<SEC-DOCUMENT>0001292814-17-003081.txt : 20171129
<SEC-HEADER>0001292814-17-003081.hdr.sgml : 20171129
<ACCEPTANCE-DATETIME>20171129151709
ACCESSION NUMBER:		0001292814-17-003081
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20170930
FILED AS OF DATE:		20171129
DATE AS OF CHANGE:		20171129

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:		171228119

	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>sbspr3q17_6k.htm
<DESCRIPTION>SBSPR3Q17_6K
<TEXT>

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   <TITLE>sbspr3q17_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><FONT size=1></FONT>&nbsp;</DIV>

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

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

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

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

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

<DIV align=center>

<DIV><FONT color=#000000 size=2 face="Times New Roman"><B>For&nbsp;November, 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>

<DIV><FONT size=1></FONT>&nbsp;</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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<DIV align=left>&nbsp;</DIV><FONT lang=EN-US>&nbsp; </FONT>

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<IMG border=0 src="sbspr3q17_6k.gif" align=middle></FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=PT-BR style="FONT-SIZE: 7pt" face=Arial,sans-serif>CIA. DE SANEAMENTO B&#193;SICO DO ESTADO DE S&#195;O PAULO - SABESP</FONT></B></P>

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

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

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

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

<P style="TEXT-ALIGN: center; MARGIN: 18pt 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 18pt; LINE-HEIGHT: 90%" color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; MARGIN: 18pt 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 16pt; LINE-HEIGHT: 90%" color=navy face=Arial,sans-serif>SABESP announces 3Q17 results</FONT></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 8pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>S&#227;o Paulo, November 14, 2017 - </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Companhia de Saneamento B&#225;sico do Estado de S&#227;o Paulo - SABESP</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif> (B3: SBSP3; NYSE: SBS), one of the largest water and sewage services providers in the world based on the number of costumers, announces today its 3</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Q17 results</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>. The Company&#8217;s operating and financial information, except when indicated otherwise is presented in Brazilian Reais, in accordance with the Brazilian Corporate Law. </FONT><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>All comparisons in this release, unless otherwise stated, refer to the same period of 2016</FONT></U><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>.</FONT></P></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: #0000a0 1px solid; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 18pt 0cm" align=center><B><FONT lang=EN-US style="FONT-SIZE: 16pt; LINE-HEIGHT: 90%" color=#000080 face=Arial,sans-serif></FONT></B>&nbsp;</P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3pt 0pt 0cm" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>SBSP3: R$ 29.46/share<BR><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>SBS: US$ 8.94 (ADR=1 share)<BR><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Total shares: 683,509,869<BR><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Market value: R$ 20.1 billion<BR><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>Closing quote: 11/14/2017</FONT></FONT></FONT></FONT></FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="HEIGHT: 439px; WIDTH: 709px; POSITION: relative; LEFT: 0px; TOP: 13px">
<IMG src="x17111610364201.jpg" width=709 align=middle height=426></FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>&nbsp;</FONT></B></P>

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

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   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="33%" align=left>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

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   <TD width="8%" 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 width="3%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #333399" width="33%" align=left>&nbsp;</TD>

   <TD bgColor=#333399 width="8%" align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q17</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="8%" align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q16 </FONT></B></TD>

   <TD bgColor=#333399 width="8%" align=right><STRONG><FONT color=#ffffff size=1 face=Arial>Chg.(R$)</FONT></STRONG>&nbsp;&nbsp;</TD>

   <TD bgColor=#333399 width="8%" align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="8%" align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9M17</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="8%" align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9M16&nbsp;</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="8%" align=right><STRONG><FONT color=#ffffff size=1 face=Arial>Chg. (R$)</FONT></STRONG>&nbsp;</TD>

   <TD style="TEXT-INDENT: 10.08pt" bgColor=#333399 width="8%" align=left><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="33%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Gross operating revenue</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,999.7</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,854.1</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>145.6</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>5.1</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>8,930.6</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>8,148.2</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>782.4</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>9.6</FONT>&nbsp;</TD></TR>

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   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="33%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Construction revenue</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>712.9</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,097.8</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(384.9)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(35.1)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,215.2</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,620.2</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(405.0)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(15.5)</FONT>&nbsp;</TD></TR>

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   <TD bgColor=#eeece1 width="3%" align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 width="33%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>COFINS and PASEP taxes</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(176.1)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(206.1)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>30.0</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(14.6)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(555.9)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(556.2)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>0.3</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(0.1)</FONT>&nbsp;</TD></TR>

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   <TD width="3%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(=)</FONT>&nbsp;</TD>

   <TD width="33%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Net operating revenue</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>3,536.5</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>3,745.8</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(209.3)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(5.6)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>10,589.9</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>10,212.2</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>377.7</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>3.7</FONT>&nbsp;</TD></TR>

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   <TD bgColor=#eeece1 width="3%" align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 width="33%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Costs and expenses</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(1,711.4)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(1,615.5)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(95.9)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>5.9</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(5,528.0)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(5,147.9)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(380.1)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>7.4</FONT>&nbsp;</TD></TR>

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   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="33%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Construction costs</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(694.5)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(1,073.5)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>379.0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(35.3)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(2,165.9)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(2,563.2)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>397.3</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(15.5)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 width="3%" align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 width="33%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Equity result</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1.2</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>0.5</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>0.7</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>140.0</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>4.7</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2.3</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2.4</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>104.3</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="33%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Other operating revenue (expenses), net</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>14.6</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>6.3</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>8.3</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>131.7</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>37.7</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>27.9</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>9.8</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>35.1</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 width="3%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(=)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="33%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Earnings before financial result, income tax and social contribution</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,146.4</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,063.6</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>82.8</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>7.8</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,938.4</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,531.3</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>407.1</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>16.1</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="33%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Financial result</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>222.9</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(176.8)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>399.7</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(226.1)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(54.5)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>536.1</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(590.6)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(110.2)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 width="3%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(=)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="33%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Earnings before income tax and social contribution</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,369.3</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>886.8</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>482.5</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>54.4</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,883.9</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>3,067.4</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(183.5)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(6.0)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="33%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Income tax and social contribution</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(468.8)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(312.9)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(155.9)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>49.8</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(977.2)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(1,067.2)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>90.0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(8.4)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 width="3%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(=)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="33%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Net income</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>900.5</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>573.9</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>326.6</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>56.9</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,906.7</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,000.2</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(93.5)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(4.7)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="33%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Earnings per share* (R$)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1.32</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>0.84</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="8%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="8%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2.79</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2.93</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="8%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" colSpan=2 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>* Total shares = 683,509,869</FONT>&nbsp;</TD>

   <TD width="8%" align=right>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR></TABLE>

<P><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif>Adjusted EBITDA Reconciliation&nbsp;(Non-accounting measures)</FONT></B> </P>

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



<TR vAlign=bottom>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="33%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="8%" 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="3%" align=left>&nbsp;</TD>

   <TD bgColor=#333399 width="33%" align=left>&nbsp;</TD>

   <TD bgColor=#333399 width="8%" align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q17</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="8%" align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q16</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="8%" 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="8%" align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="8%" align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9M17</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="16%" colSpan=2 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9M16 Chg. (R$)</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 10.08pt" bgColor=#333399 width="8%" align=right><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="3%" align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 width="33%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Net income</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>900.5</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>573.9</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>326.6</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>56.9</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,906.7</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,000.2</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(93.5)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(4.7)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="33%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Income tax and social contribution</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>468.8</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>312.9</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>155.9</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>49.8</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>977.2</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,067.2</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(90.0)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(8.4)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 width="3%" align=left>&nbsp;</TD>

   <TD bgColor=#eeece1 width="33%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Financial result</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(222.9)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>176.8</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(399.7)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(226.1)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>54.5</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(536.1)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>590.6</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(110.2)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="33%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Other operating revenues (expenses), net</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(14.6)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(6.3)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(8.3)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>131.7</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(37.7)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(27.9)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(9.8)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>35.1</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 width="3%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(=)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="33%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Adjusted EBIT*</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,131.8</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,057.3</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>74.5</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>7.0</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,900.7</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,503.4</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>397.3</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>15.9</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="3%" align=left>&nbsp;</TD>

   <TD width="33%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Depreciation and amortization</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>324.5</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>280.2</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>44.3</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>15.8</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>974.5</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>859.1</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>115.4</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>13.4</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 width="3%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(=)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="33%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Adjusted EBITDA **</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,456.3</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,337.5</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>118.8</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>8.9</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>3,875.2</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>3,362.5</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>512.7</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>15.2</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="3%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="33%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(%) Adjusted EBITDA margin</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>41.2</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>35.7</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="8%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="8%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>36.6</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>32.9</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="8%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="8%" align=right>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>(*) Adjusted EBIT is net income before: (i) other operating revenues/expenses, net; (ii) financial result; and (iii) income tax and social contribution.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=Arial,sans-serif>(**) Adjusted EBITDA is net income before: (i) depreciation and amortization expenses; (ii) income tax and social contribution; (iii) financial result; and (iv) other operating revenues/expenses, net.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=Arial,sans-serif><BR>In 3Q17, net operating revenue, including construction revenue, reached R$ </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=Arial,sans-serif>3,536.5 </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=Arial,sans-serif>million; a 5.6% decrease compared to the same period in 2016.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=Arial,sans-serif>Costs and expenses, including construction costs, totaled R$ 2,405.9 million, 10.5% lower than in 3Q16.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=Arial,sans-serif>Adjusted EBIT, in the amount of R$ 1,131.8 million, increased 7.0% from R$ 1,057.3 million recorded in 3Q16. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=Arial,sans-serif>Adjusted EBITDA, in the amount of R$ 1,456.3 million, increased 8.9% from R$ 1,337.5 million recorded in 3Q16</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=Arial,sans-serif>. (R$ 5,084.3 million in the last twelve months).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=Arial,sans-serif>The adjusted EBITDA margin was 41.2% in 3Q17 against 35.7% in 3Q16 (35.1% in the last twelve months). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=Arial,sans-serif>Excluding construction revenues and construction costs, the adjusted EBITDA margin was 50.9% in 3Q17 (49.6% in 3Q16 and 44.9% in the last twelve months).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=Arial,sans-serif>In 3Q17 the Company recorded a net income of R$ 900.5 million, in comparison to a net income of R$ 573.9 million in 3Q16.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt; LINE-HEIGHT: 200%" color=navy face=Arial,sans-serif>2. Gross operating revenue</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=Arial,sans-serif>Gross operating revenue from sanitation services, not including construction revenue, totaled R$ 2,999.7 million, an increase of R$145.6 million or 5.1%, when compared to the R$ 2,854.1 million recorded in 3Q16. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=Arial,sans-serif>The main factors that led to this variation were: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 12pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=Arial,sans-serif>Increase of 4.8% in the Company&#8217;s total billed volume (5.0% in water and 4.6% in sewage); </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-INDENT: -18pt"><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 estimated loss of wholesale revenue in 3Q17, in the amount of R$ 16.7 million, due to the payment received in the period, especially from the Guarulhos municipal government.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=arial,sans-serif>Page </FONT><FONT style="DISPLAY: none"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=arial,sans-serif>2</FONT></FONT><FONT face=arial,sans-serif><FONT style="DISPLAY: none"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></FONT><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=arial,sans-serif> of </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=arial,sans-serif>11</FONT></FONT></P></DIV>

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

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=Arial,sans-serif>3. Construction revenue</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=Arial,sans-serif>Construction revenue decreased R$ 384.9 million or 35.1%, when compared to 3Q16. The variation was mainly due to lower investments in the municipalities served by the Company. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=navy face=Arial,sans-serif><BR></FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 14pt; LINE-HEIGHT: 12pt" color=navy face=Arial,sans-serif>4. Billed volume</FONT></B></P>

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

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

<P></P>

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



<TR vAlign=bottom>

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

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

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q17</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q16</FONT></B>&nbsp;</TD>

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

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q17</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q16</FONT></B>&nbsp;</TD>

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

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q17</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q16</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 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 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Residential</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>394.2</FONT>&nbsp;</TD>

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

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

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>336.3</FONT>&nbsp;</TD>

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

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>4.8</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>730.5</FONT>&nbsp;</TD>

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

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>4.6</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>41.6</FONT>&nbsp;</TD>

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

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>3.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>40.1</FONT>&nbsp;</TD>

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

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>4.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>81.7</FONT>&nbsp;</TD>

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

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>3.7</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>7.8</FONT>&nbsp;</TD>

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

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(2.5)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>9.4</FONT>&nbsp;</TD>

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

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(1.1)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>17.2</FONT>&nbsp;</TD>

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

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(1.7)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

   <TD style="TEXT-INDENT: 5.279pt" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>9.2</FONT>&nbsp;</TD>

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

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>2.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>19.4</FONT>&nbsp;</TD>

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

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1.0</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>453.8</FONT></B>&nbsp;</TD>

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

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

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>395.0</FONT></B>&nbsp;</TD>

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

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.5</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>848.8</FONT></B>&nbsp;</TD>

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

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.3</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>65.4</FONT>&nbsp;</TD>

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

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>12.0</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>8.6</FONT>&nbsp;</TD>

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

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>8.9</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>74.0</FONT>&nbsp;</TD>

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

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>11.6</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>519.2</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>494.5</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5.0</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>403.6</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>385.9</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.6</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>922.8</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>880.4</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.8</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9M17</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9M16</FONT></B>&nbsp;</TD>

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

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9M17</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9M16</FONT></B>&nbsp;</TD>

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

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9M17</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9M16</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 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 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Residential</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1,177.9</FONT>&nbsp;</TD>

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

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>3.7</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1,002.7</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>961.4</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>4.3</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>2,180.6</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1,097.0</FONT>&nbsp;</TD>

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

<TR vAlign=bottom>

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

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>123.9</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>121.7</FONT>&nbsp;</TD>

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

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>118.9</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>115.7</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>2.8</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>242.8</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>237.4</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>2.3</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>23.6</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>23.7</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(0.4)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>28.1</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>28.8</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(2.4)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>51.7</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>52.5</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(1.5)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>30.6</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>30.5</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>0.3</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>27.1</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>26.8</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1.1</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>57.7</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>57.3</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>0.7</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,356.0</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,311.5</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3.4</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,176.8</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,132.7</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3.9</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,532.8</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,444.2</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3.6</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>191.6</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>167.1</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>14.7</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>26.5</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>21.1</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>25.6</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>218.1</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>188.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>15.9</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#eeece1 align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,547.6</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,478.6</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.7</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,203.3</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,153.8</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.3</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,750.9</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,632.4</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#eeece1 align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.5</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.559pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(1) Unaudited</FONT>&nbsp;</TD>

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 16.559pt" colSpan=5 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(2) Reused water volume and non-domestic sewage are included in</FONT>&nbsp;</TD>

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

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

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

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

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

<P style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 22.5pt">&nbsp;</P>

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

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



<TR vAlign=bottom>

   <TD 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="28%" align=left>&nbsp;</TD>

   <TD bgColor=#333399 width="16%" 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="8%" align=left>&nbsp;</TD>

   <TD bgColor=#333399 width="16%" 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="8%" align=left>&nbsp;</TD>

   <TD bgColor=#333399 width="16%" 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="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#333399 width="28%" align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Region</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="8%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q17</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="8%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q16</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="8%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="8%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q17</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="8%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q16</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="8%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="8%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q17</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="8%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q16</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="8%" 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="28%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Metropolitan</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>295.1</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>283.5</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>4.1</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>257.6</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>246.8</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>4.4</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>552.7</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>530.3</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>4.2</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Regional </FONT><SUP><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(2)</FONT></SUP>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>158.7</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>152.6</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>4.0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>137.4</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>131.2</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>4.7</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>296.1</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>283.8</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>4.3</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 width="28%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total retail</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>453.8</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>436.1</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.1</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>395.0</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>378.0</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.5</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>848.8</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>814.1</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.3</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Wholesale </FONT><SUP><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(3)</FONT></SUP>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>65.4</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>58.4</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>12.0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>8.6</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>7.9</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>8.9</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>74.0</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>66.3</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>11.6</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 width="28%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>519.2</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>494.5</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5.0</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>403.6</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>385.9</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.6</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>922.8</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>880.4</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.8</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#333399 width="28%" align=left>&nbsp;</TD>

   <TD bgColor=#333399 width="8%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9M17</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="8%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9M16</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="8%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="8%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9M17</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="8%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9M16</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="8%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="8%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9M17</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="8%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9M16</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="8%" 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="28%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Metropolitan</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>877.5</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>846.0</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>3.7</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>763.9</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>735.1</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>3.9</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1,641.4</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1,581.1</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>3.8</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Regional </FONT><SUP><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(2)</FONT></SUP>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>478.5</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>465.5</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>2.8</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>412.9</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>397.6</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>3.8</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>891.4</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>863.1</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>3.3</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 width="28%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total retail</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,356.0</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,311.5</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3.4</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,176.8</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,132.7</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3.9</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,532.8</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,444.2</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3.6</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Wholesale </FONT><SUP><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(3)</FONT></SUP>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>191.6</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>167.1</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>14.7</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>26.5</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>21.1</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>25.6</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>218.1</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>188.2</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>15.9</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#eeece1 width="28%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,547.6</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,478.6</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.7</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,203.3</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,153.8</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.3</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,750.9</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,632.4</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.5</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.84pt" width="28%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(1) Unaudited</FONT>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.84pt" width="44%" colSpan=3 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(2) Including coastal and interior region</FONT>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 18.84pt" width="60%" colSpan=5 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(3) Reused water volume and non-domestic sewage are included in</FONT>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD></TR></TABLE>

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

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=arial,sans-serif>Page </FONT><FONT style="DISPLAY: none"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=arial,sans-serif>3</FONT></FONT><FONT face=arial,sans-serif><FONT style="DISPLAY: none"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></FONT><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=arial,sans-serif> of </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=arial,sans-serif>11</FONT></FONT></P></DIV>

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

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

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

<P align=center>
<IMG border=0 src="sbspr3q17_6k.gif" align=middle></P>

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<P style="MARGIN: 0cm 0cm 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=Arial,sans-serif>5. Costs, administrative &amp; selling expenses and construction costs</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>Costs, administrative &amp; selling expenses as well as construction costs decreased 10.5% in 3Q17 (R$ 283.1 million). Excluding construction costs, costs and expenses increased by 5.9% (R$ 95.9 million). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>As a percentage of net revenue, costs and expenses were 68.0% in 3Q17 compared to 71.8% in 3Q16.</FONT></P>

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



<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="36%" align=left>&nbsp;</TD>

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

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

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

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

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

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" 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="36%" align=left>&nbsp;</TD>

   <TD bgColor=#333399 width="8%" align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q17</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="16%" colSpan=2 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q16 Chg. (R$)</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="8%" align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>%</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="8%" align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9M17</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="16%" colSpan=2 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9M16 Chg. (R$)</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 14.4pt" bgColor=#333399 width="8%" align=right><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="36%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Salaries and payroll charges and Pension plan obligations</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>623.4</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>292.3</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>331.1</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>113.3</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,927.8</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,488.0</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>439.8</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>29.6</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>General supplies</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>39.8</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>45.6</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(5.8)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(12.7)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>117.4</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>124.5</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(7.1)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(5.7)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 width="36%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Treatment supplies</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>60.1</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>64.0</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(3.9)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(6.1)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>198.9</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>205.3</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(6.4)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(3.1)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Services</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>288.4</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>347.1</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(58.7)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(16.9)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>920.9</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>945.8</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(24.9)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(2.6)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 width="36%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Electricity</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>203.6</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>224.7</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(21.1)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(9.4)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>591.2</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>707.9</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(116.7)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(16.5)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>General expenses</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>184.4</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>249.3</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(64.9)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(26.0)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>633.9</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>640.6</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(6.7)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(1.0)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 width="36%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Tax expenses</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>21.6</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>22.6</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(1.0)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(4.4)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>75.9</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>66.5</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>9.4</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>14.1</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 width="36%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Sub-total</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,421.3</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,245.6</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>175.7</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>14.1</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,466.0</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,178.6</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>287.4</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6.9</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Depreciation and amortization</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>324.5</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>280.2</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>44.3</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>15.8</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>974.5</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>859.1</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>115.4</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>13.4</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 width="36%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Allowance for doubtful accounts</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(34.4)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>89.7</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(124.1)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(138.4)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>87.5</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>110.2</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(22.7)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(20.6)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Sub-total</FONT></B>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>290.1</FONT></B>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>369.9</FONT></B>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(79.8)</FONT></B>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(21.6)</FONT></B>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,062.0</FONT></B>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>969.3</FONT></B>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>92.7</FONT></B>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9.6</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 width="36%" 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="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,711.4</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,615.5</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>95.9</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5.9</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5,528.0</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5,147.9</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>380.1</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7.4</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="36%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Construction costs</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>694.5</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,073.5</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(379.0)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(35.3)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,165.9</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,563.2</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(397.3)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(15.5)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 width="36%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Costs, adm &amp; selling expenses and construction costs</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,405.9</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,689.0</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(283.1)</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(10.5)</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7,693.9</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7,711.1</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(17.2)</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(0.2)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="36%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>% of net revenue</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>68.0</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>71.8</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="8%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="8%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>72.7</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="8%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>75.5</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="8%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="8%" align=right>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif>5.1. Salaries and payroll charges and Pension plan obligations</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>There was an increase of R$ 331.1 million in 3Q17, mainly due to:</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 12pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=Arial,sans-serif>Increase of R$ 34.5 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; and</FONT></P>

<P style="MARGIN: 0cm 0cm 0cm 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>Migration of 3,572 participants from the Defined Benefit Plan (G1) to the Defined Contribution Plan (Sabesprev Mais) in 3Q16, generating an early reduction of R$ 334.2 million in the actuarial deficit, offset by an incentive and extraordinary contribution of R$ 26.8 million, resulting in a net reduction of R$ 307.4 million in expenses in that period.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif>5.2. Services</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=Arial,sans-serif>Services expenses totaled R$ 288.4 million, R$ 58.7 million less than the R$ 347.1 million recorded in 3Q16. This decline was distributed in several items, including:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 12pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=Arial,sans-serif>Marketing campaigns, in the amount of R$ 10.9 million;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 12pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=Arial,sans-serif>Nautical services related to the application of chemicals in the water reservoirs, in the amount of R$ 10.1 million;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 12pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=Arial,sans-serif>Leasing of machinery and equipment, in the amount of R$ 4.3 million; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 12pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=Arial,sans-serif>Telephony, in the amount of R$ 3.2 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif>5.3. Electricity</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Electricity expenses totaled R$ 203.6 million in 3Q17, a decrease of R$ 21.1 million or 9.4% in comparison to the R$ 224.7 million in 3Q16. The main factors that contributed to this decrease were:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 12pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=Arial,sans-serif>Average reduction of 12.1% in the free market tariffs, with an 14.6% increase in consumption;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 12pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=Arial,sans-serif>Average reduction of 29.4% in the grid market tariff (TUSD), with a 19.6% rise in consumption; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 12pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=Arial,sans-serif>Average reduction of 3.0% in the regulated market tariffs, with a 3.0%.decrease in consumption.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=Arial,sans-serif>In 3Q17, the free market accounted for 35.2% of the total electricity consumed by the Company, the grid market accounted for 31.9% and the regulated market accounted for 32.9% of total consumption. </FONT></P>

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

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif>5.4. General expenses</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" face=Arial,sans-serif>General expenses decreased R$ 64.9 million, or 26.0%, totaling R$ 184.4 million in 3Q17, versus the R$ 249.3 million recorded in 3Q16, mainly due to the following reasons:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Higher provisioning for lawsuits in 3Q16, totaling R$ 31.6 million; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -18pt"><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>Non-recurring provisioning of R$ 38.1 million in 3Q16, related to the agreement with Empresa Metropolitana de &#193;guas e Energia &#8211; EMAE.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

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

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Depreciation and amortization increased R$ 44.3 million or 15.8%, reaching R$ 324.5 million in 3Q17 in comparison to the R$ 280.2 million recorded in 3Q16, largely due to the beginning of operations of intangible assets, in the amount of R$ 1.6 billion.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif><BR>5.6. Allowance for doubtful accounts</FONT></B></P>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>The allowance for doubtful accounts fell R$ 124.1 million, mainly due to lower delinquency rates in the period.</FONT></P>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=Arial,sans-serif>6. Other operational revenues (expenses), net</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif><BR>There was an R$ 8.3 million increase in this line, mostly due to the payment of R$ 9.2 million received under the Water Basin Clean-up Program in 3Q17.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=Arial,sans-serif>7. Financial result</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

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



<TR vAlign=bottom>

   <TD width="68%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="8%" 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="68%" align=left>&nbsp;</TD>

   <TD bgColor=#333399 width="8%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q17</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="8%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q16</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="8%" align=right><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="8%" 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="68%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Financial expenses, net of income</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9pt" bgColor=#eeece1 width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(44.5)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(91.7)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>47.2</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(51.5)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="68%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Net monetary and exchange variation</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6.72pt" width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>267.4</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(85.1)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>352.5</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(414.2)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#eeece1 width="68%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Financial result</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid; TEXT-INDENT: 6.72pt" bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>222.9</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(176.8)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>399.7</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(226.1)</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif>7.1. Financial income and expenses </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

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



<TR vAlign=bottom>

   <TD width="68%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="8%" 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="68%" align=left>&nbsp;</TD>

   <TD bgColor=#333399 width="8%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q17</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="8%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q16</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="8%" align=right><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="8%" 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="68%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Financial expenses</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.997pt" width="68%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Interest and charges on international loans and financing</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(28.7)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(28.5)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 12.72pt" width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(0.2)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>0.7</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.997pt" bgColor=#eeece1 width="68%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Interest and charges on domestic loans and financing</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(72.4)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(80.5)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>8.1</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(10.1)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.997pt" width="68%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Other financial expenses</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(30.6)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(49.2)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>18.6</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(37.8)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 width="68%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total financial expenses</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(131.7)</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(158.2)</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>26.5</FONT></B>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(16.8)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="68%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Financial income</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>87.2</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>66.5</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>20.7</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>31.1</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#eeece1 width="68%" 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: #333399 1px solid" bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(44.5)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(91.7)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>47.2</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#eeece1 width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(51.5)</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

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

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<IMG border=0 src="sbspr3q17_6k.gif" align=middle></P>

<P style="MARGIN: 0cm 0cm 0pt"></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif>7.1.1. Financial expenses </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>Decrease of R$ 26.5 million, mainly due to the following events:</FONT></P>

<P style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>Interest and charges on domestic loans and financing: decline of R$ 8.1 million, mainly due to the lower CDI rate in 3Q17, compared with 3Q16 (8.14% and 14.13%, respectively); and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>Other financial expenses: reduction of R$ 18.6 million, mostly due to lower provisioning for interest on court proceedings in 3Q17.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif>7.1.2. Financial income</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 12pt" color=black face=Arial,sans-serif>Financial income moved up R$ 20.7 million, mostly due to the higher recognition of interest on installment agreements in 3Q17.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif>7.2. Monetary and exchange rate variation on assets and liabilities</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

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



<TR vAlign=bottom>

   <TD width="68%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="8%" 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="68%" align=left>&nbsp;</TD>

   <TD bgColor=#333399 width="8%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q17</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="8%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q16</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 width="8%" align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Chg.</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 16.439pt" bgColor=#333399 width="8%" 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="68%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Monetary variation on loans and financing</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(3.6)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(24.4)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>20.8</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(85.2)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="68%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Currency exchange variation on loans and financing</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>253.2</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(79.2)</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>332.4</FONT>&nbsp;</TD>

   <TD width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(419.7)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 width="68%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Other monetary variations</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(0.9)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(9.1)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>8.2</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(90.1)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="68%" 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="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>248.7</FONT></B>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(112.7)</FONT></B>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>361.4</FONT></B>&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(320.7)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 width="68%" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Monetary/exchange rate variation on assets</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>18.7</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>27.6</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(8.9)</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 width="8%" align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(32.2)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="68%" 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: #333399 1px solid" width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>267.4</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(85.1)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>352.5</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="8%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(414.2)</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><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: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif>7.2.1 Monetary and exchange rate variation on liabilities</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>The effect of monetary and currency variations in 3Q17 was R$ 361.4 million lower than in 3Q16, mainly due to:</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>Reduction of R$ 20.8 million in expenses with monetary variation on loans and financing, due to the lower variation in the IPCA in 3Q17 compared with 3Q16 (0.6% and 1.0%, respectively); and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 18pt; TEXT-INDENT: -18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>Decrease of R$ 332.4 million in exchange variation on loans and financing, as a result of the devaluation of dollar and yen against the real in 3Q17 (-4.2% and -4.5%, respectively), versus an appreciation of 1.1% and 2.7%, respectively, in 3Q16.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

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

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

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 6pt" align=left><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=Arial,sans-serif>8. Income tax and social contribution</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Increase of R$ 155.9 million, mainly due to the higher taxable result reported in the period, which was mostly impacted by the devaluation of dollar and yen against the real in 3Q17, versus an appreciation in 3Q16. </FONT></P>

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

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

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

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

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

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

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

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

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

<P align=center>
<IMG border=0 src="sbspr3q17_6k.gif" align=middle></P>

<P style="MARGIN: 0cm 0cm 0pt"></P></DIV>

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

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=Arial,sans-serif>9. Indicators</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 4pt" color=black face=Arial,sans-serif><BR><BR></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif>9.1. Operating </FONT></B></P>

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

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



<TR vAlign=bottom>

   <TD bgColor=#333399 align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Operating indicators </FONT></B><B><FONT color=#ffffff size=3 face=Arial-BoldMT,Arial,Helvetica,sans-serif>*</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q17</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q16</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 align=right><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: 2.998pt" bgColor=#eeece1 align=left><FONT size=2 face=Arial,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 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>8,807</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>8,595</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>2.5</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.998pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Sewage connections </FONT><SUP><FONT size=2 face="Cambria,Times New Roman,Times,serif">(1)</FONT></SUP>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>7,247</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>7,036</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>3.0</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.998pt" bgColor=#eeece1 align=left><FONT size=2 face=Arial,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 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>24.9</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>24.6</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1.2</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.998pt" align=left><FONT size=2 face=Arial,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 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>21.5</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>21.1</FONT>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.998pt" bgColor=#eeece1 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Number of Employees</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>13,901</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>14,172</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(1.9)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.998pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Water volume produced in the quarter </FONT><SUP><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(3)</FONT></SUP>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>695</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>670</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>3.8</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.998pt" bgColor=#eeece1 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Water volume produced in 9M </FONT><SUP><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(3)</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>2,082</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>2,006</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>3.8</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2.998pt" align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>IPM - Measured water loss (%)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>31.1</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>31.3</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(0.6)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 1px solid; TEXT-INDENT: 2.998pt" bgColor=#eeece1 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>IPDt (liters/connection x day)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#eeece1 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>306</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#eeece1 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>298</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#eeece1 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>2.7</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.6pt" colSpan=2 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(1) Total connections, active and inactive, in thousand units at the end of the period</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.6pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(2) In million inhabitants, at the end of the period. Not including wholesale</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.6pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(3) In millions of cubic meters</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.6pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(*) Unaudited</FONT>&nbsp;</TD>

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

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

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

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><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: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=navy face=Arial,sans-serif>9.2. Financial</FONT></B></P>

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

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



<TR vAlign=bottom>

   <TD bgColor=#333399 colSpan=2 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 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q17</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q16</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Amplified Consumer Price Index Variation (%)</FONT><SUP><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(1)</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>0.59</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>1.04</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Referential Rate Variation (%)</FONT><SUP><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(1)</FONT></SUP>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>0.11</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>0.58</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#eeece1 colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>Interbank Deposit Certificate (%)</FONT><SUP><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(2)</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>8.14</FONT>&nbsp;</TD>

   <TD bgColor=#eeece1 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>14.13</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>US DOLAR (R$)</FONT><SUP><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(3)</FONT></SUP>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>3.1680</FONT>&nbsp;</TD>

   <TD align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>3.2462</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#eeece1 colSpan=2 align=left><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>YEN (R$)</FONT><SUP><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>(3)</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#eeece1 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>0.02813</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" bgColor=#eeece1 align=right><FONT size=2 face=Arial,Arial,Helvetica,sans-serif>0.03207</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.36pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 4.679pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Quarterly rate (%)</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.36pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(2)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 3.119pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Last day average</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3.36pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(3)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 3.119pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>R$/previous day price</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1.559pt" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(*)</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Unaudited</FONT>&nbsp;</TD>

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

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

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

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=Arial,sans-serif>10. Loans and financing</FONT></B></P>

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

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



<TR vAlign=bottom>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2023</FONT></B>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD bgColor=#333399 align=left><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>INSTITUTION</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2017</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2018</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2019</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2020</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2021</FONT></B>&nbsp;</TD>

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2022</FONT></B>&nbsp;</TD>

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

   <TD style="TEXT-INDENT: 7.32pt" bgColor=#333399 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

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

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

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

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

   <TD bgColor=#333399 align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Onwards</FONT></B>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Local currency</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Caixa Econ&#244;mica Federal</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>15.9</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>66.9</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>69.1</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>71.5</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>75.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>79.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>838.4</FONT>&nbsp;</TD>

   <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,216.2</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Debentures</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>58.7</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>897.8</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,015.7</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>573.2</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>374.6</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>353.8</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>255.9</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>3,529.7</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>BNDES</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>22.1</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>98.3</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>112.3</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>94.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>93.8</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>93.8</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>538.1</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,052.6</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Leasing</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>4.2</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>30.3</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>31.8</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>33.4</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>35.1</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>37.0</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>387.2</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>559.0</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Others</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>0.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1.5</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1.4</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1.4</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1.4</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1.3</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>4.0</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>11.2</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Interest and other charges</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>50.3</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>64.8</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>115.1</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #333399 1px solid; BORDER-BOTTOM: #333399 1px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total Local Currency</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: #333399 1px solid; BORDER-BOTTOM: #333399 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>151.4</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: #333399 1px solid; BORDER-BOTTOM: #333399 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,159.6</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: #333399 1px solid; BORDER-BOTTOM: #333399 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,230.3</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: #333399 1px solid; BORDER-BOTTOM: #333399 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>773.7</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: #333399 1px solid; BORDER-BOTTOM: #333399 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>580.1</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: #333399 1px solid; BORDER-BOTTOM: #333399 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>565.1</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: #333399 1px solid; BORDER-BOTTOM: #333399 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,023.6</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: #333399 1px solid; BORDER-BOTTOM: #333399 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,483.8</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Foreign currency</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>IADB</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>39.8</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>107.4</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>107.4</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>107.4</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>107.4</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>107.4</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,056.4</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,633.2</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>IBRD</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>--</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>--</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>9.6</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>19.3</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>19.3</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>19.3</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>221.4</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>288.9</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Deutsche Bank 350</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>--</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>237.6</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>230.9</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>--</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>--</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>--</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>--</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>468.5</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Eurobond</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>--</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>--</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>--</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,106.1</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>--</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>--</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>--</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,106.1</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>JICA</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1.2</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>64.0</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>108.8</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>108.8</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>108.8</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>108.8</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,108.6</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,609.0</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>IDB 1983AB</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>--</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>75.6</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>56.0</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>54.6</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>24.4</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>24.4</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>22.4</FONT>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>257.4</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Interest and other charges</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>36.0</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>4.8 --</FONT>&nbsp;</TD>

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

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

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>--</FONT>&nbsp;</TD>

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

   <TD align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>40.8</FONT>&nbsp;</TD></TR>

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   <TD bgColor=#f2f2f2 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total in foreign currency</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>77.0</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>489.4</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>512.7</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,396.2</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>259.9</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>259.9</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,408.8</FONT></B>&nbsp;</TD>

   <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5,403.9</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #333399 1px solid; BORDER-BOTTOM: #333399 1px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: #333399 1px solid; BORDER-BOTTOM: #333399 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>228.4</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: #333399 1px solid; BORDER-BOTTOM: #333399 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,649.0</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: #333399 1px solid; BORDER-BOTTOM: #333399 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,743.0</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: #333399 1px solid; BORDER-BOTTOM: #333399 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,169.9</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: #333399 1px solid; BORDER-BOTTOM: #333399 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>840.0</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: #333399 1px solid; BORDER-BOTTOM: #333399 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>825.0</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: #333399 1px solid; BORDER-BOTTOM: #333399 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,432.4</FONT></B>&nbsp;</TD>

   <TD style="BORDER-TOP: #333399 1px solid; BORDER-BOTTOM: #333399 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>11,887.7</FONT></B>&nbsp;</TD></TR></TABLE>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=arial,sans-serif>Page </FONT><FONT style="DISPLAY: none"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=arial,sans-serif>7</FONT></FONT><FONT face=arial,sans-serif><FONT style="DISPLAY: none"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></FONT><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=arial,sans-serif> of </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=arial,sans-serif>11</FONT></FONT></P></DIV>

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

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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 6pt" align=left><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=Arial,sans-serif>11. Capex</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 6pt" align=left><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>In 9M17, capex reached R$ 2.3 billion, including R$ 0.6 billion related to the S&#227;o Louren&#231;o PPP. Out of the total amount invested by the Company, R$ 1.1 billion has not affected the Company&#8217;s cash.</FONT></P>

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

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=Arial,sans-serif>12. Conference calls</FONT></B></P>

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   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="51%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=navy face=Arial,sans-serif>In English</FONT></U></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=Arial,sans-serif>November 17, 2017 - Friday</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=Arial,sans-serif>11:00 am&nbsp; US EST / 02:00 pm &nbsp;(Bras&#237;lia)</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=Arial,sans-serif>Dial in: + 1 (412) 317-5486</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=Arial,sans-serif>Conference ID: Sabesp</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face=Arial,sans-serif></FONT></I>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=Arial,sans-serif>Replay available for 7 days</FONT></U></I></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=Arial,sans-serif>Dial in: +1 (412) 317-0088</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=Arial,sans-serif>Replay ID: </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=black face=Arial,sans-serif>10112024</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=Arial,sans-serif>Click here for the webcast</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; LINE-HEIGHT: 115%" color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; LINE-HEIGHT: 115%" color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; LINE-HEIGHT: 115%" color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; LINE-HEIGHT: 115%" color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; LINE-HEIGHT: 115%" color=navy face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="49%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" color=navy face=Arial,sans-serif>In Portuguese</FONT></U></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=Arial,sans-serif>November 17, 2017 - Friday</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=Arial,sans-serif>8:30 am&nbsp; US EST / 11:00 am (Bras&#237;lia)</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>Dial in: +55 </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>(11) 3127-4971 or &nbsp;3728-5971</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=Arial,sans-serif>Conference ID: Sabesp</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT></I>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=Arial,sans-serif>Replay available for 7 days</FONT></U></I></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=Arial,sans-serif>Dial in: +55 (11) 3127-4999</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=Arial,sans-serif>Replay ID: 11911941</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=Arial,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=Arial,sans-serif>Click here for the webcast</FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#000081 face=Arial,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 16pt" color=red face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>For more information, please contact:</FONT></B></P>

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

<P style="MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Mario Arruda Sampaio</FONT></I></P>

<P style="MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Head of Capital Markets and Investor Relations</FONT></I></P>

<P style="MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Phone.(55 11) 3388-8664</FONT></I></P>

<P style="MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>E-mail: </FONT></I><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=blue face=Arial,sans-serif>maasampaio@sabesp.com.br</FONT></U></I></P>

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

<P style="MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Angela Beatriz Airoldi&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></P>

<P style="MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Investor Relations Manager</FONT></I></P>

<P style="MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>Phone.(55 11) 3388-8793</FONT></I></P>

<P style="MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Arial,sans-serif>E-mail: </FONT></I><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt" color=blue face=Arial,sans-serif>abairoldi@sabesp.com.br</FONT></U></I></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=blue face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face=Arial,sans-serif>Statements contained in this press release may contain information that is forward-looking and reflects management's current view and estimates of future economic circumstances, industry conditions, SABESP performance, and financial results. Any statements, expectations, capabilities, plans and assumptions contained in this press release that do not describe historical facts, such as statements regarding the declaration or payment of dividends, the direction of future operations, the implementation of principal operating and financing strategies and capital expenditure plans, the factors or trends affecting financial condition, liquidity or results of operations are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. There is no guarantee that these results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. </FONT></I></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=arial,sans-serif>Page </FONT><FONT style="DISPLAY: none"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=arial,sans-serif>8</FONT></FONT><FONT face=arial,sans-serif><FONT style="DISPLAY: none"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></FONT><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=arial,sans-serif> of </FONT></FONT><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=arial,sans-serif>11</FONT></FONT></P></DIV></DIV>

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

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=Arial,sans-serif>Income Statement</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

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<TR vAlign=bottom>

   <TD width="60%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Brazilian Corporate Law</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right>&nbsp;</TD>

   <TD width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>R$ '000</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#366092 width="60%" align=left>&nbsp;</TD>

   <TD bgColor=#366092 width="20%" align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q17</FONT></B>&nbsp;</TD>

   <TD bgColor=#366092 width="20%" align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q16</FONT></B>&nbsp;</TD></TR>

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   <TD width="60%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net Operating Income</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,536,444</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,745,807</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Operating Costs</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(2,047,318)</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(2,236,740)</FONT>&nbsp;</TD></TR>

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   <TD width="60%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Gross Profit</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,489,126</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,509,067</FONT></B>&nbsp;</TD></TR>

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   <TD width="60%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Operating Expenses</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right>&nbsp;</TD>

   <TD width="20%" align=right>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 6pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Selling</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(124,619)</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(234,226)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.002pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Administrative revenue (expenses)</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(233,926)</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(218,041)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Other operating revenue (expenses), net</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>14,642</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>6,264</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Operating Income Before Shareholdings</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,145,223</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,063,064</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.11pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Equity Result</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,232</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>525</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Earnings Before Financial Results, net</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,146,455</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,063,589</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.11pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Financial, net</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(30,289)</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(97,717)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.11pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Exchange gain (loss), net</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>253,158</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(79,093)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Earnings before Income Tax and Social Contribution</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,369,324</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>886,779</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Income Tax and Social Contribution</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right>&nbsp;</TD>

   <TD width="20%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.002pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Current</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(406,548)</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(243,481)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.002pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Deferred</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(62,251)</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(69,411)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net Income for the period</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>900,525</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>573,887</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Registered common shares ('000)</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>683,509</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>683,509</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Earnings per shares - R$ (per share)</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1.32</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>0.84</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Depreciation and Amortization</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(324,516)</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(280,217)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Adjusted EBITDA</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,456,329</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,337,542</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 6.002pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>% over net revenue</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>41.2%</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>35.7%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net Operating Income Breakdown</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right>&nbsp;</TD>

   <TD width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>R$ '000</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#366092 width="60%" align=left>&nbsp;</TD>

   <TD bgColor=#366092 width="20%" align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q17</FONT></B>&nbsp;</TD>

   <TD bgColor=#366092 width="20%" align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3Q16</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Gross operating income</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,712,622</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,951,882</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.057pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Water suply - retail</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,535,239</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,484,426</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.057pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Water suply - wholesale</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>58,366</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>25,138</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.057pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Sewage collection and treatment</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,352,755</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,290,092</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.057pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Sewage collection and treatment - wholesale</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>10,181</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>9,783</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.057pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Construction revenue - water</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>518,052</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>770,619</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.057pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Construction revenue - sewage</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>194,824</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>327,180</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.057pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Other services</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>43,205</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>44,644</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.057pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Gross sales deductions (Cofins/Pasep)</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(176,178)</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(206,075)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net operating income</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,536,444</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,745,807</FONT></B>&nbsp;</TD></TR></TABLE>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=Arial,sans-serif>Balance Sheet</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

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



<TR vAlign=bottom>

   <TD width="60%" align=left><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Brazilian Corporate Law</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>R$ '000</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#366092 width="60%" align=left><B><FONT style="FONT-SIZE: 7pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>ASSETS</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#366092 width="20%" align=right><B><FONT style="FONT-SIZE: 7pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>09/30/17</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#366092 width="20%" align=right><B><FONT style="FONT-SIZE: 7pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2016</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=left><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current assets</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.407pt" width="60%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Cash and cash equivalents</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>2,101,000</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>1,886,221</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.407pt" width="60%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Trade receivables</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>1,581,066</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>1,557,472</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.407pt" width="60%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Related parties and transactions</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>177,196</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>202,553</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.407pt" width="60%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Inventories</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>123,238</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>58,002</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.407pt" width="60%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Restricted cash</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>15,229</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>24,078</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.407pt" width="60%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Currrent recoverable taxes</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>11,047</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>42,633</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.407pt" width="60%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Other receivables</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>104,336</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>52,676</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=left><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total current assets</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,113,112</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,823,635</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=3><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=left><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Noncurrent assets</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.407pt" width="60%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Trade receivables</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>157,867</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>153,834</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.407pt" width="60%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Related parties and transactions</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>649,334</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>669,156</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.407pt" width="60%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Escrow deposits</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>105,708</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>77,915</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.407pt" width="60%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Deferred income tax and social contribution</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>108,550</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>186,345</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.407pt" width="60%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Water National Agency &#8211; ANA</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>73,363</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>81,221</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.407pt" width="60%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Other receivables</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>127,642</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>114,693</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=3><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.407pt" width="60%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Equity investments</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>35,795</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>31,096</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.407pt" width="60%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Investment properties</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>57,900</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>57,968</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.407pt" width="60%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Intangible assets</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>32,684,419</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>31,246,788</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.407pt" width="60%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Property, plant and equipment</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>259,737</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>302,383</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=left><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total noncurrent assets</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>34,260,315</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>32,921,399</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=3><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=left><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total assets</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>38,373,427</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>36,745,034</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=3><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#366092 width="60%" align=left><B><FONT style="FONT-SIZE: 7pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>LIABILITIES AND EQUITY</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#366092 width="20%" align=right><B><FONT style="FONT-SIZE: 7pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>09/30/17</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD bgColor=#366092 width="20%" align=right><B><FONT style="FONT-SIZE: 7pt" color=#ffffff face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2016</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=left><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current liabilities</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.407pt" width="60%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Trade payables</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>284,833</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>311,960</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.407pt" width="60%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Borrowings and financing</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>1,388,013</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>1,246,567</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.407pt" width="60%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Accrued payroll and related charges</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>598,330</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>458,299</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.407pt" width="60%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Taxes and contributions</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>128,115</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>168,757</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.407pt" width="60%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Dividends and interest on capital payable</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>276</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>700,034</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.407pt" width="60%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Provisions</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>658,621</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>730,334</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.407pt" width="60%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Services payable</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>386,209</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>460,054</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.407pt" width="60%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Public-Private Partnership &#8211; PPP</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>33,865</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>31,898</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.407pt" width="60%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Program Contract Commitments</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>129,425</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>109,042</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.407pt" width="60%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Other liabilities</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>117,150</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>85,563</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=left><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total current liabilities</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,724,837</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,302,508</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=3><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=left><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Noncurrent liabilities</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.407pt" width="60%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Borrowings and financing</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>10,499,758</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>10,717,576</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.407pt" width="60%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Deferred Cofins and Pasep</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>132,243</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>138,071</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.407pt" width="60%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Provisions</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>443,160</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>442,741</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.407pt" width="60%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Pension obligations</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>3,332,955</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>3,265,250</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.407pt" width="60%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Public-Private Partnership &#8211; PPP</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>2,749,339</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>2,217,520</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.407pt" width="60%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Program Contract Commitments</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>81,872</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>69,051</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.407pt" width="60%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Other liabilities</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>146,076</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>173,106</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=left><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total noncurrent liabilities</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>17,385,403</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>17,023,315</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=3><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=left><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total liabilities</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>21,110,240</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>21,325,823</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=3><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=left><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Equity</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=left><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.407pt" width="60%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Paid-up capital</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>10,000,000</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>10,000,000</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.407pt" width="60%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Profit reserve</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>6,182,140</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>6,244,859</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.407pt" width="60%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Other comprehensive income</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>(825,648)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>(825,648)</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.407pt" width="60%" align=left><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>Retained earnings</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="20%" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>1,906,695</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="20%" align=center><FONT style="FONT-SIZE: 7pt" face=Arial,Arial,Helvetica,sans-serif>-</FONT><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=left><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total equity</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>17,263,187</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>15,419,211</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=3><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=left><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total equity and liabilities</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>38,373,427</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD width="20%" align=right><B><FONT style="FONT-SIZE: 7pt" face=Arial-BoldMT,Arial,Helvetica,sans-serif>36,745,034</FONT></B><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR></TABLE>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=navy face=Arial,sans-serif>Cash Flow</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

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

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



<TR>

   <TD width="60%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Brazilian Corporate Law</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right>&nbsp;</TD>

   <TD width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>R$ '000</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#366092 width="60%" align=left>&nbsp;</TD>

   <TD bgColor=#366092 width="20%" align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Jan-Sep</FONT></B>&nbsp;</TD>

   <TD bgColor=#366092 width="20%" align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Jan-Sep</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#366092 width="60%" align=left>&nbsp;</TD>

   <TD bgColor=#366092 width="20%" align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2017</FONT></B>&nbsp;</TD>

   <TD bgColor=#366092 width="20%" align=right><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2016</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cash flow from operating activities</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right>&nbsp;</TD>

   <TD width="20%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="60%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Profit before income tax and social contribution</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,883,881</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,067,389</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Adjustment for:</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right>&nbsp;</TD>

   <TD width="20%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Depreciation and amortization</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>974,487</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>859,055</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Residual value of property, plant and equipment and intangible assets written-off</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>11,528</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>7,211</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Allowance for doubtful accounts</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>87,480</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>110,181</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Provision and inflation adjustment</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>138,571</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>207,313</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Pension obligations - curtailment</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(334,152)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Interest calculated on loans and financing payable</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>296,665</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>352,665</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Inflation adjustment and foreign exchange gains (losses) on loans and financing</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(86,081)</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(754,853)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Interest and inflation adjustment losses</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>6,948</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>21,434</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Interest and inflation adjustment gains</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(28,710)</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(69,272)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Financial charges from customers</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(169,194)</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(158,219)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Margin on intangible assets arising from concession</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(49,299)</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(57,006)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Provision for Consent Decree (TAC)</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>60,670</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>12,229</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Equity result</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(4,699)</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(2,278)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Provision from S&#227;o Paulo agreement</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>318,920</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>19,089</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Provision for defined contribution plan</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>235</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Pension obligations</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>228,404</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>288,352</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Other adjustments</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(10,332)</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(6,466)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=left>&nbsp;</TD>

   <TD width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,659,239</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,562,907</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Changes in assets</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right>&nbsp;</TD>

   <TD width="20%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Trade accounts receivable</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>49,471</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(28,316)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Accounts receivable from related parties</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>68,390</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(3,597)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Inventories</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(65,200)</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>13,385</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Recoverable taxes</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>31,586</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>65,244</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Escrow deposits</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(17,678)</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>31,740</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Other accounts receivable</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(56,751)</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>88,705</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Changes in liabilities</FONT></B>&nbsp;</TD>

   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="20%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Trade payables and contractors</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(217,200)</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(9,720)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Services payable</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(392,765)</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(27,537)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Accrued payroll and related charges</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>79,361</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>59,815</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Taxes and contributions payable</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(151,611)</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(106,825)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Deferred Cofins/Pasep</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(5,828)</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>4,120</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Provisions</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(209,865)</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(131,711)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Pension obligations</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(160,699)</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(134,274)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Other liabilities</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>7,805</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>5,144</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cash generated from operations</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,618,255</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,389,080</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Interest paid</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(494,094)</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(535,299)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Income tax and contribution paid</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(784,965)</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(824,946)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net cash generated from operating activities</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,339,196</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,028,835</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cash flows from investing activities</FONT></B>&nbsp;</TD>

   <TD width="20%" align=left>&nbsp;</TD>

   <TD width="20%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Acquisition of intangibles</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(1,233,769)</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(1,432,336)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Restricted cash</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>8,849</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>10,727</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Purchases of tangible assets</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(12,442)</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(23,313)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net cash used in investing activities</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,237,362)</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,444,922)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cash flow from financing activities</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right>&nbsp;</TD>

   <TD width="20%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Loans and financing</FONT>&nbsp;</TD>

   <TD width="20%" align=right>&nbsp;</TD>

   <TD width="20%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Proceeds from loans</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>893,178</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>493,863</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=center><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Repayments of loans</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(953,482)</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(968,124)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Payment of interest on shareholders'equity</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(765,933)</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(139,399)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Public-Private Partnership &#8211; PPP</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(23,528)</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(22,865)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 9.36pt" width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Program Contract Commitments</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(37,290)</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>(171,137)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net cash generated by (used in) financing activities</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(887,055)</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(807,662)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cash reduce and cash equivalents</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>214,779</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(223,749)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Represented by:</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right>&nbsp;</TD>

   <TD width="20%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Cash and cash equivalents at beginning of the period</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,886,221</FONT>&nbsp;</TD>

   <TD width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,639,214</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=left><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>Cash and cash equivalents at end of the period</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>2,101,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #333399 1px solid" width="20%" align=right><FONT size=1 face=Arial,Arial,Helvetica,sans-serif>1,415,465</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="60%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cash reduce and cash equivalents</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>214,779</FONT></B>&nbsp;</TD>

   <TD width="20%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(223,749)</FONT></B>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face=arial,sans-serif><FONT lang=PT-BR style="FONT-SIZE: 10pt" face=arial,sans-serif>Page 11 of 11</FONT></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

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

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



<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B><U>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B><U>SIGNATURE&nbsp;</U></B></FONT><FONT size=1>&nbsp;</FONT></DIV></U></B></FONT>

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

<DIV align=justify><FONT color=#000000 size=3 face="Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the city S&#227;o Paulo, Brazil. <BR></FONT></DIV>

<DIV align=justify><FONT color=#000000 size=3 face="Times New Roman">Date:&nbsp;November 29, 2017</FONT></DIV>

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

<DIV align=center>

<TABLE style="WIDTH: 70%" cellSpacing=0 cellPadding=0>



<TR>

   <TD vAlign=top width="50%" colSpan=3>

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

<TR>

   <TD height=16></TD>

   <TD height=16></TD>

   <TD height=16></TD></TR>

<TR>

   <TD vAlign=top align=left><FONT color=#000000 size=2 face="Times New Roman">By:</FONT></TD>

   <TD vAlign=bottom align=left>/s/&nbsp;&nbsp;<FONT style="FONT-FAMILY: times new roman" size=3>Rui de Britto &#193;lvares Affonso</FONT>&nbsp;&nbsp;&nbsp;&nbsp;

   <HR align=left color=#000000 SIZE=1 noShade>

</TD>

   <TD></TD></TR>

<TR>

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

   <TD vAlign=bottom width="53%" align=center>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman">Name: Rui de Britto &#193;lvares Affonso </FONT></DIV>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman">Title: Chief Financial Officer and Investor Relations Officer </FONT></DIV></TD>

   <TD></TD></TR></TABLE></DIV>

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

<P>&nbsp;</P>

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

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>FORWARD-LOOKING STATEMENTS </B></FONT></DIV>

<P align=justify><FONT size=2 face="'Times New Roman, Times, Serif'">This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. </FONT></P>

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

</DIV>

<DIV></DIV>

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