT: 10pt; TEXT-INDENT: 23.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT></B>&nbsp;</P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 100%" 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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 2.85pt 0pt 0in"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>April to</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: 8.5pt" color=black face=Georgia>June 2017</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="15%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>January to</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: 8.5pt" color=black face=Georgia>June 2017</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="15%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>April to</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: 8.5pt" color=black face=Georgia>June 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="15%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>January to</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: 8.5pt" color=black face=Georgia>June 2016</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="40%" 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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Financial
      expenses</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="40%">
      <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: 8.5pt" color=black face=georgia>Interest and charges on
      borrowings and financing &#8211; local currency </FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(65,960)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(130,810)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(73,108)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(168,328)</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="40%">
      <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Interest and charges on
      borrowings and financing &#8211; foreign currency</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(29,436)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(51,618)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(24,373)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(61,958)</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="40%" 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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Other financial expenses
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(27,982)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(51,233)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(25,165)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(48,104)</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="40%" 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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Income tax over
      international remittance</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(5,392)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(9,000)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(5,581)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(9,597)</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="40%" 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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Inflation adjustment on
      loans 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(19,051)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(40,845)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(32,830)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(85,775)</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="40%" 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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Inflation adjustment on
      Sabesprev Mais deficit </FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(378)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(746)</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="40%" 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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Other inflation
      adjustments </FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(10,011)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(16,944)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(8,870)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(17,114)</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="40%" 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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Interest and inflation
      adjustments on provisions </FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(9,527)</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="15%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(33,397)</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="15%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(22,673)</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="15%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(84,712)</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="40%" 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: 8.5pt" color=black face=georgia>Total financial
      expenses</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(167,359)</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="15%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(333,847)</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="15%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(192,978)</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="15%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(476,334)</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="40%" 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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="40%" 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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Financial
      income</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="40%" 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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Inflation adjustment
      gains </FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>29,409</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>49,858</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>37,893</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>92,597</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="40%" 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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Income on short-term
      investments </FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>56,153</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>111,567</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>49,952</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>103,226</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="40%" 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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Interest income
      </FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>17,376</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>25,622</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>18,813</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>51,499</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="40%" 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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(4,786)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(8,718)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(6,093)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(12,648)</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="40%" 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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black 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="15%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>-</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="15%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>442</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="15%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>4,260</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="15%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>10,348</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="40%" 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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Total financial
      income</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>98,152</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="15%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>178,771</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="15%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>104,825</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="15%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>245,022</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="40%" 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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="40%">
      <P style="TEXT-ALIGN: justify; MARGIN: 2.4pt 2.85pt 2.4pt 7.1pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Financial income
      (expenses), net before exchange rate changes</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(69,207)</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="15%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(155,076)</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="15%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(88,153)</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="15%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(231,312)</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="40%" 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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></B></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="40%" 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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Net exchange gains
      (losses)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></B></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="40%" 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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Exchange rate changes on
      borrowings and financing (i)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(212,077)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(122,635)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>460,918</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>944,214</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="40%" 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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Other exchange rate
      changes</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(54)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(117)</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(133)</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="40%" 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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Exchange
      gains</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>68</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="15%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>347</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="15%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>72</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="15%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>111</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="40%" 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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Exchange rate changes,
      net</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(212,009)</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="15%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(122,342)</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="15%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>460,873</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="15%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>944,192</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="40%" 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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 2.4pt 2.85pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="40%" 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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Financial income
      (expenses), net</FONT></FONT></P></TD>
    <TD style="HEIGHT: 15.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(281,216)</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="15%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(277,418)</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="15%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>372,720</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="15%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 2.4pt 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>712,880</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.25pt 59.8pt 0pt 115.25pt; LINE-HEIGHT: 112%; TEXT-INDENT: -19.7pt"><FONT style="LINE-HEIGHT: 112%"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(i)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 112%" color=black><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The change in expenses mainly reflects the
</FONT></FONT><FONT style="LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>4.4% appreciation of the U.S. Dollar
against the real and the 3.5% appreciation of the Yen in 2017, compared to the
depreciation presented in the same period in 2016 (9.8% and 1.4%</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>,
respectively)</FONT></FONT><FONT style="LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia></FONT>&nbsp;</P>
<a name="_bclFooter74"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>73</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_75></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader75"></a><DIV><FONT style="HEIGHT: 25px; WIDTH: 341px; POSITION: absolute; MARGIN-LEFT: 47px; MARGIN-TOP: 53px"></FONT><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia>
<TABLE style="WIDTH: 341pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial
      Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="MARGIN: 0in 0in 0in 58.7pt; TEXT-INDENT: -34.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>27</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Other
operating income (expenses), net</FONT></B></H4>
<H4 style="MARGIN: 0in 0in 0in 45pt; TEXT-INDENT: -27.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT></B>&nbsp;</H4>
<DIV align=center>
<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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; 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: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <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: 8.5pt" color=black face=Georgia>April to </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: 8.5pt" color=black face=Georgia>June 2017</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%">
      <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: 8.5pt" color=black face=Georgia>January to June 2017</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: 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: 8.5pt" color=black face=Georgia>April to </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: 8.5pt" color=black face=Georgia>June 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="15%" 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: 8.5pt" color=black face=Georgia>January to June 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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; 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: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 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: 8.5pt" 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="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" 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: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Other net 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="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>14,586</FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>23,283</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: 8.5pt" color=black face=Georgia>22,121</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: 8.5pt" color=black face=Georgia>29,750</FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <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: 8.5pt" color=black face=Georgia>(2,077)</FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <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: 8.5pt" color=black face=Georgia>(210)</FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 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: 8.5pt" color=black face=Georgia>(5,938)</FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 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: 8.5pt" color=black face=Georgia>(8,085)</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="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 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: 8.5pt" 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="15%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="40%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="15%">
      <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: 8.5pt" color=black face=Georgia>12,509</FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%">
      <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: 8.5pt" color=black face=Georgia>23,073</FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 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: 8.5pt" color=black face=Georgia>16,183</FONT></P></DIV></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="15%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 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: 8.5pt" color=black face=Georgia>21,665</FONT></P></DIV></TD></TR></TABLE></DIV>
<H4 style="MARGIN: 0in 0in 0in 45pt; TEXT-INDENT: -27.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT></B>&nbsp;</H4>
<H4 style="MARGIN: 0in 0in 0in 45pt; TEXT-INDENT: -27.6pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT></B>&nbsp;</H4>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.85pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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 lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.8pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" 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, provisions and reversals of property, plant
and equipment and exceeding cost of electricity sold</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0.4pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="MARGIN: 0in 0in 0in 58.75pt; TEXT-INDENT: -34.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>28</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Commitments</FONT></B></H4>
<P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.75pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>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 June 30, 2017</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.75pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 100%" 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%"><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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: 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><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>July to
      December 2017</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><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>964,544</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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>2,145,446</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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>902,988</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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>2,569.236</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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>6,582,214</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,910,846</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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>2,068,245</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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>892,202</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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>5,472,580</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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>10,343,873</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%"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>2,875,390</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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>4,213,691</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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,795,190</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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>8,041,816</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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>16,926,087</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.75pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 58.7pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The main commitment refers to
S&#227;o Louren&#231;o PPP. See Note </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>13 (g).</FONT></P>
<a name="_bclFooter75"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>74</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_76></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader76"></a><DIV><FONT style="LINE-HEIGHT: 5%">
<a name="_bclHeader76"></a><DIV><FONT style="LINE-HEIGHT: 5%"></FONT>&nbsp;</DIV></FONT></DIV><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>
<a name="_bclHeader76"></a><DIV><FONT style="LINE-HEIGHT: 5%">
<a name="_bclHeader76"></a><DIV><FONT style="HEIGHT: 25px; WIDTH: 341px; POSITION: absolute; MARGIN-LEFT: 47px; MARGIN-TOP: 53px"></FONT><FONT style="LINE-HEIGHT: 5%"></FONT></DIV></FONT></DIV></FONT>
<P style="MARGIN: 0.2pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 13.5pt" face=Georgia>
<TABLE style="WIDTH: 341pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial
      Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></P>
<DIV align=left>&nbsp;</DIV>
<DIV align=left>&nbsp;</DIV>
<DIV align=left>
<TABLE style="WIDTH: 497.45pt; MARGIN-LEFT: 21.7pt" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 33pt">
    <TD style="HEIGHT: 33pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="6%">
      <P style="MARGIN: 0.2pt 0in 0pt 2.5pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>29</FONT></B></P></TD>
    <TD style="HEIGHT: 33pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="94%">
      <P style="MARGIN: 0.2pt 0in 0pt 0.15in"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Supplemental cash flow
      information</FONT></B></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia></FONT>&nbsp;</P>
<DIV align=center>
<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="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></B></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>January to
      June 2017</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="20%">
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><B><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>January to
      June 2016</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="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Total additions to
      intangible assets (Note 13 (b))</FONT></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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,542,224</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 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>1,552,845</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="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(871,905)</FONT></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: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>(698,311)</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="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Total additions to
      intangible assets as per statement of cash flows</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>670,319</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 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>854,534</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="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Investments and
      financing operations affecting intangible assets but not
      cash:</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; 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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia></FONT></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Interest capitalized in
      the period (Note 13 (d)) </FONT></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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>312,016</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 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>293,352</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="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>324,701</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 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>3,634</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="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Public-Private
      Partnership &#8211; S&#227;o Louren&#231;o PPP </FONT></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; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>189,730</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 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>353,749</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="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>9,727</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 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>10,554</FONT></FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" 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="20%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0in 2.85pt 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>4,838</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 0pt; LINE-HEIGHT: 110%" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>4,355</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="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Construction margin
      (Notes 13 (f) and 23)</FONT></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: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>30,893</FONT></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: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>32,667</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="60%" noWrap>
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>Total</FONT></FONT></P></TD>
    <TD style="HEIGHT: 17pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="20%" noWrap>
      <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN-LEFT: 2.85pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in; MARGIN-RIGHT: 2.85pt">
      <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; LINE-HEIGHT: 110%; PADDING-RIGHT: 0in" align=right><FONT style="LINE-HEIGHT: 110%" color=black><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>871,905</FONT></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 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><FONT lang=EN-US style="FONT-SIZE: 8.5pt" color=black face=Georgia>698,311</FONT></FONT></P></DIV></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia></FONT>&nbsp;</P>
<DIV align=left>
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  <TR style="HEIGHT: 15.3pt">
    <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="6%">
      <P style="MARGIN: 0.05pt 0in 0pt 2.5pt; LINE-HEIGHT: 9.85pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>30</FONT></B></P></TD>
    <TD style="HEIGHT: 15.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="94%">
      <P style="MARGIN: 0.05pt 0in 0pt 0.15in; LINE-HEIGHT: 9.85pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Events after the
      reporting period</FONT></B></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="MARGIN: 0in 0in 0in 86.3pt; TEXT-INDENT: -14.55pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; FONT-WEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>21th debenture
issue</FONT></B></H4>
<P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>As of July 13,
2017, the Company held the 21st issue of unsecured debentures, not convertible
into shares, in up to two series, for public distribution, with restricted
placement efforts, pursuant to CVM Instruction 476, totaling R$ 500,000. The
first series, totaling R$ 150,000, is due in three years and is remunerated by
the CDI + 0.60% p.a., while the second series, totaling R$ 350,000, is due in
five years and is remunerated by the CDI + 0.90% p.a. The proceeds of the
debenture issue will be allocated to refinance financial commitments maturing in
2017 and to recompose the Company&#8217;s cash</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0.45pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="MARGIN: 0in 0in 0in 86.3pt; TEXT-INDENT: -14.55pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; FONT-WEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Second Ordinary Tariff
Revision</FONT></B></H4>
<P style="MARGIN: 0.35pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>As of July 27,
2017, the Company submitted an official letter to the Sanitation and Energy
Regulatory Agency of the State of S&#227;o Paulo (ARSESP &#8211; Ag&#234;ncia Reguladora de
Saneamento e Energia do Estado de S&#227;o Paulo) requesting a seven-day
postponement, for the beginning of Step 6 (Development of the Initial Technical
Note with Preliminary Tariff P0 and Weighted Average Capital Cost - WACC) and
Step 7 (Opening of Public Consultation and Public Hearing - Preliminary Tariff
P0 and Weighted Average Capital Cost - WACC) in the schedule established by
ARSESP Resolution 725/2017</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P><FONT style="LINE-HEIGHT: 112%" face=georgia></FONT>
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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>75</FONT></P>
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    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Notes to the Interim Financial
      Information</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></DIV><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>
<a name="_bclHeader77"></a><DIV><FONT style="LINE-HEIGHT: 5%"></FONT>&nbsp;</DIV></FONT>
<P style="MARGIN: 0.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 5.25pt 58.5pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>As of July 31,
2017, pursuant to SABESP&#8217;s request, as disclosed in the Material Fact of July
27, 2017, the Sanitation and Energy Regulatory Agency of the State of S&#227;o Paulo
- ARSESP, published a Notice in which</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>:</FONT></P>
<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 78.05pt; LINE-HEIGHT: 112%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(i)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>it grants an additional seven-day term requested for final
clarification on the content of the information presented by the Company within
the scope of the preliminary step of the 2nd Ordinary Tariff Revision;
and</FONT></FONT></P>
<P style="MARGIN: 0.2pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 78.05pt; LINE-HEIGHT: 111%; TEXT-INDENT: 0in"><FONT style="LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LETTER-SPACING: -0.05pt" face=Georgia>(ii)</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.05pt" face="times new roman">&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>it announces that it will disclose, by August 7, the amended
schedule of SABESP&#8217;s 2nd Ordinary Tariff Revision</FONT></FONT><FONT style="LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></FONT></P>
<P style="MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 58.7pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>As of August 7,
2017, the Sanitation and Energy Regulatory Agency of the State of S&#227;o Paulo
(ARSESP) published Resolution 748 with the new schedule of the initial stage of
SABESP&#8217;s 2<SUP>nd</SUP> Tariff Revision</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 58.7pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The Preliminary
Maximum Average Tariff (Preliminary Tariff P0) will be disclosed and authorized
by October 3, 2017, and applied pursuant to Article 39 of Law
11,445/2007</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.25pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 58.7pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The Final Maximum Average
Tariff (Final P0) will be disclosed authorized by April 10, 2018</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT>&nbsp;</P>
<H4 style="MARGIN: 0in 0in 0in 86.3pt; TEXT-INDENT: -14.55pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; FONT-WEIGHT: normal" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; FONT-WEIGHT: normal" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>State Bill -
SABESP&#8217;s Corporate Restructuring</FONT></B></H4>
<P style="MARGIN: 0.35pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>As of August 2,
2017, the S&#227;o Paulo State Government ("Government") submitted to the S&#227;o Paulo
State Legislature a Bill that provides for SABESP&#8217;s corporate
restructuring</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 58.7pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The submission of
the Bill to the S&#227;o Paulo State Legislature is a necessary step in the possible
capitalization of SABESP and is one of the stages that must be complied with;
the first of which already started and announced in the Material Fact disclosed
on May 12, 2017 - "Initial Studies for the Company&#8217;s Capitalization"</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0in 86.3pt; TEXT-INDENT: -15pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>Second Ordinary
Tariff Revision &#8211; Initial Stage</FONT></B></P>
<P style="MARGIN: 0.05pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 58.7pt; LINE-HEIGHT: 111%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>As of August 11,
2017, the Sanitation and Energy Regulatory Agency of the State of de S&#227;o Paulo -
ARSESP, announced the opening of Public Consultation n&#186; 01/2017, referring to
the initial stage of SABESP&#8217;s Second Ordinary Tariff Revision and disclosed the
Preliminary Technical Note NT/F/003/2017 with Preliminary Tariff P0 and Weighted
Average Capital Cost </FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>(WACC).</FONT></P>
<P style="MARGIN: 0.3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 58.7pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" color=black face=Georgia>The main highlights
are</FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>:</FONT></P>
<P style="MARGIN: 0.2pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 90%; BORDER-BOTTOM: medium none; MARGIN-LEFT: 58.5pt; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 13pt">
    <TD style="BORDER-TOP: black 1pt solid; HEIGHT: 13pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 0in" vAlign=top width="67%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Initial Regulatory Remuneration Base &#8211;
    BRRL0</FONT></FONT></P></TD>
    <TD style="BORDER-TOP: black 1pt solid; HEIGHT: 13pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="33%">
      <P style="TEXT-ALIGN: center; MARGIN: 0.15pt 34.35pt 0pt 34.3pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>R$
      40.3 billion</FONT></P></TD></TR>
  <TR style="HEIGHT: 13pt">
    <TD style="HEIGHT: 13pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 0in" vAlign=top width="67%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>WACC</FONT></FONT></P></TD>
    <TD style="HEIGHT: 13pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="33%">
      <P style="TEXT-ALIGN: center; MARGIN: 0.15pt 34.35pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>8.01%</FONT></P></TD></TR>
  <TR style="HEIGHT: 13pt">
    <TD style="HEIGHT: 13pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 0in" vAlign=top width="67%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Preliminary P0 </FONT></FONT></P></TD>
    <TD style="HEIGHT: 13pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="33%">
      <P style="TEXT-ALIGN: center; MARGIN: 0.2pt 34.35pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>R$
      3.62652/m&#179;</FONT></P></TD></TR>
  <TR style="HEIGHT: 13pt">
    <TD style="HEIGHT: 13pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 0in" vAlign=top width="67%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Tariff Increase Index</FONT></FONT></P></TD>
    <TD style="HEIGHT: 13pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="33%">
      <P style="TEXT-ALIGN: center; MARGIN: 0.15pt 34.35pt 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>4.365%</FONT></P></TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>76</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV>
<P style="MARGIN: 0.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Georgia></FONT>&nbsp;</P>
<H2 style="MARGIN: 4.65pt 0in 0pt 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif>Comments on the Company&#8217;s
Projections</FONT></B></H2>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 13pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 13pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 13pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
<H4 style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 58.7pt; TEXT-INDENT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>Comments on the Company&#8217;s
projections</FONT></B></H4>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="MARGIN: 0.1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face=Georgia></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 58.5pt 0pt 58.7pt; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>The projections presented in
the Reference Form are annual and not on a quarterly basis. Therefore, the
quarterly comparison between information disclosed in the Reference Form with
quarterly results shall not apply.</FONT></P>
<P style="MARGIN: 0.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face=Georgia></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 58.7pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=Georgia>The projections monitoring occurs on
annual basis and are disclosed in the Reference Form.</FONT></P>
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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>77</FONT></P>
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      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Other Information Deemed as relevant by the
      Company</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
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    <TD></TD></TR></TABLE></FONT></P>
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<H2 style="MARGIN: 4.5pt 75.85pt 0pt 61.05pt; TEXT-INDENT: -21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">1.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">CHANGES IN INTEREST HELD BY CONTROLLING SHAREHOLDER,
BOARD MEMBERS AND EXECUTIVE OFFICERS</FONT></B></H2>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 6pt" face="times new roman"></FONT></B>&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" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 37pt">
    <TD style="BORDER-TOP: black 1pt solid; HEIGHT: 37pt; BORDER-RIGHT: black 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 0in" vAlign=top width="100%" colSpan=5>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face="times new roman">CONSOLIDATED SHAREHOLDING OF CONTROLLING
      SHAREHOLDERS, </FONT></B></P>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face="times new roman">MANAGEMENT AND OUTSTANDING SHARES </FONT></B></P>
      <P style="TEXT-ALIGN: center; MARGIN: 0.1pt 68.75pt 0pt 68.7pt; LINE-HEIGHT: 11.7pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face="times new roman">Position as of June 30, </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">2017</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 37pt">
    <TD style="HEIGHT: 37pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 0in" vAlign=top width="32%">
      <P style="MARGIN: 0.5pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face="times new roman"></FONT></B>&nbsp;</P>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 9.25pt 0pt 12.7pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">Shareholder</FONT></B></P></TD>
    <TD style="HEIGHT: 37pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="22%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 10.2pt 0pt 10.15pt; LINE-HEIGHT: 12.7pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">Number of Common Shares (units)</FONT></B></P></TD>
    <TD style="HEIGHT: 37pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 0.5pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face="times new roman"></FONT></B>&nbsp;</P>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0.05pt 0pt 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">%</FONT></B></P></TD>
    <TD style="HEIGHT: 37pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 12.7pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">Total Number of Shares</FONT></B></P>
      <P style="TEXT-ALIGN: center; MARGIN: 0.1pt 12.7pt 0pt 12.6pt; LINE-HEIGHT: 11.7pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">(units)</FONT></B></P></TD>
    <TD style="HEIGHT: 37pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="13%">
      <P style="MARGIN: 0.5pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face="times new roman"></FONT></B>&nbsp;</P>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0.1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">%</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 15.9pt">
    <TD style="HEIGHT: 15.9pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 0in" vAlign=top width="32%">
      <P style="MARGIN: 4.1pt 0in 0pt 2.95pt; LINE-HEIGHT: 11.7pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">Controlling
      Shareholders</FONT></B></P></TD>
    <TD style="HEIGHT: 15.9pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="22%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15.9pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15.9pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15.9pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="13%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 0in" vAlign=top width="32%">
      <P style="MARGIN: 4.25pt 0in 0pt 2.95pt; LINE-HEIGHT: 11.8pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">Treasury
      Department</FONT></P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="22%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.25pt 3pt 0pt 0in; LINE-HEIGHT: 11.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">343,524,285</FONT></P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.25pt 2.95pt 0pt 0in; LINE-HEIGHT: 11.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">50.3%</FONT></P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.25pt 3.05pt 0pt 0in; LINE-HEIGHT: 11.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">343,524,285</FONT></P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.25pt 2.85pt 0pt 0in; LINE-HEIGHT: 11.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">50.3%</FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 0in" vAlign=top width="32%">
      <P style="MARGIN: 4.3pt 0in 0pt 2.95pt; LINE-HEIGHT: 11.7pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">Management</FONT></B></P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="22%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="13%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 16pt">
    <TD style="HEIGHT: 16pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 0in" vAlign=top width="32%">
      <P style="MARGIN: 4.15pt 0in 0pt 2.95pt; LINE-HEIGHT: 11.8pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">Board of
      Directors</FONT></P></TD>
    <TD style="HEIGHT: 16pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="22%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.15pt 3.2pt 0pt 0in; LINE-HEIGHT: 11.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">-</FONT></P></TD>
    <TD style="HEIGHT: 16pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.15pt 3.2pt 0pt 0in; LINE-HEIGHT: 11.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">-</FONT></P></TD>
    <TD style="HEIGHT: 16pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.15pt 3.2pt 0pt 0in; LINE-HEIGHT: 11.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">-</FONT></P></TD>
    <TD style="HEIGHT: 16pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.15pt 2.95pt 0pt 0in; LINE-HEIGHT: 11.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">-</FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 0in" vAlign=top width="32%">
      <P style="MARGIN: 4.25pt 0in 0pt 2.95pt; LINE-HEIGHT: 11.8pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">Executive
      Officers</FONT></P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="22%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.25pt 3.15pt 0pt 0in; LINE-HEIGHT: 11.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">-</FONT></P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.25pt 3.15pt 0pt 0in; LINE-HEIGHT: 11.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">-</FONT></P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.25pt 3.15pt 0pt 0in; LINE-HEIGHT: 11.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">-</FONT></P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.25pt 2.9pt 0pt 0in; LINE-HEIGHT: 11.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">-</FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 0in" vAlign=top width="32%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="22%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="13%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 16pt">
    <TD style="HEIGHT: 16pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 0in" vAlign=top width="32%">
      <P style="MARGIN: 4.25pt 0in 0pt 2.95pt; LINE-HEIGHT: 11.7pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">Fiscal
      Council</FONT></B></P></TD>
    <TD style="HEIGHT: 16pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="22%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.15pt 3.2pt 0pt 0in; LINE-HEIGHT: 11.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">4</FONT></P></TD>
    <TD style="HEIGHT: 16pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.15pt 3.15pt 0pt 0in; LINE-HEIGHT: 11.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">-</FONT></P></TD>
    <TD style="HEIGHT: 16pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.15pt 3.2pt 0pt 0in; LINE-HEIGHT: 11.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">4</FONT></P></TD>
    <TD style="HEIGHT: 16pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.15pt 2.9pt 0pt 0in; LINE-HEIGHT: 11.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">0.0%</FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 0in" vAlign=top width="32%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="22%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="13%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 0in" vAlign=top width="32%">
      <P style="MARGIN: 4.3pt 0in 0pt 2.95pt; LINE-HEIGHT: 11.7pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">Treasury
      Shares</FONT></B></P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="22%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.2pt 3.15pt 0pt 0in; LINE-HEIGHT: 11.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">-</FONT></P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.2pt 3.15pt 0pt 0in; LINE-HEIGHT: 11.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">-</FONT></P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.2pt 3.15pt 0pt 0in; LINE-HEIGHT: 11.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">-</FONT></P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.2pt 2.9pt 0pt 0in; LINE-HEIGHT: 11.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">-</FONT></P></TD></TR>
  <TR style="HEIGHT: 16pt">
    <TD style="HEIGHT: 16pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 0in" vAlign=top width="32%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 16pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="22%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 16pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 16pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 16pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="13%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 0in" vAlign=top width="32%">
      <P style="MARGIN: 4.3pt 0in 0pt 2.95pt; LINE-HEIGHT: 11.7pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">Other
      Shareholders</FONT></B></P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="22%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="13%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 0in" vAlign=top width="32%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="22%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="13%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 16pt">
    <TD style="HEIGHT: 16pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 0in" vAlign=top width="32%">
      <P style="MARGIN: 4.25pt 0in 0pt 2.95pt; LINE-HEIGHT: 11.7pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">Total</FONT></B></P></TD>
    <TD style="HEIGHT: 16pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="22%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.25pt 3.05pt 0pt 0in; LINE-HEIGHT: 11.7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">343,524,289</FONT></B></P></TD>
    <TD style="HEIGHT: 16pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.25pt 3.05pt 0pt 0in; LINE-HEIGHT: 11.7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">50.3%</FONT></B></P></TD>
    <TD style="HEIGHT: 16pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.25pt 3.1pt 0pt 0in; LINE-HEIGHT: 11.7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">343,524,289</FONT></B></P></TD>
    <TD style="HEIGHT: 16pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.25pt 2.8pt 0pt 0in; LINE-HEIGHT: 11.7pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">50.3%</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 0in" vAlign=top width="32%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="22%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="13%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 0in" vAlign=top width="32%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="22%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="13%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 16pt">
    <TD style="HEIGHT: 16pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 0in" vAlign=top width="32%">
      <P style="MARGIN: 4.15pt 0in 0pt 2.95pt; LINE-HEIGHT: 11.75pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">Outstanding
      Shares</FONT></P></TD>
    <TD style="HEIGHT: 16pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="22%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.15pt 3.2pt 0pt 0in; LINE-HEIGHT: 11.75pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">339,985,580</FONT></P></TD>
    <TD style="HEIGHT: 16pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.15pt 3.15pt 0pt 0in; LINE-HEIGHT: 11.75pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">49.7%</FONT></P></TD>
    <TD style="HEIGHT: 16pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="23%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.15pt 3.1pt 0pt 0in; LINE-HEIGHT: 11.75pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">339,985,580</FONT></P></TD>
    <TD style="HEIGHT: 16pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="13%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.15pt 2.85pt 0pt 0in; LINE-HEIGHT: 11.75pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">49.7%</FONT></P></TD></TR></TABLE></DIV>
<DIV align=left>&nbsp;</DIV>
<a name="_bclFooter79"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>78</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_80></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader80"></a><DIV><FONT style="HEIGHT: 24px; WIDTH: 452px; POSITION: absolute; MARGIN-LEFT: 47px; MARGIN-TOP: 54px"></FONT><FONT style="LINE-HEIGHT: 5%"></FONT></DIV>
<P style="MARGIN: 0.2pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face="times new roman">
<TABLE style="WIDTH: 452pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD>
      <DIV style="PADDING-BOTTOM: 0pt; PADDING-TOP: 0pt; PADDING-LEFT: 0pt; PADDING-RIGHT: 0pt">
      <P style="MARGIN: 0.6pt 0in 0pt 1pt"><B><FONT size=+0><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Other Information Deemed as relevant by the
      Company</FONT></B></FONT></FONT></B></P></DIV></TD></TR>
  <TR>
    <TD></TD></TR></TABLE></FONT></B></P>
<DIV align=left>&nbsp;</DIV>
<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" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 37pt">
    <TD style="BORDER-TOP: black 1pt solid; HEIGHT: 37pt; BORDER-RIGHT: black 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 0in" vAlign=top width="100%" colSpan=5>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face="times new roman">CONSOLIDATED SHAREHOLDING OF CONTROLLING
      SHAREHOLDERS,</FONT></B></P>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face="times new roman">MANAGEMENT AND OUTSTANDING SHARES</FONT></B></P>
      <P style="TEXT-ALIGN: center; MARGIN: 0.05pt 68.75pt 0pt 68.7pt; LINE-HEIGHT: 11.7pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face="times new roman">Position as of June 30, </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">2016</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 37pt">
    <TD style="HEIGHT: 37pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 0in" vAlign=top width="36%">
      <P style="MARGIN: 0.5pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face="times new roman"></FONT></B>&nbsp;</P>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 9.25pt 0pt 12.7pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">Shareholder</FONT></B></P></TD>
    <TD style="HEIGHT: 37pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 10.2pt 0pt 10.15pt; LINE-HEIGHT: 12.7pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">Number of Common Shares (units)</FONT></B></P></TD>
    <TD style="HEIGHT: 37pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 0.5pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face="times new roman"></FONT></B>&nbsp;</P>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0.05pt 0pt 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">%</FONT></B></P></TD>
    <TD style="HEIGHT: 37pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: center; MARGIN: 0in 12.7pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">Total Number of Shares</FONT></B></P>
      <P style="TEXT-ALIGN: center; MARGIN: 0.1pt 12.7pt 0pt 12.6pt; LINE-HEIGHT: 11.7pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">(units)</FONT></B></P></TD>
    <TD style="HEIGHT: 37pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">
      <P style="MARGIN: 0.5pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face="times new roman"></FONT></B>&nbsp;</P>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 0.1pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">%</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 15.9pt">
    <TD style="HEIGHT: 15.9pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 0in" vAlign=top width="36%">
      <P style="MARGIN: 4.1pt 0in 0pt 2.95pt; LINE-HEIGHT: 11.7pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">Controlling
      Shareholders</FONT></B></P></TD>
    <TD style="HEIGHT: 15.9pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15.9pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15.9pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 15.9pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 0in" vAlign=top width="36%">
      <P style="MARGIN: 4.25pt 0in 0pt 2.95pt; LINE-HEIGHT: 11.8pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">Treasury
      Department</FONT></P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.25pt 3pt 0pt 0in; LINE-HEIGHT: 11.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">343,524,285</FONT></P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.25pt 3pt 0pt 0in; LINE-HEIGHT: 11.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">50.3%</FONT></P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.25pt 3.05pt 0pt 0in; LINE-HEIGHT: 11.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">343,524,285</FONT></P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.25pt 2.85pt 0pt 0in; LINE-HEIGHT: 11.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">50.3%</FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 0in" vAlign=top width="36%">
      <P style="MARGIN: 4.3pt 0in 0pt 2.95pt; LINE-HEIGHT: 11.7pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">Management</FONT></B></P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 16pt">
    <TD style="HEIGHT: 16pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 0in" vAlign=top width="36%">
      <P style="MARGIN: 4.15pt 0in 0pt 2.95pt; LINE-HEIGHT: 11.8pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">Board of
      Directors</FONT></P></TD>
    <TD style="HEIGHT: 16pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 16pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.25pt 3.15pt 0pt 0in; LINE-HEIGHT: 11.7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">-</FONT></P></TD>
    <TD style="HEIGHT: 16pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 16pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.25pt 2.9pt 0pt 0in; LINE-HEIGHT: 11.7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">-</FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 0in" vAlign=top width="36%">
      <P style="MARGIN: 4.25pt 0in 0pt 2.95pt; LINE-HEIGHT: 11.8pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">Executive
      Officers</FONT></P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.25pt 3.15pt 0pt 0in; LINE-HEIGHT: 11.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">-</FONT></P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.25pt 3.15pt 0pt 0in; LINE-HEIGHT: 11.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">-</FONT></P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.25pt 3.15pt 0pt 0in; LINE-HEIGHT: 11.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">-</FONT></P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.25pt 2.9pt 0pt 0in; LINE-HEIGHT: 11.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">-</FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 0in" vAlign=top width="36%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 16pt">
    <TD style="HEIGHT: 16pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 0in" vAlign=top width="36%">
      <P style="MARGIN: 4.25pt 0in 0pt 2.95pt; LINE-HEIGHT: 11.7pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">Fiscal
      Council</FONT></B></P></TD>
    <TD style="HEIGHT: 16pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.2pt 3.15pt 0pt 0in; LINE-HEIGHT: 11.7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">-</FONT></P></TD>
    <TD style="HEIGHT: 16pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.2pt 3.15pt 0pt 0in; LINE-HEIGHT: 11.7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">-</FONT></P></TD>
    <TD style="HEIGHT: 16pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.2pt 3.15pt 0pt 0in; LINE-HEIGHT: 11.7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">-</FONT></P></TD>
    <TD style="HEIGHT: 16pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.2pt 2.9pt 0pt 0in; LINE-HEIGHT: 11.7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">-</FONT></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 0in" vAlign=top width="36%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 0in" vAlign=top width="36%">
      <P style="MARGIN: 4.3pt 0in 0pt 2.95pt; LINE-HEIGHT: 11.7pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">Treasury
      Shares</FONT></B></P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.2pt 3.15pt 0pt 0in; LINE-HEIGHT: 11.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">-</FONT></P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.2pt 3.15pt 0pt 0in; LINE-HEIGHT: 11.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">-</FONT></P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.2pt 3.15pt 0pt 0in; LINE-HEIGHT: 11.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">-</FONT></P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.2pt 2.9pt 0pt 0in; LINE-HEIGHT: 11.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">-</FONT></P></TD></TR>
  <TR style="HEIGHT: 16pt">
    <TD style="HEIGHT: 16pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 0in" vAlign=top width="36%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 16pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 16pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 16pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 16pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 0in" vAlign=top width="36%">
      <P style="MARGIN: 4.3pt 0in 0pt 2.95pt; LINE-HEIGHT: 11.7pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">Other
      Shareholders</FONT></B></P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 0in" vAlign=top width="36%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 16pt">
    <TD style="HEIGHT: 16pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 0in" vAlign=top width="36%">
      <P style="MARGIN: 4.3pt 0in 0pt 2.95pt; LINE-HEIGHT: 11.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">Total</FONT></B></P></TD>
    <TD style="HEIGHT: 16pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.3pt 3.05pt 0pt 0in; LINE-HEIGHT: 11.65pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">343,524,285</FONT></B></P></TD>
    <TD style="HEIGHT: 16pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.3pt 3.1pt 0pt 0in; LINE-HEIGHT: 11.65pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">50.3%</FONT></B></P></TD>
    <TD style="HEIGHT: 16pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.3pt 3.05pt 0pt 0in; LINE-HEIGHT: 11.65pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">343,524,285</FONT></B></P></TD>
    <TD style="HEIGHT: 16pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">
      <P style="TEXT-ALIGN: right; MARGIN: 4.3pt 2.8pt 0pt 0in; LINE-HEIGHT: 11.65pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">50.3%</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 0in" vAlign=top width="36%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 17pt">
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 0in" vAlign=top width="36%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 17pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 25pt">
    <TD style="HEIGHT: 25pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 0in" vAlign=top width="36%">
      <P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face="times new roman"></FONT></B>&nbsp;</P>
      <P style="MARGIN: 0.05pt 0in 0pt 2.95pt; LINE-HEIGHT: 11.7pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">Outstanding
      Shares</FONT></P></TD>
    <TD style="HEIGHT: 25pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face="times new roman"></FONT></B>&nbsp;</P>
      <P style="TEXT-ALIGN: right; MARGIN: 0.05pt 3.2pt 0pt 0in; LINE-HEIGHT: 11.7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">339,985,584</FONT></P></TD>
    <TD style="HEIGHT: 25pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face="times new roman"></FONT></B>&nbsp;</P>
      <P style="TEXT-ALIGN: right; MARGIN: 0.05pt 3.15pt 0pt 0in; LINE-HEIGHT: 11.7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">49.7%</FONT></P></TD>
    <TD style="HEIGHT: 25pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face="times new roman"></FONT></B>&nbsp;</P>
      <P style="TEXT-ALIGN: right; MARGIN: 0.05pt 3.2pt 0pt 0in; LINE-HEIGHT: 11.7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">339,985,584</FONT></P></TD>
    <TD style="HEIGHT: 25pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">
      <P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face="times new roman"></FONT></B>&nbsp;</P>
      <P style="TEXT-ALIGN: right; MARGIN: 0.05pt 2.95pt 0pt 0in; LINE-HEIGHT: 11.7pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">49.7%</FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0.1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"></FONT></B>&nbsp;</P>
<H2 style="MARGIN: 4.5pt 0in 0pt 82.35pt; TEXT-INDENT: -21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">2.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">SHAREHOLDING POSITION</FONT></B></H2>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face="times new roman"></FONT></B>&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" cellSpacing=0 cellPadding=0 border=0>

  <TR style="HEIGHT: 25pt">
    <TD style="BORDER-TOP: black 1pt solid; HEIGHT: 25pt; BORDER-RIGHT: black 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 0in" vAlign=top width="100%" colSpan=5>
      <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face="times new roman">SHAREHOLDING POSITION OF HOLDERS OF
      MORE THAN 5% OF EACH TYPE AND CLASS OF COMPANY SHARES, UP TO THE
      INDIVIDUAL LEVEL</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 24.9pt">
    <TD style="HEIGHT: 24.9pt; BORDER-RIGHT: black 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 0in" vAlign=bottom width="66%" colSpan=3>
      <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" color=black face="times new roman">Company:<BR>CIA SANEAMENTO B&#193;SICO
      ESTADO S&#195;O PAULO</FONT></B></P></TD>
    <TD style="HEIGHT: 24.9pt; BORDER-RIGHT: black 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="34%" colSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face="times new roman">Position as of June 30,
      2017<BR>(shares)</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 19pt">
    <TD style="HEIGHT: 19pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 0in" vAlign=top width="36%">
      <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 19pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="30%" colSpan=2>
      <P style="MARGIN: 7.1pt 0in 0pt 28.6pt; LINE-HEIGHT: 11.7pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">Common
      shares</FONT></B></P></TD>
    <TD style="HEIGHT: 19pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="34%" colSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 7.1pt 30.9pt 0pt 31.15pt; LINE-HEIGHT: 11.7pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">Total</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 19pt">
    <TD style="HEIGHT: 19pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 0in" vAlign=top width="36%">
      <P style="MARGIN: 7.1pt 0in 0pt 2.95pt; LINE-HEIGHT: 11.7pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">Shareholder</FONT></B></P></TD>
    <TD style="HEIGHT: 19pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 7.1pt 0in 0pt 6.95pt; LINE-HEIGHT: 11.7pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">Number of
      shares</FONT></B></P></TD>
    <TD style="HEIGHT: 19pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="TEXT-ALIGN: center; MARGIN: 7.1pt 0.05pt 0pt 0in; LINE-HEIGHT: 11.7pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">%</FONT></B></P></TD>
    <TD style="HEIGHT: 19pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 7.1pt 0in 0pt 6.4pt; LINE-HEIGHT: 11.7pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">Number of shares
      </FONT></B></P></TD>
    <TD style="HEIGHT: 19pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 7.1pt 0in 0pt 0.1pt; LINE-HEIGHT: 11.7pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">%</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 25pt">
    <TD style="HEIGHT: 25pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 0in" vAlign=top width="36%">
      <P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face="times new roman"></FONT></B>&nbsp;</P>
      <P style="MARGIN: 0.05pt 0in 0pt 2.95pt; LINE-HEIGHT: 11.8pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">Treasury
      Department</FONT></P></TD>
    <TD style="HEIGHT: 25pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face="times new roman"></FONT></B>&nbsp;</P>
      <P style="MARGIN: 0.05pt 0in 0pt 36.25pt; LINE-HEIGHT: 11.8pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">343,524.285</FONT></P></TD>
    <TD style="HEIGHT: 25pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="10%">
      <P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face="times new roman"></FONT></B>&nbsp;</P>
      <P style="MARGIN: 0.05pt 0in 0pt 21.9pt; LINE-HEIGHT: 11.8pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">50.3</FONT></P></TD>
    <TD style="HEIGHT: 25pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="20%">
      <P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face="times new roman"></FONT></B>&nbsp;</P>
      <P style="MARGIN: 0.05pt 0in 0pt 41.15pt; LINE-HEIGHT: 11.8pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">343,524,285</FONT></P></TD>
    <TD style="HEIGHT: 25pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=top width="14%">
      <P style="MARGIN: 0.4pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10.5pt" face="times new roman"></FONT></B>&nbsp;</P>
      <P style="TEXT-ALIGN: right; MARGIN: 0.05pt 2.9pt 0pt 0in; LINE-HEIGHT: 11.8pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt" face="times new roman">50.3</FONT></P></TD></TR></TABLE></DIV>
<DIV align=left>&nbsp;</DIV>
<a name="_bclFooter80"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>79</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name=page_81></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader81"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV>
<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="times new roman"></FONT></B>&nbsp;</P>
<P style="MARGIN: 0.3pt 38pt 0pt 28.35pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face="times new roman"></FONT></B>&nbsp;</P>
<H2 style="MARGIN: 4.6pt 45.1pt 0pt 42.55pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=Arial,sans-serif>Reports and Statements /
Unqualified Report on Special Review</FONT></B></H2>
<P style="MARGIN: 0in 59.25pt 0pt 70.9pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 59.25pt 0pt 70.9pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.25pt 0pt 70.9pt; LINE-HEIGHT: 112%"><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; LINE-HEIGHT: 112%" face="times new roman"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">Review report on the interim financial statements &#8211;
ITR</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.25pt 0pt 70.9pt; LINE-HEIGHT: 112%"><FONT style="LINE-HEIGHT: 112%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.25pt 0pt 70.9pt; LINE-HEIGHT: 112%"><FONT style="LINE-HEIGHT: 112%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></B></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.25pt 0pt 70.9pt; LINE-HEIGHT: 112%"><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; LINE-HEIGHT: 112%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>To the Board of Directors and Shareholders</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.25pt 0pt 70.9pt; LINE-HEIGHT: 112%"><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; LINE-HEIGHT: 112%" 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="TEXT-ALIGN: justify; MARGIN: 0in 59.25pt 0pt 70.9pt; LINE-HEIGHT: 112%"><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; LINE-HEIGHT: 112%" 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="TEXT-ALIGN: justify; MARGIN: 0in 59.25pt 0pt 70.9pt; LINE-HEIGHT: 112%"><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; LINE-HEIGHT: 112%" color=black><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.25pt 6pt 70.9pt; LINE-HEIGHT: 112%"><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; LINE-HEIGHT: 112%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Introduction</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.25pt 0pt 70.9pt; LINE-HEIGHT: 112%"><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; LINE-HEIGHT: 112%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia>We have reviewed the interim financial information of Companhia de
Saneamento B&#225;sico do Estado de S&#227;o Paulo &#8211; SABESP (&#8220;The Company&#8221;), included in
the Quarterly Financial Information &#8211; ITR referring to the quarter ended June
30, 2017, comprising the balance sheet as of June 30, 2017 and the statement of
income and comprehensive income for the three and six-month periods then ended,
and the statements of changes in equity and cash flows for the six-month period
then ended, including the explanatory notes.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.25pt 0pt 70.9pt; LINE-HEIGHT: 112%"><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; LINE-HEIGHT: 112%" face=georgia><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=georgia></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.25pt 0pt 70.9pt; LINE-HEIGHT: 112%"><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; LINE-HEIGHT: 112%" color=black><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Management is responsible for the preparation of the interim
financial information in accordance with accounting standard CPC 21(R1) -
Interim Financial Reporting and IAS 34 - Interim Financial Reporting, as issued
by the International Accounting Standards Board - IASB, as well as for the
presentation of this information in accordance with the standards issued by the
Brazilian Securities and Exchange Commission - CVM, applicable to the
preparation of Quarterly Information - ITR. Our responsibility is to express a
conclusion on this interim financial information based on our
review.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.25pt 0pt 70.9pt; LINE-HEIGHT: 112%"><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; LINE-HEIGHT: 112%" color=black><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.25pt 6pt 70.9pt; LINE-HEIGHT: 112%"><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; LINE-HEIGHT: 112%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Review
scope</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.25pt 0pt 70.9pt; LINE-HEIGHT: 112%"><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; LINE-HEIGHT: 112%" color=black><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>We
conducted our review in accordance with the Brazilian and International
standards on review engagements NBC TR 2410 - Review of Interim Financial
Information Performed by the Independent Auditor of the Entity and ISRE 2410 -
Review of Interim Financial Information Performed by the Independent Auditor of
the Entity, respectively. A review of interim financial information consists of
making inquiries, primarily of persons responsible for the financial and
accounting matters, and applying analytical and other review procedures. A
review is substantially less in scope than an audit conducted in accordance with
the auditing standards and, consequently, does not enable us to obtain assurance
that we would become aware of all significant matters that might be identified
in an audit. Accordingly, we do not express an audit opinion.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.25pt 0pt 70.9pt; LINE-HEIGHT: 112%"><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.25pt 6pt 70.9pt; LINE-HEIGHT: 112%"><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; LINE-HEIGHT: 112%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Conclusion on the interim
financial information</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.25pt 0pt 70.9pt; LINE-HEIGHT: 112%"><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; LINE-HEIGHT: 112%" color=black><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>Based on our review, nothing has come to our attention that causes
us to believe that the accompanying interim financial information included in
the Quarterly Information Form - ITR referred to above is not prepared, in all
material respects, in accordance with CPC 21(R1) and IAS 34, issued by the IASB
applicable to the preparation of Quarterly Information - ITR, and presented in
accordance with the standards issued by the Brazilian Securities and Exchange
Commission - CVM. </FONT></FONT></P><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" face=georgia></FONT>
<P style="MARGIN: 0in 0in 0pt"><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>80</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 5%"><FONT style="LINE-HEIGHT: 5%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.25pt 0pt 70.9pt; LINE-HEIGHT: 112%"><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.25pt 0pt 70.9pt; LINE-HEIGHT: 112%"><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.25pt 0pt 70.9pt; LINE-HEIGHT: 112%"><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.25pt 6pt 70.9pt; LINE-HEIGHT: 112%"><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; LINE-HEIGHT: 112%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Other matters
</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.25pt 6pt 70.9pt; LINE-HEIGHT: 112%"><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; LINE-HEIGHT: 112%"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>Statement of value
added</FONT></B></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.25pt 0pt 70.9pt; LINE-HEIGHT: 112%"><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; LINE-HEIGHT: 112%" color=black><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia>We
have also reviewed the statements of value added (DVA) for the six-month period
ended June 30, 2017, prepared under the responsibility of the Company&#8217;s
management, whose presentation on the interim financial information is required
in accordance with the standards issued by the Brazilian Securities and Exchange
Commission &#8211; CVM applicable to the preparation of Quarterly Information - ITR,
and considered as supplementary information by IFRS, which does not require this
disclosure. These statements were subject to the same review procedures
described above, and based on our review, nothing has come to our attention that
causes us to believe that it is not prepared, in all material respects, in
accordance with the interim financial information taken as a
whole.</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.25pt 0pt 70.9pt; LINE-HEIGHT: 112%"><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; LINE-HEIGHT: 112%" color=black><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Georgia></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.25pt 0pt 70.9pt; LINE-HEIGHT: 112%"><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.25pt 0pt 70.9pt; LINE-HEIGHT: 112%"><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; LINE-HEIGHT: 112%"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=Georgia>S&#227;o Paulo, </FONT></FONT><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; LINE-HEIGHT: 112%" color=black><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=black face=Georgia>August 14</FONT></FONT><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; LINE-HEIGHT: 112%"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=Georgia>, 2017</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.25pt 0pt 70.9pt; LINE-HEIGHT: 112%"><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; LINE-HEIGHT: 112%"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.25pt 0pt 70.9pt; LINE-HEIGHT: 112%"><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; LINE-HEIGHT: 112%"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.25pt 0pt 70.9pt; LINE-HEIGHT: 112%"><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; LINE-HEIGHT: 112%"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=Georgia>KPMG Auditores
Independentes</FONT></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 59.25pt 0pt 70.9pt; LINE-HEIGHT: 112%"><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia>CRC
2SP014428/O-6</FONT></FONT></P>
<P style="MARGIN: 0in 59.25pt 0pt 70.9pt; LINE-HEIGHT: 112%"><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Georgia></FONT></FONT>&nbsp;</P>
<P style="MARGIN: 0in 59.25pt 0pt 70.9pt; LINE-HEIGHT: 112%"><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; LINE-HEIGHT: 112%"><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 59.25pt 0pt 70.9pt; BORDER-LEFT: medium none; LINE-HEIGHT: 112%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=georgia>(Original report in Portuguese
signed by)&nbsp; </FONT></P>
<P style="MARGIN: 0in 59.25pt 0pt 70.9pt; LINE-HEIGHT: 112%"><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; LINE-HEIGHT: 112%"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=Georgia>Marcio Serpejante
Peppe</FONT></FONT></P>
<P style="MARGIN: 0in 59.25pt 0pt 70.9pt; LINE-HEIGHT: 112%"><FONT style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; LINE-HEIGHT: 112%"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=Georgia>Contador CRC
1SP233011/O-8</FONT></FONT></P>
<P style="MARGIN: 0in 59.25pt 0pt 70.9pt"><B><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=Georgia></FONT></B>&nbsp;</P></DIV>
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<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;August 31, 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>
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<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 9pt" face=Arial>81</FONT></P>
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